Press Releases/News Alerts, Press Releases
Aug 27, 2019
IPSASB Issues Exposure Draft to Address Accounting for Public Sector Specific Financial Instruments
Stakeholder comment on Exposure Draft 69 sought by December 31, 2019
The International Public Sector Accounting Standards Board® (IPSASB®) has released an Exposure Draft (ED), Public Sector Financial Instruments, Amendments to IPSAS 41, Financial Instruments, for comment. The ED provides guidance on how to account for a number of important categories of financial instruments that are unique to the public sector.
The proposed new Standard will augment existing guidance in IPSAS 41, Financial Instruments, and improves that Standard’s requirements by introducing guidance on:
- Monetary gold;
- Currency in circulation;
- IMF quota subscriptions; and
- Special Drawing Rights.
“The topics addressed in this Exposure Draft are unique to the public sector and have a significant impact on government finances,” said IPSASB Chair Ian Carruthers. “The final guidance will ensure users of IPSAS-based financial statements have the information they need about these important items for accountability and decision-making purposes.”
How to Comment
To access the Exposure Draft and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Consultation Paper are requested by December 31, 2019. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of this Consultation Paper 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 governments of Canada and New Zealand. 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 email@example.com.
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.