The Governmental Accounting Standards Board (GASB) recently worked with the International Public Sector Accounting Standards Board (IPSASB) in holding an inaugural event that assembled key public sector standard setters from around the world in Norwalk, Connecticut, to build a dialogue, exchange ideas, and discuss critical issues in standard setting.

The first-time event brought together over 70 participants from 22 organizations with standard-setting responsibilities in more than 30 countries.

“The participants’ involvement, engagement, and insights made this inaugural event a great success,” said GASB Chair David Vaudt. “As national public accounting standards setters, we all benefits from sharing thoughts, ideas, and lessons learned. We were honored to have been able to work with the IPSASB on this important initiative.”

“By providing a consistent approach to government financial reporting, as well as through the increasing global momentum towards their adoption, International Public Sector Accounting Standards (IPSAS) are playing a critical role in strengthening global public financial management” IPSASB Chair Ian Carruthers added. “We hope the enthusiastic participation of the attendees can provide the foundation for the increased dialogue and cooperation that will enable the international public sector standard setting community to work increasingly closely together in addressing the challenges we all face consistently.”

The forum provided attendees with the opportunity to discuss current IPSASB projects with the board’s members and staff:

• Social benefits;
• Revenues;
• Non-exchange expenses;
• Heritage assets;
• Infrastructure assets;
• Public sector measurement; and
• Leases.

Additionally, issues outside of the IPSASB work plan were also discussed:

• “IPSAS lite” (IPSAS for small and medium-sized entities);
• Tax expenditures;
• Natural resources accounting;
• Consolidation;
• Financial performance measures;
• Service performance reporting; and
• Implementation issues.

Based on the success of the inaugural event, the IPSASB is planning a second forum. This is to be held in Zurich, Switzerland July 3-4, 2017.

About the IPSASB

The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

About the Governmental Accounting Standards Board       

Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org

About IFAC

IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The ‘International Public Sector Accounting Standards Board,’ ‘International Public Sector Accounting Standards,’ ‘Recommended Practice Guidelines,’ ‘International Federation of Accountants,’ ‘IPSASB,’ ‘IPSAS,’ ‘RPG,’ ‘IFAC,’ the IPSASB logo, and IFAC logo are trademarks of IFAC, or registered trademarks and service marks of IFAC in the US and other countries.

The International Public Sector Accounting Standards Board (IPSASB) has published The Applicability of IPSASs and a revised Preface to International Public Sector Accounting Standards (Preface), which change how the IPSASB communicates the type of public sector entities that it considers when developing an IPSAS or Recommended Practice Guideline (RPG).

Until now, IPSASs and RPGs have included a definition of a Government Business Enterprise (GBE) and a statement that GBEs apply International Financial Reporting Standards. The definition of a GBE has proved ambiguous in places and difficult for preparers to interpret.

The main amendments:

• Provide the characteristics of public sector entities for which IPSAS are designed in the revised Preface;
• Replace the term “GBEs” with the term “commercial public sector entities;”
• Delete the definition of a GBE in IPSAS 1, Presentation of Financial Statements; and
• Amend the scope section of each IPSAS and RPG by removing the paragraph that states that these pronouncements do not apply to GBEs.

These amendments address constituents’ concerns about the application of IPSASs to public sector entities and different interpretations of the GBE definition. 

“This principles-based approach communicates more transparently the types of public sector entities that the IPSASB considers when developing IPSASs and RPGs,” said IPSASB Chair Ian Carruthers. “As this approach is drawn from The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities it enhances the consistency and understandability of the IPSASB’s literature.”

“These changes also acknowledge the role that regulators have in determining which accounting standards should be applied by different entities in their jurisdictions,” Mr. Carruthers added.

To support constituents’ understanding of these amendments, a marked-up and a clean version of the Preface have been made available on the IPSASB website. The IPSASB encourages IFAC member organizations, associates, and regional accountancy organizations to promote the availability of these documents to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

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.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

The ‘International Public Sector Accounting Standards Board,’ ‘International Public Sector Accounting Standards,’ ‘Recommended Practice Guidelines,’ ‘International Federation of Accountants,’ ‘IPSASB,’ ‘IPSAS,’ ‘RPG,’ ‘IFAC,’ the IPSASB logo, and IFAC logo are trademarks of IFAC, or registered trademarks and service marks of IFAC in the US and other countries. 

The Applicability of IPSASs and a revised Preface to International Public Sector Accounting Standards (Preface), change how the International Public Sector Accounting Standards Board communicates the type of public sector entities that it considers when developing an IPSAS or Recommended Practice Guideline (RPG). 

Improvements to IPSAS 2015 sets out amendments to International Public Sector Accounting Standards™ (IPSAS™) for the following:

• Part I: Consequential Amendments Arising from Chapters 1-4 of the Conceptual Framework;
• Part II: General Improvements to IPSAS;
• Part III: IPSAS/Government Finance Statistics Alignment; and
• Part IV: The International Accounting Standards Board's annual improvements and narrow scope amendments projects.

The International Public Sector Accounting Standards Board (IPSASB) has published Improvements to IPSAS 2015, which sets out amendments to International Public Sector Accounting Standards (IPSAS) for the following:

• Part I: Consequential Amendments Arising from Chapters 1-4 of the Conceptual Framework;
• Part II: General Improvements to IPSAS;
• Part III: IPSAS/Government Finance Statistics Alignment; and
• Part IV: The International Accounting Standards Board's annual improvements and narrow scope amendments projects.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland. The ‘International Public Sector Accounting Standards’ and 'IPSAS' are trademarks of IFAC, or registered trademarks and service marks of IFAC in the US and other countries.

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.

About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

During this audio podcast, Acting Technical Director John Stanford speaks with Chair Ian Carruthers, Principal Paul Mason, and Manager, Standards Development and Technical Projects, João Fonseca on key events from the IPSASB's March 8-11, 2016, meeting in New York City. 

In this webinar, IPSASB Chair Ian Carruthers and IPSASB Principal Paul Mason provide an overview of Exposure Draft 60, Public Sector Combinations. 

Comments on this Exposure Draft are due by June 30, 2016. 

Claudia Beier joined the IPSASB as a member in January 2022, previously serving as a technical advisor with the IPSASB between 2016 and 2021. She was nominated by the Swiss Conference of Cantonal Ministers of Finance.

She is head of the accounting department of Canton of Zurich since 2013. Ms. Beier is responsible for the development and implementation of accounting policies based on IPSAS within Canton of Zurich.

Prior to joining the public sector, Ms. Beier worked as auditor and advisor for different companies for more than 15 years.

She is member of Swiss Public Sector Financial Reporting Advisory Committee SRS-CSPCP, which monitors and supports the implementation of Swiss Public Sector Standards.

Ms. Beier is Wirtschaftsprüfer (German CPA), eingetragener Revisionsexperte (Swiss CPA) and Steuerberater (German Tax Advisor) and has a diploma in Business Administration from the University of Halle/Saale, Germany.

Her Technical Advisor is Florian Chatagny.