Takeo Fukiya became Technical Advisor to Mari Kobayashi in 2021, having previously served as a Technical Advisor for former board members; Kenji Izawa (2012-2017) and Do-jin Jung (2018-2020).

Mr. Fukiya is a researcher in The Japanese Institute of Certified Public Accountants (JICPA) since July 2021. Before that, He was an Audit Partner at KPMG Japan, where he had worked for more than 20 years, including more than 10 years in the public sector. He has led a number of audit engagements for Japanese public sector entities, including incorporated administrative agencies, such as state-owned R&D institutions and infrastructure entities. Since 2017, he has worked in the HQ Division, focusing on IPSASB-related activities and providing professional views regarding IFRS/J-GAAP issues, including public sector issues for audit/advisor teams.

He was the Chair of the IFAC-IPSASB Working Group of the Japanese Institute of CPAs  (2012-2016)  and prepared comments for IPSASB’s Consultation Papers/Exposure Drafts. He writes many articles relating to IPSAS. He has developed relationships with key Japanese constituents, such as the national governmental standard-setting division, allowing an ongoing exchange of views and information.

He has been a member of Accounting Standard Committee of Tokyo Metropolitan Government since 2024.

The International Public Sector Accounting Standards Board (IPSASB) welcomed the recent release of the International Monetary Fund (IMF) paper, Fiscal Transparency, Accountability, and Risk, and its support for International Public Sector Accounting Standards (IPSASs), the globally accepted, high-quality, accrual-based standards issued by the independent standard-setting body.

Many governments, jurisdictions, and international institutions have already adopted IPSASs, while others are working toward their implementation.

The IPSASB advocates for better financial reporting by governments worldwide and the need for improvements in the management of public sector resources. Since 1997, the IPSASB has developed and issued a suite of accrual standards and a cash-basis standard for countries moving toward full accrual accounting. IPSASs promote greater transparency and accountability in public sector finances and allow for enhanced monitoring of government debt and liabilities.

The IMF paper highlights the seriousness and extent of the current inadequacies in governments’ fiscal reporting and accountability and underscores the immense risks associated with these shortcomings.

Fiscal Transparency, Accountability, and Risk also calls for other measures supported by the IPSASB, including: 

• Updating fiscal transparency standards to address gaps in, and inconsistencies between, individual jurisdictions’ standards;
• Including all entities that have fiscal implications for governments (including central banks, public entities, and corporations outside of the general governments) in fiscal forecasting, budgeting, and financial reporting;
• Evaluating countries’ compliance with fiscal transparency standards using, for instance, auditing and assurance as a means for assessing compliance with standards;
• Strengthening incentives for improvements in fiscal transparency practices;
• Aligning the methodologies and standards for fiscal forecasting, budgeting, and financial reporting to reinforce the links between fiscal transparency and long-term sustainability; and
• Strengthening fiscal transparency and public sector financial management in all nations and, in particular, in developing and emerging nations.

IPSASB Chair Andreas Bergmann said the IPSASB agrees with the IMF that the requirements of accounting standards and the statistical framework should be harmonized, as far as the different purposes of the two frameworks permit, adding that it is critical for transparency and accountability that governments around the world have unambiguous guidance. He said the IPSASB also concurs that the efforts to monitor and enforce compliance with international standards, including IPSASs, need to be reinvigorated.

“The IMF paper underlines the need for strong and transparent financial reporting, which has the potential to improve public sector decision making and make governments more accountable to their constituents,” Bergmann said. “As we have witnessed with the sovereign debt crisis, when governments do not properly manage their finances, the consequences can include a loss of democratic control, social unrest, and the failure to meet their current and future commitments.”

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, 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. IFAC is comprised of 173 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The International Public Sector Accounting Standards Board (IPSASB) today released for comment two Exposure Drafts related to its project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. The Conceptual Framework continues to be the IPSASB’s key strategic objective and is of fundamental importance to the future of global public sector standard setting.

Conceptual Framework Exposure Draft (ED) 2, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements, refines the issues highlighted in the Consultation Paper published in 2010 and reflects the IPSASB’s consideration of the responses to that Consultation Paper. Elements are the building blocks from which the financial statements are constructed.

The ED proposes definitions of eight elements: assets, liabilities, revenue, expenses, deferred inflows, deferred outflows, ownership contributions, and ownership distributions. It also proposes deferred inflows and deferred outflows as elements in order to distinguish the flows related to the reporting period from flows which relate to another reporting period. Deferred inflows and deferred outflows apply to flows that are provided for use in one or more specified reporting periods and are restricted to non-exchange transactions. The ED also considers how to deal with the uncertainty that can arise over the existence and measurement of elements.

Conceptual Framework Exposure Draft (ED) 3, Measurement of Assets and Liabilities in Financial Statements, identifies the measurement concepts that should guide the IPSASB in the selection of measurement bases for International Public Sector Accounting Standards. The ED stresses the importance of selecting measurement bases that meet the objectives of financial reporting-decision making and accountability. Many assets in the public sector are held for their operational capacity and, therefore, entry values that reflect the cost of purchase are likely to be adopted in many situations.

For liabilities that arise from obligations to provide goods and services to citizens and other eligible beneficiaries, the appropriate measurement basis will often be the cost of fulfillment—that is to say, the current cost of meeting the obligations represented by the liability.

“The Conceptual Framework continues to be IPSASB’s main priority and, when finalized, will underpin IPSASB’s standard-setting activities for many years to come,” said IPSASB Chair Andreas Bergmann. “These two Exposure Drafts propose concepts that deal with key aspects of the financial statements—the elements and the appropriate measurement bases. We strongly encourage all stakeholders to submit comments on the two Exposure Drafts.”

How to Comment
To access the Exposure Drafts and the At-a-Glance documents, which provide summaries of the two Exposure Drafts, or to submit a comment, visit the IPSASB website. Comments on the Exposure Drafts are requested by April 30, 2013. The IPSASB encourages IFAC members, associates, and regional accountancy bodies 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. 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 United Nations, and the governments of Canada, China, 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 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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This At-a-Glance is a summary of Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Measurement of Assets and Liabilities in Financial Statements

This At-a-Glance is a summary of Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements.

The International Public Sector Accounting Standards Board (IPSASB) today released for comment the Consultation Paper (CP), IPSASs and Government Finance Statistics Reporting Guidelines. The Consultation Paper was developed by a task force that includes representation from both the IPSASB and the statistical community, including international organizations such as the International Monetary Fund and Eurostat, and national representatives from Brazil, the United Kingdom, South Africa, and Switzerland.

The Consultation Paper aims to help reduce differences between Government Finance Statistics (GFS) reporting guidelines and International Public Sector Accounting Standards (IPSASs). It provides an overview of differences between GFS reporting guidelines and IPSASs, and identifies opportunities to reduce these differences for consideration by either the IPSASB or the statistical community.

The Consultation Paper also aims to support governments’ use of integrated financial information systems that can generate both IPSAS financial statements and GFS reports. Using a single integrated financial information system can result in significant benefits, including reduction of GFS report preparation time, costs, and effort. Improvements are also likely to the source data for GFS reports, with flow-on benefits in terms of report quality.

Use of audited financial reporting data prepared on an accrual basis will substantially improve the data used for the preparation of GFS reports and therefore for policy making. The use of high-quality upstream data is a matter of urgency, considering the issues which led to the sovereign debt crisis.

“Both governments’ general purpose financial reports and their financial statistics on the general government sector provide important information about governments’ finances,” said IPSASB Chair Andreas Bergmann. “This Consultation Paper shows that there is further scope to reduce differences between IPSASs and GFS reporting guidelines, with benefits to the users of both types of reports. It also proposes practical ways that governments can improve their management of such differences, so as to efficiently generate data for both their IPSAS financial statements and GFS reports from the same integrated financial information system.”

How to Comment
To access the Consultation Paper and the At-a-Glance document, which provides a summary, or to submit a comment, please visit the IPSASB website. Comments are requested by March 31, 2013. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Consultation Paper 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 United Nations and the governments of Canada, China, 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. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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The International Public Sector Accounting Standards Board (IPSASB) today released for comment the Consultation Paper, Consultation on IPSASB Work Program 2013–2014. This is the first public consultation by the IPSASB on its work program. It signals the IPSASB’s intent to continue this practice and consult publicly on future work programs.

This public consultation is limited to the work program for the period 2013–2014. This is because the IPSASB is currently in a period of significant activity and transition. The Public Sector Conceptual Framework project, the IPSASB’s highest priority project, is scheduled to be completed in 2014. In addition it is anticipated that public interest oversight and related governance changes for the IPSASB will be implemented in 2014–2015.

"This first public consultation on the IPSASB’s work program for 2013–2014 will assist the IPSASB in creating a short-term work program that meets stakeholders’ needs. In fact we see this as a first step to a broader and even more fundamental public consultation of our broad strategic direction in the future," explained IPSASB Chair Andreas Bergmann.

How to Comment
To access the Consultation Paper or to submit a comment, please visit the IPSASB website at https://www.ifac.org/public-sector. Comments on the Consultation Paper are requested by October 31, 2012. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Consultation Paper 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 financial and in-kind) from the World Bank, the Asian Development Bank, and the governments of Canada, China, 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. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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