Exposure Draft 45, Improvements to IPSASs 2011 - Part I proposes to delete the Introduction section of each IPSAS where relevant (i.e., 21 of 31 IPSASs). Part II proposes to add an Objective paragraph to the four IPSASs which do not currently include an Objective paragraph (IPSASs 6 - 8 and 10). Part III proposes improvements to four IPSASs (IPSAS 16, 17, 19 and 21).
Thank you for the introduction Caroline, and for the kind welcome. Good morning, ladies and gentlemen. It is a great pleasure to be here; my congratulations to CIPFA for organizing such an excellent conference.
The overall theme of this conference is trust and accountability in public financial management. The incoming Chairman of the IASB, Hans Hoogervorst, said at a recent conference in Brussels, “Without transparency, there can be no enduring stability.” I believe that without transparency, neither can there be trust or accountability. And as a basis for what follows, I should be clear that a crucial element of transparency in the public sector is accrual accounting.
Thank you, Tony for the introduction. Good morning everyone.
It is always a pleasure to be in Melbourne. And it is a particular pleasure to be participating in this convention, both as a member of CPA Australia, and someone who, admittedly a very long time ago, was on the public sector committee of the Tasmanian branch.
Thinking about what to cover in this presentation lead me to a personal reflection on what has been achieved in governmental financial reporting over the past 40 years, where we are now, and what remains to be done. Even as a very new graduate in accounting, working in the public service in New Zealand 40 years ago, I could not understand why governments did not seem to use good accounting information.
This study is intended to assist governments and government entities wishing to migrate to the accrual basis of accounting in accordance with International Public Sector Accounting Standards (IPSASs). It may also assist governments and government entities complying with the financial reporting requirements of the Cash Basis IPSAS Financial Reporting Under The Cash Basis of Accounting in making the additional encouraged disclosures.
The International Public Sector Accounting Standards Board (IPSASB) has released an updated and improved version of Study 14, Transition to the Accrual Basis of Accounting: Guidance for Governments and Government Entities. The third edition of Study 14, which features links to many useful resources, provides guidance on how to migrate to the accrual basis of accounting in accordance with International Public Sector Accounting Standards (IPSASs), and is relevant to governments and other public sector entities, including international governmental organizations.
The latest edition of Study 14 covers all 31 IPSASs, including first-time coverage of the five IPSASs issued in late 2009 and early 2010: IPSAS 27, Agriculture; IPSAS 28, Financial Instruments: Presentation; IPSAS 29, Financial Instruments: Recognition and Measurement; IPSAS 30, Financial Instruments: Disclosures; and IPSAS 31, Intangible Assets. In light of the much increased global knowledge and experience in adopting IPSASs, the non-technical sections of Study 14 were also substantially improved. They now reflect the current state-of-the-art in adoption and implementation.
"This edition of Study 14 includes significant changes from the previous edition, and demonstrates the IPSASB’s commitment to support the global implementation of IPSASs," noted IPSASB Chair Andreas Bergmann.
How to Order The full text of Study 14 can be downloaded free of charge from the IPSASB section of IFAC’s Publications & Resources site: web.ifac.org/publications. It is available in electronic form only.
About the IPSASB The IPSASB (www.ifac.org/publicsector) 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.
About IFAC IFAC (www.ifac.org) 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 164 members and associates in 125 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
My Lord Mayor, CIPFA President Jaki Meekings Davis, Distinguished Guests, Ladies, and Gentlemen. Thank you, Jaki, for your kind introduction and for your welcome to this marvelous occasion, being held in such a historic building.
125 years - 1885 to 2010. 1885, apart from being the year in which CIPFA was founded and incorporated not long after as the Corporate Treasurers and Accountants Institute, it was also the year of the first election in which the electoral franchise in England was extended to all men; and the audience tonight evidences significant further progress in this regard! In the same year professional football was legalized in Britain and, close to my heart, it was the year in which Gottfried Daimler patented the first motorcycle. A memorable year!
The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework) will establish and make explicit the concepts that are to be applied in developing International Public Sector Accounting Standards (IPSASs) and other documents that provide guidance on information included in general purpose financial reports (GPFRs). The At a Glance publication summarizes the material in the Consultation Paper.
The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities(the Conceptual Framework) will establish and make explicit the concepts that are to be applied in developing International Public Sector Accounting Standards (IPSASs) and other documents that provide guidance on information included in general purpose financial reports (GPFRs). The At a Glance publication summarizes the material in the Consultation Paper.
