The International Public Sector Accounting Standards Board (IPSASB) has published its Strategy Consultation, which includes a consultation on its work program for 2015-2019 and emphasizes the IPSASB’s commitment to serving the public interest by developing high-quality International Public Sector Accounting Standards (IPSASs) for global adoption.

The Strategy Consultation proposes the following strategic objective for the IPSASB:

• Strengthening public financial management and knowledge globally through increasing adoption of accrual-based IPSASs by: 
• Developing high-quality financial reporting standards;
• Producing publications for the public sector; and
• Raising awareness of the IPSASs and the benefits of their adoption.

“In the wake of the sovereign debt crisis, the IPSASB is facing increasing demands for its standards,” said IPSASB Chair Andreas Bergmann. “By developing high-quality financial reporting standards for the public sector, the IPSASB seeks to improve the ability of public sector entities to reflect the full economic reality of their finances. This is imperative for sound financial planning, budgeting, statistics, and basically any other decision made in public finance. Our outreach activities increase awareness of IPSASs and their benefits, which encourages their adoption.”

As the IPSASB’s public sector conceptual framework will be completed during 2014, the IPSASB aims to develop a work program for 2015-2019 that will continue to be aligned to stakeholder needs. The IPSASB is, therefore, seeking stakeholders’ views on a range of potential projects, including ones that address public sector specific issues, maintain existing IPSASs, and converge with International Financial Reporting Standards (IFRSs). The work program will continue to support the development of high-quality accounting standards and other publications, which underpin public sector entities’ financial reporting, so that the information they report will be useful for accountability and decision-making.

How to Comment
The IPSASB invites all stakeholders to comment on the IPSASB Strategy Consultation. To access the Consultation Paper or to submit a comment, please visit the IPSASB website. Comments are requested by July 31, 2014.


About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Highlights from the IPSASB's September 16-19, 2013, meeting in Toronto, Canada. 

:32 - Accounting for Social Benefits
1:45 - Status of Consultation Paper on IPSASB strategy
2:45 - Exposure Draft - Elements and Recognition in Financial Statements
4:55 - Exposure Draft - Measurement of Assets and Liabilities in Financial Statements
5:25 - Exposure Draft - First-time Adoption of Accrual Basis International Public Sector Accounting Standards
7:25 - Update on IPSASs 6-8
10:00 - Chair and Deputy Chair Final Remarks

Highlights from the IPSASB's December 2-5, 2013, meeting in Ottawa, Canada. 

:22 – IASB and IPSASB Conceptual Frameworks
2:00- Conceptual Framework: Elements and Recognition
4:00 - Conceptual Framework: Measurement and Conceptual Framework: Presentation
6:26 - Exposure Draft for Recommended Practice Guideline: Service Performance Information 
7:57 – Emissions Trading Schemes
9:41 - Update on IPSASB members
10:33 – Chair’s 2014 Outlook

:06 - Introduction
:33 - Strategy and Work Plan
2:06 - Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities
5:05 - Conceptual Framework: Measurement
6:02 - Conceptual Framework: Presentation
7:11 - Public Sector Financial Instruments 
8:28 - Social Benefits
10:38 - Chair’s closing remarks

The aim of this document is to set out the International Public Sector Accounting Standards Board’s process for considering Government Finance Statistics reporting guidelines during the development of International Public Sector Accounting Standards.

Baudouin Griton, a French certified public accountant, is technical advisor to Hervé-Adrien Metzger. He previously served as technical advisor to Mr. Metzger’s predecessors since 2009.

Mr. Griton is an audit partner with KPMG France, where he has been working in the Infrastructure and Government sector for more than twenty years. He is the partner in charge of the audit of the International Bureau of Weights and Measures’ Financial Statements and Pension scheme, an international organization located in Paris that prepares its financial statements using IPSASs, as well as the signing partner of a couple of the largest listed company in France.

Since 2007, he has also been a member of the working group in charge of translating IPSAS Standards into French. Mr. Griton additionally serves as a member of numerous working groups of the CNoCP (the French Public Sector Accounting Standard Setter) and is a member of the KPMG International IPSAS panel.

In previous roles, Mr. Griton has led PCAOB Standards for seven years, US GAAP and GAAS doctrine department of his firm, and served as lead partner on major international French listed groups. He has experience as MBA professor with the Institut d’Etudes Politiques de Paris, Deputy Chief Editor of the monthly review of the French founding member organization of the International Association of Financial Executive Institutes, and has authored multiple articles on accountancy and auditing. 

Mr. Griton is a graduate of the Institut d’Etudes Politiques de Paris of France and of the University of Paris in Economics.

The International Federation of Accountants (IFAC) is seeking an exceptional individual for the fulltime position of Managing Director, Professional Standards (MD).

IFAC serves the public interest by contributing to the development of strong and sustainable organizations, markets, and economies. As part of its public interest mandate, IFAC contributes to the development of high-quality international standards by facilitating and resourcing standard-setting by the following independent Standard-Setting Boards (SSBs): the International Auditing and Assurance Standards Board (IAASB), the International Accounting Education Standards Board (IAESB), the International Ethics Standards Board for Accountants (IESBA), and the International Public Sector Accounting Standards Board (IPSASB).

The MD reports functionally to the chairs of the independent SSBs and administratively to IFAC’s chief executive officer. He/she is a key resource to the SSB chairs, and acts as a liaison between the SSBs and the Monitoring Group and Public Interest Oversight Board (PIOB). He/she maintains relationships with key stakeholders and is a spokesperson for the SSBs.

The MD is the SSBs’ primary liaison with IFAC’s chief executive officer and Board, and oversees the SSB senior management. He/she ordinarily is not involved in the day-to-day standard-setting activities and operations of the boards.

The position calls for a senior level individual who is prominent in the international standard-setting and regulatory community. The MD should have technical and standard-setting experience, as well as knowledge of and practical experience in a range of professional issues, with special emphasis on auditing, ethics, accounting education, and public sector accounting. He/she should be articulate, confident, and exercise sound political judgment in interactions with the press, members of the profession, and the regulatory community at both the national and international levels.

The position is based in the IFAC office in New York or Toronto—preferably New York. It is not required for the MD to be a professional accountant. Applications from individuals who have had a direct relationship with an audit firm are welcome; however, these individuals should be able to implement safeguards against any threats or perceived threats of their independence. The role requires extensive international travel.

This position has become available due to the retirement of Jim Sylph, Executive Director, Professional Standards and External Relations in June 2014. The position and title have been modified to reinforce further the independence of the SSBs.

For further information about the position, please see the job description on the IFAC website at www.ifac.org/careers. Applications are due by February 15, 2014.

*Notes to Editors

About the Independent SSBs

The independent SSBs serve the public interest as follows:

• IAASB: by setting high-quality international standards for auditing, assurance, and other related standards, and by facilitating the convergence of international and national auditing and assurance standards. In doing so, the IAASB enhances the quality and consistency of practice throughout the world and strengthens public confidence in the global auditing and assurance profession. For more information, go to www.iaasb.org, or click on the relevant link: Terms of Reference / IAASB Members / IAASB Annual Report
• IAESB: by strengthening the worldwide accountancy profession through the development and enhancement of professional accountancy education, which encompasses knowledge, skills, values, ethics, and attitudes. For more information, go to www.iaesb.org, or click on the relevant link: Terms of Reference / IAESB Members / IAESB Annual Report
• IESBA: by setting high-quality ethics standards for professional accountants, including auditor independence requirements, through the development of a robust, internationally appropriate code of ethics, and by facilitating the convergence of international and national ethics standards. In doing so, the IESBA enhances the quality and consistency of services provided by professional accountants throughout the world and strengthens public confidence in the global accountancy profession. For more information, go to www.ethicsboard.org, or click on the relevant link: Terms of Reference / IESBA Members / IESBA Annual Report
• IPSASB: by developing high-quality International Public Sector Accounting Standards (IPSASs), guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements. It issues and promotes benchmark guidance and facilitates the exchange of information among accountants and those who work in the public sector. For more information, go to https://www.ifac.org/public-sector, or click on the relevant link: Terms of Reference / IPSASB Members

The independent SSBs follow a rigorous due process to ensure that the views of those affected by their pronouncements are thoroughly considered.

The IAASB, IAESB, and IESBA each has a consultative advisory group (CAG). The CAGs are an integral part of the boards’ formal process of consultation, and provide valuable public interest input on the boards’ agendas, project timetables, priorities, and technical issues.

The Public Interest Oversight Board (PIOB) oversees the IAASB, IAESB, and IESBA (and their respective CAGs). The PIOB’s mandate is to ensure that these boards follow due process and are responsive to the public interest; ensure the completeness of their strategies and work programs; and oversee the process of nominations to the boards and their CAGs. IFAC and the Monitoring Group are currently in the process of determining the best approach to public interest oversight for the IPSASB.

About IFAC
IFAC is the worldwide organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC’s current membership consists of over 179 professional accountancy bodies in 130 countries, representing approximately 2.5 million accountants in public practice, education, government service, industry and commerce. IFAC supports the setting of auditing and assurance, ethics, education, and public sector accounting standards and develops guidance to encourage high-quality performance by professional accountants in business.

The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft (ED) 54, Reporting Service Performance Information.

ED 54 builds on a consultation paper issued in 2011, and provides good practice guidelines on reporting service performance information. Development of this ED reflects the IPSASB’s commitment to addressing public sector-specific reporting issues, including those that relate to information additional to the financial statements.

“Service provision is the primary function of the vast majority of public sector entities,” said IPSASB Chair Andreas Bergmann. “Service performance information is essential for users’ evaluations of the services provided and the efficient and effective use of resources by public sector entities to deliver those services. ED 54 provides guidance that aims to support the quality of service performance information presently reported by entities and provide a useful framework for entities that have not yet started to report service performance information.”

 ED 54 provides principles applicable to the presentation of service performance information and definitions that aim to establish a standardized service performance information terminology. It allows that service performance information may be presented in either the same report as the financial statements or in a separate report, and provides factors to consider when making that decision. It addresses the reporting entity and reporting period for service performance information. ED 54 also provides guidance on the choice of performance indicators that show an entity’s achievements with respect to its service performance objectives, disclosures about the basis of the reported information, and service performance related narrative discussion and analysis.

How to Comment
To access the ED and the At-a-Glance summary of the ED, or to submit a comment, please visit the IPSASB website. Comments on the ED are requested by May 31, 2014. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of these EDs to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

#   #   #

This summary provides an overview of Exposure Draft (ED) 54, Reporting Service Performance Information.