Benchmarking International Accountancy Standards Adoption and Implementation Trends Across the Middle East and North Africa from 2019-2024
The International Standards: 2025 MENA Insights Snapshot presents a regional overview of progress toward the adoption and implementation of international standards across audit, ethics, education, and public and private sector financial reporting, as well as the adoption and implementation of quality assurance systems and investigation and discipline mechanisms. The findings reflect both momentum in adoption progress while at the same time, identifying persistent barriers that are challenging the pace and depth of progress across the region.
The third Board meeting of the year was held from September 9 to 12, 2025, in Lisbon, Portugal.
Thank you to hosts the Ordem dos Contabilistas Certificados (Order of Certified Accountants) for welcoming the IPSASB back to Lisbon and hosting both the September Board meeting and the 5th Public Sector Standard Setters Forum. The IPSASB also extends its thanks to its members, technical advisors, and standard setters from around the globe who joined the Forum to shape the future of public sector standard setting.
Work Program Consultation
With resources expected to become available in the second half of 2026, the IPSASB approved its Work Program Consultation to ask stakeholders about the most significant needs concerning financial reporting projects, post-implementation reviews, and sustainability reporting projects. The Consultation is expected to be published in October 2025 and will be open for 180 days. Please share your input and feedback on your priorities, so these can be considered in the decision-making process on developing the work program priorities for 2026 and beyond.
IPSAS 33 – Limited Scope Update
The IPSASB approved the updates to improve IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards. These clarifications to the existing requirements make the guidance easier to apply for first-time adopters by emphasizing exemptions available, including adding new illustrative examples and implementation guidance. The pronouncement will be published in Q4 2025, and is effective January 1, 2028, with early adoption permitted.
Definition of Material – Narrow Scope Amendments
The IPSASB approved the Final Pronouncement, Definition of Material (Amendments to IPSAS 1, IPSAS 3, and the Conceptual Framework), enhancing the clarity and consistency of materiality throughout the IPSAS Standards. The amendments to IPSAS Standards are effective January 1, 2027, and amendments to the Conceptual Framework are effective upon publication of the pronouncement, which will occur in Q4 2025.
Natural Resources
The IPSASB has decided that a tangible natural resource held for conservation is a naturally occurring tangible asset that is managed to prevent its degradation. The IPSASB plans to approve the pronouncement during the December 2025 meeting in New York.
Climate-related Disclosures
Following its June 2025 decision to split the project into two separate standards, in September, the IPSASB reviewed the first draft of the IPSASB SRS Standard on Phase 1. The IPSASB agreed there is a need for further materiality guidance and decided to prioritize developing practical implementation support on materiality in a timely manner, following the planned approval of the Phase 1 pronouncement at the December 2025 meeting.
Presentation of Financial Statements
The IPSASB completed all remaining discussions regarding the general presentation requirements and those for the Statement of Changes in Net Assets/Equity. These discussions have allowed the IPSASB to continue progressing the development of most of the Consultation Paper (CP). Next quarter, the Board will tackle the last Chapter of the CP regarding note disclosures and continue developing the illustrative Exposure Draft.
Strengthening Linkages Between IPSAS Standards and GFSM
The IPSASB agreed to develop the non-authoritative guidance to help public sector entities maximize the extent to which they can use IPSAS Standards-based accounting data to compile statistical information. The work will continue next quarter, with the aim of approving the Exposure Draft at the December 2025 meeting.
New and Returning Members
High-quality standards that enhance public financial management and promote sustainable development globally need diverse voices to develop them. The Board continues to reflect broad geographic representation, gender parity, and professional expertise in public sector financial and sustainability reporting. Congratulations to our new and returning members for 2026.
Meeting Videos
Recordings of the meetings are available on our YouTube channel.
Next Meeting
The next IPSASB meeting will be in New York, New York, USA, from December 2-5, 2025.
Building for the Future: Read the IPSASB Biennial Review 2023-2024
The latest Biennial Review is out now: Building for the Future: The IPSASB Biennial Review 2023-2024. Over this review period, the IPSASB completed a number of significant long-running projects and have also finalized its 2024-2028 Strategy and Work Program.
Adoption & Implementation Resource
In collaboration with us, IFAC has published a new resource, Implementing International Public Sector Accounting Standards (IPSAS): IFAC Tools, a compilation of our resources designed to help governments and public sector entities adopt and implement IPSAS Standards and help Professional Accountancy Organizations (PAOs) advocate for their use.
Our latest Biennial Review is out now: Building for the Future: The IPSASB Biennial Review 2023-2024 provides a high-level summary of our activities in 2023 and 2024. Over this period, we completed a number of significant long-running projects. We also developed and finalized our 2024-2028 Strategy and Work Program, which builds on the achievements during the previous Strategy and Work Program, that spanned 2019-2023.
IFAC welcomes the opportunity to comment on the consultation paper of the International Auditing and Assurance Standards Board (IAASB) on narrow scope amendments to the International Standards for Quality Management (ISQMs) and International Standards on Auditing (ISAs) for the IAASB Public Interest Entity (PIE) Track 2 Project
