The IPSASB approved the Project Brief, Making Materiality Judgements, which will be undertaken in three distinct phases. The scope of Phase 2 includes developing non-authoritative guidance aligned with IFRS® Practice Statement 2, Making Materiality Judgments. This narrow-scope project will efficiently and promptly address constituents' need for additional guidance on making materiality judgments when preparing financial statements in accordance with IPSAS Standards.

The IPSASB approved the Project Brief, Making Materiality Judgements, and a limited-scope Exposure Draft to enhance the consistency of materiality guidance across the IPSASB’s literature. The Exposure Draft is expected to be published in Q2 2025 with a 60-day consultation period..

Due Process Checklist

The IPSASB approved amendments to the financial instruments IPSAS Accounting Standards, including guidance on supplier finance arrangements, the classification and measurement of financial instruments, contracts referencing nature-dependent electricity, and other editorial changes in March 2025.

Camila Santos is a Chartered Professional Accountant (CPA) with over 15 years of experience in both private sector auditing and public sector accounting standard-setting. She serves as a Principal at Canada’s Public Sector Accounting Board (PSAB), where she develops high-quality public sector accounting standards that serve the public interest.

Camila also leads the implementation of PSAB’s International Strategy, which involves adapting International Public Sector Accounting Standards (IPSAS) principles when developing future Canadian standards. She brings strong technical expertise and a deep commitment to advancing public sector financial reporting, supporting consultations with Canadian interested and affected parties on IPSASB initiatives, including the Strategy and Work Program and Climate-Related Disclosures.

Public sector accounting (PSA) and reporting underpin the effectiveness of a public financial management (PFM) system and practice. Enhanced budget accountability and control, transparency of public finances and effective management of assets and liabilities/debt can only be achieved through accurate and reliable financial accounting and reporting.

The IPSASB approved the Project Brief, Strengthening Linkages Between IPSAS Standards and the GFSM at the March 2025 meeting.

A new IPSAS Standards-GFSM Alignment Dashboard was created to support the development of the project. The Exposure Draft with proposed non-authoritative guidance is expected to be published in Q4 2025.

This Handbook contains the complete International Public Sector Accounting Standards^TM, published as of January 31, 2025. It also includes The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities.

Expected publication Date: 2024-10-18

Expected publication Date: 2024-12-31