• IPSASB October 2019 eNews

    English
    The IPSASB held its third meeting of 2019 from September 24-27, 2019 in Lisbon, Portugal. The Ministry of Finance of Portugal generously hosted the meeting.
    Collective and Individual Services & Emergency Relief

    The IPSASB reviewed responses to ED 67, Collective and Individual Services and Emergency Relief. The IPSASB noted the significant issues raised on emergency relief and decided to remove this guidance. The IPSASB agreed some minor changes to the wording of the remainder of the ED and approved Collective and Individual Services (Amendments to IPSAS 19). The IPSASB agreed an effective date of January 1, 2022, to align with the effective date of IPSAS 42, Social Benefits.

    Please register on the IPSASB website to ensure that you receive updates when this document and others are published: https://www.ifac.org/user/register
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    Infrastructure Assets

    The IPSASB approved the comprehensive list and categorization of issues identified by stakeholders for accounting for infrastructure assets. The IPSASB instructed staff to refine the flowchart that will be used to analyze these issues, noting that it is a positive development with broader potential.  The revised flowchart and draft additional guidance prepared by staff to address the selected infrastructure assets issues will be considered by the IPSASB at the December 2019 Board meeting.
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    Revenue with Performance Obligations

    The IPSASB approved the staff proposals to add disclosure requirements dealing with materiality and aggregation, to ED 70, Revenue with Performance Obligations, as well as disclosure requirements for transactions arising from the statutorily required provision of services where collection of revenue is not probable. The staff also provided the IPSASB with an update on the Revenue Task Force’s activities, which resulted in revisions to the illustrative examples and other minor amendments to ED 70. These changes will be presented to the IPSASB in December 2019.
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    Revenue without Performance Obligations

    The IPSASB decided that binding arrangements without performance obligations (as defined in draft ED 70) will give rise to a present obligation of the recipient if they contain requirements for enforceable activities or eligible expenditure. Revenue will be recognized either as enforceable activities are completed or eligible expenditure is incurred. The IPSASB also agreed that revenue from capital transfers should be recognized as for any other transfer - that is in accordance with the details of the binding arrangement. The IPSASB also tentatively agreed that transfers that are subject to appropriations of the transfer provider should not be recognized by the transfer recipient until the recipient has control of resources.  Accounting will be subject to jurisdictional and entity- specific factors.
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    Transfer Expenses

    The IPSASB considered the authoritative sections of ED 72, Transfer Expenses. Subject to minor amendments, the IPSASB agreed the definitions. Accounting for transfer expenses with performance obligations will mirror the treatment in ED 70, Revenue with Performance Obligations. Entities will recognize transfer expenses without performance obligations at the earlier of the point at which they have a present obligation to transfer resources, or the point at which they lose control of the resources they transfer.
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    Leases

    he Leases Task Force Chair reported back to the IPSASB on the Task Force’s discussions in the third quarter of 2019. The IPSASB tentatively formed a view that departure from the lessor accounting requirements of IFRS 16, Leases, would be justified on conceptual grounds. The IPSASB began its consideration of the practical and cost-benefit implications of departing from IFRS 16 by receiving presentations on the implementation of IFRS 16 in the public and private sectors and the statistical accounting perspective. The IPSASB will continue this phase of its deliberations in December.
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    Heritage

    The IPSASB considered four issues with a potential impact on accounting - different usages of heritage assets, heritage assets held in trust and the implications of stewardship, depreciation/amortization and impairment, and the treatment of subsequent expenditure on heritage. The IPSASB instructed staff to provide further analysis of these issues at the December meeting. The IPSASB also approved a plan for development of guidance on heritage-related financial reporting issues.
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    Meeting Podcast
    A podcast highlighting key points of the September 2019 meeting is now available here.
    Next Meeting

    The next meeting of the IPSASB will be in Abu Dhabi, United Arab Emirates from December 10-13, 2019. For more information, or to register as an observer, visit the IPSASB website.

  • IPSASB September 2019 Meeting Podcast

    English

    Highlights from the IPSASB September 2019 meeting in Lisbon, Portugal:

    00:10 Welcome and introduction; John Stanford, Technical Director
    01:20 Chair’s meeting overview; Ian Carruthers, Chair
    03:10 Collective and Individual Services; Paul Mason, Consultant
    04:21 Revenue with Performance Obligations; Edwin Ng, Principal
    05:25 Revenue without Performance Obligations; Joanna Spencer, Manager
    07:16 Transfer Expenses; Paul Mason, Consultant
    08:39 Leases; João Carlos Fonseca, Principal
    09:44 Chair’s concluding comments; Ian Carruthers, Chair
    12:44 Closing remarks; John Stanford, Technical Director

  • Strategy and Work Plan 2019-2023

    The IPSASB adopted an open and inclusive process throughout the development of the 2019-2023 Strategy and Work Plan. This included discussions and dialogue with different stakeholder groups including: (a) National standard setters (through the Public Sector Standard Setters Forum); (b) Jurisdictions using IPSAS or in the process of adopting and implementing IPSAS; and (c) The IPSASB Consultative Advisory Group (CAG) and the Public Interest Committee (PIC).

  • Rasmimi Ramli

    Job Title

    Technical Advisory for Nor Yati Ahmad

    Country

    Malaysia

    Rasmimi Ramli is the technical advisor for the Malaysian IPSASB member, Mrs. Nor Yati Ahmad. She was nominated by the Malaysian Institute of Accountants (MIA).

    Rasmimi Ramli is Executive Director of Sustainability, Digital Economy and Reporting Division of MIA. She leads the sustainability, digital economy and reporting initiatives in the Institute. She is also responsible for risk management function in MIA. She is a member of the Government Accounting Standards Advisory Committee, a committee that develops the Malaysian Public Sector Accounting Standards (MPSAS) and a member of the Federal Statutory Bodies MPSAS Application Committee. She is also a member of the MFRS Application and Implementation Committee (MAIC) and she sits in various working groups and task forces of the Malaysian Accounting Standards Board (MASB). She was a technical advisor of the IPSASB from 2013 to 2015 and she provided technical assistance to the World Bank Group on IFRS transition projects. Prior to joining MIA, she spent 9 years in audit with major firms in the UK and Malaysia and was an internal auditor with Maxis Berhad.

    Rasmimi Ramli is a member of MIA and a fellow member of ACCA. She graduated from University of Wales, Cardiff, UK.

  • Comment Deadlines for ED 68 and Measurement CP Extended to October 14

    English
    Please note that, due to construction on our website, the call for comments on the Consultation Paper, Measurement, and Exposure Draft 68, Improvements to IPSAS, 2019, have been extended to Monday, October 14. 

    If you are submitting comments between September 28 and October 7, you must do so by emailing the project manager directly. In the case of the Measurement CP, please email DaveWarren@ipsasb.org. In the case of ED 68, please email AmonDhliwayo@ipsasb.org. You will not be able to submit comment letters online during this time. 

    Updated comment deadlines are reflected on the IPSASB website.

  • Revenue

    The aim of the project is to develop IPSAS for revenue transactions.

    The scope of this project is to develop new standards-level requirements and guidance on revenue to amend or supersede guidance that is currently located in IPSAS 9, Revenue from Exchange Transactions; IPSAS 11, Construction Contracts; and IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers).

  • Transfer Expenses

    The aim of the project is to develop a standard(s) that provides recognition and measurement requirements applicable to providers of transfer expenses, except for social benefits.

    Scope

    This project will consider issues related to provision of transfer expenses, except for social benefits.

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