IPSAS 39, Employee Benefits

IPSAS® 39, Employee Benefits, will replace IPSAS 25, Employee Benefits, on January 1, 2018, with earlier adoption encouraged.

This limited-scope project was part of the IPSASB’s strategy to maintain its existing standards. IPSAS 39 reflects amendments made by the International Accounting Standards Board to its equivalent standard, International Accounting Standard (IAS) 19, Employee Benefits, up to December 2015.

The main differences between IPSAS 39 and IPSAS 25 are:

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IESBA eNews: July 2016

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IESBA Meeting, June 27–29 in New York, New York

The June meeting summary features updates on the IESBA’s current projects and initiatives, including: Structure of the Code of Ethics for Professional Accountants (the Code), Safeguards, Professional Skepticism, Long Association, and Part C. It also underlines a presentation from Brian Hunt, Vice Chair of the International Forum of Independent Audit Regulators.

The new standard, Responding to Non-Compliance with Laws & Regulations (NOCLAR), has been released and will be included in the 2016 Handbook in Q3. To enhance understanding and facilitate effective implementation of the standard, IESBA staff are developing Staff Q&As for publication later this year, among other resources (see more below). 

Listen to June Highlights» |  Read June Meeting Summary»

New Standard, Responding to Non-Compliance with Laws & Regulations

On July 14, the IESBA released the new NOCLAR standard, which sets out a first-of-its-kind framework to guide professional accountants in what actions to take in the public interest when they become aware of potential violations of laws and regulations committed by a client or employer.

All Access NOCLAR »

NOCLAR Video Series

IESBA Chairman, Consultative Advisory Group (CAG) Chairman, and members discuss what accountants, including those operating in small- and medium-sized practices, and stakeholders need to know about the new standard.



Watch Videos »

NOCLAR Fact Sheet

The fact sheet summarizes key aspects of the new standard, including outcomes it seeks to achieve in the public interest, who will be affected by the standard, and what governments, national standard setters, professional accountancy organizations, firms, and others can do to contribute to addressing NOCLAR globally.

Access the Fact Sheet »

IESBA Consultative Advisory Group

The Consultative Advisory Group (CAG) met via teleconference on June 20 to discuss significant matters arising on the exposure of proposals regarding Phase 1 of the IESBA’s Safeguards project.

See meeting details »

Annual National Standard Setters Meeting

On June 15, national ethics standard setters from 13 countries met in New York to discuss projects on the IESBA’s agenda and significant ethics-related developments affecting the global accountancy profession.

IESBA Leadership at IOSCO C1

The IESBA Deputy Chair presented on the vision for the IESBA’s future work at the International Organization of Securities Commission (IOSCO)’s Committee 1 meeting, in June. Hosted by the UK Financial Conduct Authority, the meeting also included presentations from the international standard setters for accounting and audit.

About IOSCO C1 »

PIOB Meeting Update

At its June 30-July 1 meeting, the Public Interest Oversight Board (PIOB) concluded that due process had been followed in the development and approval of the NOCLAR standard and related amendments to other sections of the IESBA Code. 

Read More »

2015 IESBA Annual Report

The 2015 Annual Report, Elevating Global Ethics, summarizes the IESBA's achievements, project developments, and operating context in 2015 with reports and messages from the Chairman, CAG Chairman, and Technical Director.

Access Annual Report »

IAASB & IESBA Leaders Discuss Audit Quality

IAASB Chairman Prof. Arnold Schilder and IESBA Chairman Dr. Stavros Thomadakis discuss audit quality, the Code of Ethics, NOCLAR, and professional skepticism, among other topics of mutual relevance, in this joint video interview.

Watch Now »

Upcoming Dates
  • September 14, 2016: IESBA CAG Meeting, New York, New York
  • September 26-30, 2016: IESBA Meeting, New York, New York
For more info, or to register to attend an IESBA meeting as an observer, visit Ethics Board Meetings and Ethics Board CAG Meetings.

IPSASB Publishes Consultation Paper on Public Sector Specific Financial Instruments

New York, New York English

The International Public Sector Accounting Standards Board (IPSASB) today released for comment a Consultation Paper (CP), Public Sector Specific Financial Instruments.

International Public Sector Accounting Standards™ do not currently provide guidance on how to account for a number of monetary items that the IPSASB has termed “public sector specific financial instruments.” The lack of guidance leads to reporting that is inconsistent between entities and, as a result, users may not have the information they need for accountability and decision-making purposes.

“For entities responsible for public sector financial instruments, the topics in this Consultation Paper are critically important because users need better information to evaluate the impact of these significant items on government finances,” said IPSASB Chair Ian Carruthers. “This Consultation Paper is the first step in developing consistent financial reporting for public sector specific financial instruments. We look forward to receiving constituents’ views on the accounting approaches identified for each topic.”

The CP includes three main topics related to accounting for public sector financial instruments:

  • Currency in Circulation. The CP considers currency in circulation by reference to the definitions of the elements of a liability and revenue in The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework). The key issue is whether the issuance of currency gives rise to a present obligation, with two accounting approaches proposed, which depends on whether a liability should be recognized and, if not, alternatives for recognizing revenue.
  • Monetary Gold. The CP considers which gold assets meet the proposed definition of monetary gold and the appropriate measurement bases for initial and subsequent measurement of such assets. Two accounting approaches are proposed for monetary gold, each linked to the intention of a monetary authority in holding such assets:
    • Approach 1—Measurement at market value linked to an intention to hold gold because it can be traded in the global liquid markets; and
    • Approach 2—Measurement at historical cost when the intention is to hold gold for an indeterminate period of time to support economic stability.
  • International Monetary Fund (IMF) Quota Subscription and Special Drawing Rights (SDRs). The CP is informed by the Conceptual Framework, and puts forward the IPSASB’s view of the appropriate recognition and measurement of the IMF Quota Subscription, SDR holdings, and SDR allocations.

How to Comment

To access the Consultation Paper and the At-a-Glance document, which provides a summary of the Consultation Paper, or to submit a comment, please visit the IPSASB website at www.ipsasb.org/. Comments on the Consultation Paper are requested by December 31, 2016. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Consultation Paper to their members and employees.

About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.

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.

About IFAC
The International Federation of Accountants® (IFAC®) is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.

 

Public Sector Specific Financial Instruments

Consultation Paper

The International Public Sector Accounting Standards Board has released for comment a Consultation Paper (CP), Public Sector Financial Instruments.

This paper is an important step in determining the appropriate reporting for public sector specific financial instruments. The CP considers the issues related to these instruments and possible approaches to accounting for them. The objective of the CP is to initiate a debate about matters such as:

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