The project’s objective is to develop accounting requirements for heritage assets. A consultation paper (CP) will be developed. That is expected to lead to an exposure draft (ED) of proposed revisions to IPSAS 17, Property, Plant and Equipment (or other IPSASs). A Recommended Practice Guideline may also result.

The objective is to issue a new IPSAS on Leases which will be converged with IFRS 16, Leases, to the extent appropriate. The intermediate objective is to produce an Exposure Draft of proposed new IPSAS on Leases.

The objectives include to (a) issue amended IPSASs with revised requirements for measurement at initial recognition, subsequent measurement and measurement-related disclosure; (b) provide more detailed guidance on the implementation of replacement cost and cost of fulfillment and the circumstances under which these measurement bases will be used; and (c) address transaction costs, including the specific issue of the capitalizing or expensing of borrowing costs. 

The project objective is to research and identify issues preparers have when applying IPSAS 17 to infrastructure assets. Informed by this research the aim is to provide additional guidance on accounting for infrastructure assets.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has released an Exposure Draft (ED), Public Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments, for comment. The ED provides guidance on how to account for a number of important categories of financial instruments that are unique to the public sector.

The proposed new Standard will augment existing guidance in IPSAS 41, Financial Instruments, and improves that Standard’s requirements by introducing guidance on:

• Monetary gold;
• Currency in circulation;
• IMF quota subscriptions; and
• Special Drawing Rights.

“The topics addressed in this Exposure Draft are unique to the public sector and have a significant impact on government finances,” said IPSASB Chair Ian Carruthers. “The final guidance will ensure users of IPSAS-based financial statements have the information they need about these important items for accountability and decision-making purposes.”

How to Comment

To access the Exposure Draft and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Consultation Paper are requested by December 31, 2019. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of this Consultation Paper to their members and employees.

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

The International Public Sector Accounting Standards Board (IPSASB) today published its Biennial Review, Delivering for the Future, which summarizes the Board’s successes, challenges, and key outputs during 2017 and 2018.

The majority of the Board’s projects during the review period were public sector-specific in nature and aimed at closing perceived gaps in the IPSASB’s suite of standards, while maintaining alignment with International Financial Reporting Standards, when appropriate.

During 2017 and 2018, the IPSASB finalized IPSAS 40, Public Sector Combinations; IPSAS 41, Financial Instruments; and the landmark standard, IPSAS 42, Social Benefits. In addition, the Board approved two major Exposure Drafts (ED) 64, Leases, and ED 67, Collective and Individuals Services and Emergency Relief (Amendments to IPSAS 19).

“After celebrating the twentieth anniversary of the IPSAS program in 2017, these are exciting times for the IPSASB, with significant increases projected in the global adoption and implementation of IPSAS by governments in the short to medium term,” said IPSASB Chair Ian Carruthers. “The hard work, dedication, and commitment of my fellow IPSASB members and their technical advisors, all of whom are volunteers, together with the support of IPSASB staff, have been critical to the Board’s notable achievements during 2017 and 2018.”

The IPSASB Strategy and Work Plan 2019-2023 was also developed during the review period, which will guide the Board’s future activities toward its strategic objective.

To ensure it delivers in the public interest, the IPSASB’s strategic objective is: strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS.

This will be delivered through two main areas of activity, both of which have a public interest focus:

• Developing and maintaining IPSAS and other high-quality financial reporting guidance for the public sector; and
• Raising awareness of IPSAS and the benefits of accrual adoption. 

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

The IPSASB's Biennial Review, Delivering for the Future, summarizes the Board’s successes, challenges, and key outputs during 2017 and 2018.

The majority of the Board’s projects during the review period were public sector-specific in nature and aimed at closing perceived gaps in the IPSASB’s suite of standards, while maintaining alignment with International Financial Reporting Standards, when appropriate.