We approved the Project Brief, Strengthening Linkages Between IPSAS Standards and the GFSM, and had an initial discussion on the illustrative examples proposed for the Exposure Draft. We will be updating the examples for our next meeting in June 2025. This project will help governments and public sector entities make the most of IPSAS-based information when preparing statistical data for decision-making and accountability. 

We kicked off our project to enhance the clarity and consistent application of the definition of material with two approvals: We 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.  

The consultation period for the draft of our inaugural sustainability reporting standard, IPSASB SRS ED 1, Climate-related Disclosures, closed last month with a record number of responses. The Board discussed the outreach efforts undertaken to obtain that feedback along with next steps, including plans to review the feedback to finalize the Climate-related Disclosures Standard.

To continue developing the IPSASB’s Consultation Paper and form our preliminary views, we considered the results of additional analysis on two challenging topics. This work has helped the Board refine its views on the presentation of revenue and expenses on the statement of financial performance and statement of changes in net assets/equity. The Board intends to finalize those views on the different presentation approaches at the next meeting. 

Discussions continued on the development of the work program consultation that will be issued later in 2025. This consultation will be used to gather feedback from stakeholders on which financial reporting, post implementation review and sustainability reporting projects the Board should take on next when resources become available.  

We reviewed the responses to ED 91, Limited Scope Updates of First-time Adoption of Accrual Basis IPSAS and believe a government that uses IPSAS Standards is better equipped to make sound financial decisions transparently. Constituents strongly supported the reorganized structure and streamlined guidance to make the journey to implementation as easy as possible. We intend to approve a final pronouncement at our next meeting in June 2025.

We reviewed responses to ED 90, Amendments to IPSAS as a Result of IPSAS 46, Measurement. Respondents supported including the current operational value measurement basis in IPSAS 12, Inventories, and IPSAS 21, Impairment of Non-Cash Generating Assets, its applicability to right-of-used assets when measured under the current value model in IPSAS 45, Property, Plant, and Equipment, and enhancing the current value disclosures across the IPSAS Standards. The IPSASB will continue its discussion of issues in June 2025.   

We discussed the roll-out of the IPSASB Application Group and the group’s work plan for the remainder of the year. In addition, the IPSASB approved amendments to the financial instruments IPSAS Standards, including guidance on supplier finance arrangements, the classification and measurement of financial instruments, contracts referencing nature-dependent electricity, and other editorial changes. These amendments, as well as other improvements to be discussed later in the year, will be exposed for comment in the second half of 2025. 

Our first post-implementation review will be on IPSAS 20, Related Party Disclosures. To help inform our next review, we decided to conduct a survey of national standards setters on which IPSAS Standards should be a priority for us based on which pronouncements have been modified before adoption, and/or have not been adopted at the local level.  

Save the date: September 7-9, 2025 in Lisbon, Portugal. Registration coming soon.  

Recordings of the meetings will be available soon on our YouTube channel. Subscribe to receive a notification when they're uploaded.

Our next Board meeting will be held June 10-13 in Toronto, Canada.

The 2024 Edition of the Handbook of International Public Sector Accounting Pronouncements is out now. It contains the complete suite of IPSAS Standards published as of January 31, 2024 including the 2023 Conceptual Framework updates.

• Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
• Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants.