First-Time Adoption of Accrual Basis IPSASs
Exposure Draft (ED) was approved and ED 53 was issued with comments requested by February 15, 2014.
The Task-Based Group consists of Mariano D'Amore, Rachid El Bejjet, and Jeanine Poggiolini.
Objective(s) of project
The aim of the project is to develop a standard that provides requirements for the first-time adoption of accrual basis IPSASs.
This project will consider issues related to public sector entities that are moving from an accrual basis of accounting to accrual basis IPSASs. It will also consider public sector entities that are moving from a cash basis, modified cash basis or partial accrual basis of accounting, to accrual basis IPSASs.
The IPSASB does not have a standard focusing on the first-time adoption of IPSASs. As a standard in this area will help in the implementation of accrual basis IPSASs, it has become a high priority to commence a project on this topic. This project is consistent with the IPSASBs strategic priority of developing requirements and guidance on public sector specific issues.
Issues the project needs to take into consideration include (but are not necessarily limited to):
- What are the issues relating to the implementation of IPSASs for those entities that are not already using the accrual basis of accounting?
- For those entities already on an accrual basis of accounting, should the requirements be converged to IFRS 1, First-Time Adoption of International Financial Reporting Standards or are there public sector specific reasons for departures?
- Should there be specific requirements for entities that adopt IPSASs over a number of reporting periods?
Task Force progress / Board discussions to date
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