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  • IPSASB eNews: March 2026

    English

    The first IPSASB Board Meeting of 2026 was held from March 10-13, in Toronto, Canada. The IPSASB approved three exposure drafts (ED) and one consultation paper (CP), which will provide stakeholders with opportunities to share feedback on proposals aimed at improving public sector financial reporting worldwide. View the newsletter. 

    Presentation of Financial Statements

    The IPSASB approved its CP, Presentation of Financial Statements. This CP includes the IPSASB’s preliminary views, along with an illustrative ED to help constituents visualize those proposals as a draft IPSAS Standard to replace IPSAS 1, Presentation of Financial Statements. This approval is an important step in the IPSASB’s work to enhance the effective communication of financial information reported in general purpose financial statements.  

    The CP is expected to be published in Q2 2026 for a 120-day exposure period. 

    Making Materiality Judgments

    An ED to support clearer, more focused financial reporting by helping entities apply materiality principles when preparing financial statements in accordance with IPSAS Standards was approved. The ED proposes non-mandatory guidance to support in making materiality judgments when applying IPSAS Standards.  

    The ED is expected to be published in Q2 2026 for a 120-day exposure period. 

    Improvements to IPSAS Accounting Standards 

    Two EDs were approved proposing clarifications to existing requirements and to support consistent application of IPSAS Standards across jurisdictions: Improvements to IPSAS Accounting Standards – Volume 10, and Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40). Both EDs are expected to be published in Q2 2026 for a 60-day exposure period. 

    Climate-related Outcomes of Public Policies 

    Responding to feedback received on IPSASB SRS ED 1, the IPSASB decided to clarify the scope, definitions, and structure of the proposed standard, including focusing on disclosures on climate-related outcomes of all public policies. 

    Measurement (Application Phase: COV In IPSAS 31) 

    The IPSASB agreed Current Operational Value (COV) should be available when measuring intangible assets at their current value. However, the IPSASB considered stakeholder feedback and recognized the practical challenges that could arise and agreed that guidance on how to apply the COV principles to intangibles should be developed and discussed by the IPSASB before issuing final guidance. The IPSASB will continue to develop and review guidance at upcoming IPSASB meetings.  

    Post Implementation Reviews 

    The IPSASB decided that a Post Implementation Review (PIR) of IPSAS 20, Related Party Disclosures, is unnecessary at this time because the issues raised by constituents related to the application of judgment as opposed to substantive implementation challenges with the Standard. The IPSASB will perform additional fact-finding activities to determine which IPSAS Standards present stakeholders with significant implementation challenges and therefore represent the highest priority for a PIR. To support this research, the IPSASB agreed to establish a new Forum, the Financial Reporting Implementation Forum, to gather information directly from constituents on various implementation challenges with IPSAS Accounting Standards.  

    Next Meeting

    The next IPSASB meeting will be hosted by the International Monetary Fund at their headquarters Washington D.C., USA June 9-12, 2026.   

    Meeting Recordings

    Recordings of the meetings are available on our YouTube channel. 

  • IPSASB Seeks Public Feedback on Proposed Updates Linking Accounting and Government Finance Statistics

    English

    The International Public Sector Accounting Standards Board® (IPSASB®), developer of IPSAS® Accounting Standards, has issued a proposal for public comment: IPSAS Exposure Draft (ED) 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22). 

    Governments use IPSAS Accounting Standards to prepare financial statements, and they use the Government Finance Statistics Manual 2014 (GFSM 2014) to compile statistical reports. The proposed guidance in IPSAS ED 94 will benefit entities that are either in the process of implementing or are already applying IPSAS Standards by providing a tool to plan the integration between accounting and statistical systems to enable the usage of IPSAS Standards-based accounting data as a source for GFSM 2014 reporting.

    “The guidance we are proposing will help governments leverage the independently audited accounting data that is already available in their systems for statistical compilation, enhancing the overall data quality and the efficiency of their statistical reporting process,” said IPSASB Chair Thomas Müller-Marqués Berger. “Utilizing the accounting data to support better decisions and fiscal management by governments benefits everyone.”

    The final pronouncement will amend IPSAS 22, Disclosure of Financial Information About the General Government Sector, which prescribes disclosure requirements for governments that elect to present information about the General Government Sector in their consolidated financial statements.

    The IPSASB welcomes public comments on IPSAS ED 94. Comments received will help shape the final pronouncement.

    How to Access

    Access IPSAS ED 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22), its summary At-a-Glance document, or submit a comment. Comments on the ED are requested by June 22, 2026. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this ED to their members and employees.

    About the IPSASB

    The International Public Sector Accounting Standards Board (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS® Accounting Standards, IPSASB SRS™ Standards, and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

    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.

    Stakeholder Comments on IPSAS Exposure Draft 94 Sought by June 22, 2026

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