Updating IPSASs (Tracking Table posted to the Internet as of February 2014)

  • Updating IPSASs (Tracking Table posted to the Internet as of February 2014)

    Project Status

    Tracking Table posted to the Internet March 2014.

    Staff

    Ross Smith

    Task Force

    A staff project.

    Objective(s) of project

    To maintain alignment between the IPSASs which are adapted from an IFRS to the extent appropriate for the public sector. This will be accomplished by tracking the activities of the IASB so that there is a document that sets out what convergence with IFRS means. This document will help in agenda planning and in identifying amendments that can be included in the Improvements project.

    Scope

    IPSASs where there is an underlying IFRS.

    Background

    In approving this project, the IPSASB notes that updating IPSASs is not so much a distinct project but more a continuous cycle to ensure that IPSASs reflect, as much as is appropriate for the public sector, the latest related IFRS.

    From the start of its standards program, the IPSASB has developed accrual IPSASs by adapting existing IFRSs issued by the IASB for the public sector context when appropriate. In undertaking that process, the IPSASB attempts, wherever possible, to maintain the accounting treatment and original text of the IFRS unless there is a significant public sector issue which warrants a departure.

    Issues

    Issues the project needs to take into consideration include (but are not necessarily limited to):

    • The IASBs work program: The timing for updating IPSASs will be subject to the IASBs progress on related projects; and
    • The extent/nature of the IASBs amendments: Progress on updating IPSASs could be affected where the amendments made by the IASB are either significant and/or raise major public sector specific issues.

    Task Force progress / Board discussions to date

    Board discussions to date

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