IFAC welcomes the opportunity to provide input to the International Auditing and Assurance Standards Board’s (IAASB) Exposure Draft for the Proposed Narrow Scope Amendments to Standards as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code.
This publication sets out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. It speaks to the vital role accountants play in producing reliable sustainability-related data, reporting and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society’s needs.
Feedback to both ED 88 and ED 84 will inform the final pronouncement on other lease-type arrangements.
“In light of its new standards on Revenue and Transfer Expenses, the IPSASB is proposing to update the guidance on common public sector arrangements that convey rights over assets,” said IPSASB Chair Ian Carruthers. “The proposals in ED 88 provide new guidance to enhance accountability and decision-making in the public sector that addresses the remaining arrangements identified in the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases not already covered in ED 84.”
How to Comment To access the Exposure Draft, its summary At-a-Glance document, Webcast, or to submit a comment, visit the IPSASB website. Comments are requested by May 31, 2024. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this Exposure Draft to their members and employees.
About the IPSASB The International Public Sector Accounting Standards Board® (IPSASB®) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards™ (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the government of Canada. 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.
