The first IPSASB Board Meeting of 2026 was held from March 10-13, in Toronto, Canada. The IPSASB approved three exposure drafts (ED) and one consultation paper (CP), which will provide stakeholders with opportunities to share feedback on proposals aimed at improving public sector financial reporting worldwide. View the newsletter.
Presentation of Financial Statements
The IPSASB approved its CP, Presentation of Financial Statements. This CP includes the IPSASB’s preliminary views, along with an illustrative ED to help constituents visualize those proposals as a draft IPSAS Standard to replace IPSAS 1, Presentation of Financial Statements. This approval is an important step in the IPSASB’s work to enhance the effective communication of financial information reported in general purpose financial statements.
The CP is expected to be published in Q2 2026 for a 120-day exposure period.
Making Materiality Judgments
An ED to support clearer, more focused financial reporting by helping entities apply materiality principles when preparing financial statements in accordance with IPSAS Standards was approved. The ED proposes non-mandatory guidance to support in making materiality judgments when applying IPSAS Standards.
The ED is expected to be published in Q2 2026 for a 120-day exposure period.
Improvements to IPSAS Accounting Standards
Two EDs were approved proposing clarifications to existing requirements and to support consistent application of IPSAS Standards across jurisdictions: Improvements to IPSAS Accounting Standards – Volume 10, and Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40). Both EDs are expected to be published in Q2 2026 for a 60-day exposure period.
Climate-related Outcomes of Public Policies
Responding to feedback received on IPSASB SRS ED 1, the IPSASB decided to clarify the scope, definitions, and structure of the proposed standard, including focusing on disclosures on climate-related outcomes of all public policies.
Measurement (Application Phase: COV In IPSAS 31)
The IPSASB agreed Current Operational Value (COV) should be available when measuring intangible assets at their current value. However, the IPSASB considered stakeholder feedback and recognized the practical challenges that could arise and agreed that guidance on how to apply the COV principles to intangibles should be developed and discussed by the IPSASB before issuing final guidance. The IPSASB will continue to develop and review guidance at upcoming IPSASB meetings.
Post Implementation Reviews
The IPSASB decided that a Post Implementation Review (PIR) of IPSAS 20, Related Party Disclosures, is unnecessary at this time because the issues raised by constituents related to the application of judgment as opposed to substantive implementation challenges with the Standard. The IPSASB will perform additional fact-finding activities to determine which IPSAS Standards present stakeholders with significant implementation challenges and therefore represent the highest priority for a PIR. To support this research, the IPSASB agreed to establish a new Forum, the Financial Reporting Implementation Forum, to gather information directly from constituents on various implementation challenges with IPSAS Accounting Standards.
Next Meeting
The next IPSASB meeting will be hosted by the International Monetary Fund at their headquarters Washington D.C., USA June 9-12, 2026.
Meeting Recordings
Recordings of the meetings are available on our YouTube channel.
Governments use IPSAS Accounting Standards to prepare financial statements, and they use the Government Finance Statistics Manual 2014 (GFSM 2014) to compile statistical reports. The proposed guidance in IPSAS ED 94 will benefit entities that are either in the process of implementing or are already applying IPSAS Standards by providing a tool to plan the integration between accounting and statistical systems to enable the usage of IPSAS Standards-based accounting data as a source for GFSM 2014 reporting.
“The guidance we are proposing will help governments leverage the independently audited accounting data that is already available in their systems for statistical compilation, enhancing the overall data quality and the efficiency of their statistical reporting process,” said IPSASB Chair Thomas Müller-Marqués Berger. “Utilizing the accounting data to support better decisions and fiscal management by governments benefits everyone.”
The final pronouncement will amend IPSAS 22, Disclosure of Financial Information About the General Government Sector, which prescribes disclosure requirements for governments that elect to present information about the General Government Sector in their consolidated financial statements.
The IPSASB welcomes public comments on IPSAS ED 94. Comments received will help shape the final pronouncement.
The International Public Sector Accounting Standards Board (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS® Accounting Standards, IPSASB SRS™ Standards, and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. 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 permissions@ifac.org.
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.
Stakeholder Comments on IPSAS Exposure Draft 94 Sought by June 22, 2026
Governments face risks related to climate change and extreme weather events. However, there was a lack of clear public sector guidance on how to disclose them and inform accountability and decision-making.
To address this gap, the International Public Sector Accounting Standards Board (IPSASB) today issued IPSASB SRS 1, Climate-related Disclosures, the first-ever public sector standard to help governments and public sector entities report climate-related risks and opportunities clearly and consistently.
IPSASB SRS 1 was developed with support from the World Bank, which works to create a world free of poverty on a livable planet through a combination of financing, knowledge, and expertise.
“Governments play a fundamental role in climate action, as their decisions can shape outcomes across the entire economy”, said IPSASB Chair Thomas Müller-Marqués Berger. “Climate-related information is therefore essential for stronger public financial management as it provides insights into the climate-related risks and opportunities to governments’ operations. By doing so, the new disclosures enable efficient access to capital markets to mobilize the additional financing needed for climate resilience.”
“We are very happy to collaborate with IPSASB and support the development of these new sustainability reporting standards for the public sector,” said Arturo Herrera, World Bank Global Director for Governance. “In the past, the focus of sustainability reporting has been on the private sector. With the public sector responsible for a significant share of global emissions, these new standards represent an important opportunity to make more complete climate-related information available to the public.”
IPSASB SRS 1 is aligned with IFRS S2 to enhance the consistency and comparability of climate-related disclosures across the public and private sectors for market participants, in particular for lenders and other resource providers.
Access IPSASB SRS 1, Climate-related Disclosures. IPSASB SRS 1 applies to an entity’s general purpose financial reports for annual reporting periods beginning on or after January 1, 2028. Earlier adoption is permitted.
Learn more at the IPSASB’s webinar
To support adoption, IPSASB will host a global webinar on February 12, 2026, 8:00–9:00 a.m. EST (13:00–14:00 UTC), where participants can learn about the standard, ask questions, and explore practical implementation strategies. Register now. [UPDATE: Watch the recording.]
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 Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. 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 permissions@ifac.org.
About the World Bank
The World Bank Group works to create a world free of poverty on a livable planet through a combination of financing, knowledge, and expertise. It consists of the World Bank, including the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA); the International Finance Corporation (IFC); the Multilateral Investment Guarantee Agency (MIGA); and the International Centre for Settlement of Investment Disputes (ICSID). For more information, please visit worldbank.org, ida.worldbank.org, miga.org, ifc.org, and icsid.worldbank.org.
Funding for the project is through the World Bank’s Financial Management Umbrella Program. The Program is supported by the Australian Department of Foreign Affairs and Trade, the Government of Austria, the Bill & Melinda Gates Foundation, the European Union, the Swedish International Development Cooperation Agency, Switzerland’s State Secretariat for Economic Affairs, the United Kingdom’s Foreign, Commonwealth and Development Office, and the United States Agency for International Development.
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.
IPSASB SRS 1 strengthens transparency, accountability, and decision-making for governments and public sector entities
The objectives of IPSAS ED 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22) are to propose additional non-authoritative guidance to IPSAS 22, Disclosure of Financial Information About the General Government Sector to facilitate both the preparation of this disclosure, where a reporting entity elects to do this, and for the use of IPSAS Standards-based accounting data for GFSM 2014 reporting purposes.
The final IPSASB meeting of the year was held from December 2 to 5, 2025, in New York City, USA.
This was the final meeting for Ian Carruthers as IPSASB Chair, as his decade as Chair comes to an end. The Board looks forward to welcoming the incoming Chair, Thomas Müller-Marqués Berger, on January 1, 2026.
Climate-related Disclosures
The IPSASB reached a significant milestone with the approval of IPSASB SRS 1, Climate-related Disclosures. This achievement supports the expanding information needs of users of general-purpose financial reports and marks a major step forward in public sector reporting, establishing disclosure requirements for climate-related risks and opportunities for public sector entities. The IPSASB set an effective date of January 1, 2028 for IPSASB SRS 1, with earlier adoption permitted.
Natural Resources
The IPSASB approved IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 fills an important public sector reporting gap in the IPSASB’s literature. The IPSASB set an effective date of January 1, 2028 for IPSAS 51, with earlier adoption permitted.
Strengthening Linkages Between IPSAS Standards and GFSM
The IPSASB approved Exposure Draft (ED) 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22). This ED proposes guidance to help maximize the benefits of using IPSAS Standards-based accounting data for statistical compilation, to support better decision-making. The ED is expected to be published in Q1 2026 with a 4-month comment period.
Presentation of Financial Statements
The IPSASB has completed its conceptual and technical discussions on requirements for the presentation of financial statements and confirmed that its draft Consultation Paper (CP) fully captures its views, subject to revisions to capture December discussions. Next quarter, the IPSASB will review the final piece of the developing illustrative ED related to disclosure requirements with a plan to approve the CP at the March 2026 meeting.
Making Materiality Judgments
The IPSASB discussed the approach and the necessary public sector adaptations to develop non-authoritative guidance to assist public sector entities in applying materiality when preparing IPSAS financial statements. The IPSASB will review an updated draft ED at its March 2026 meeting to determine whether additional public sector adaptations are necessary.
Improvements
The IPSASB agreed to the proposed amendments regarding the lack of exchangeability to IPSAS 4, The Effects of Changes in Foreign Exchange Rates, and IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards. In addition, the IPSASB agreed to the narrow scope amendments regarding the definition of an operation and the recognition of assumed contingent liabilities to IPSAS 40, Public Sector Combinations. These amendments will be included in the next Improvements to IPSAS Standards ED expected to be approved in March 2026.
Outgoing, New, and Returning Members
High-quality standards that enhance public financial management and promote sustainable development globally need diverse voices to develop them. The Board continues to reflect broad geographic representation, gender parity, and professional expertise in public sector financial and sustainability reporting. Congratulations to new and returning members for 2026 and Claudia Beier, reappointed as Deputy Chair.
The IPSASB thanks outgoing members Kamira Sánchez Nicosia, and Scott Showalter, Patrícia Siqueira Varela, and Jonah Wala for their service.
Meeting Videos
Recordings of the meetings are available on our YouTube channel.
In collaboration with us, IFAC has published a new resource, Implementing International Public Sector Accounting Standards (IPSAS): IFAC Tools, a compilation of our resources designed to help governments and public sector entities adopt and implement IPSAS Standards and help Professional Accountancy Organizations (PAOs) advocate for their use.
A worldwide search has launched for volunteers to serve as members on the International Public Sector Accounting Standards Board (IPSASB) for terms commencing January 1, 2027. IPSASB is an independent standard-setting body that serves the public interest by setting high-quality standards for use by public sector entities globally in the preparation of general purpose financial reports.
The new International Public Sector Financial Accountability Index 2025 Status Report, published by the International Federation of Accountants (IFAC) and Chartered Institute of Public Finance and Accountancy (CIPFA) with support from the International Public Sector Accounting Standards Board (IPSASB), highlights steady, gradual progress in governments worldwide moving from cash to accrual-based financial reporting.
Accrual accounting provides governments with a clearer picture of their finances by recording the substance of transactions as they occur, rather than when cash transfers occur. This transparency helps inform decision-making and improves the ability to hold governments to account for their decisions.
Key findings of the report:
By 2030, 56% of jurisdictions are projected to report on an accrual basis. This represents steady progress since the 2020 Index but at a slower pace than anticipated, reflecting the financial and operational strains governments faced during and after the pandemic.
In 2024, high-income jurisdictions made up the majority of accrual adopters (57%), but by 2030, the landscape will shift. 60% of jurisdictions using accrual are projected to come from middle- and low-income economies.
By 2030, 81% of accrual-reporting jurisdictions are expected to be applying International Public Sector Accounting Standards (IPSAS) either directly, with modifications, or as the foundation for national standards.
Lee White, Chief Executive Officer at IFAC said: "Accrual based reporting is essential for public sector transparency and accountability. It is also the foundation for the use of global IPSAS Standards. Our members fulfil a vital role in advising and supporting governments in their journey with the use of accrual accounting and global standards delivering clear accountability.”
Owen Mapley, Chief Executive Officer at CIPFA said: “Strengthening public financial management through accrual reporting is fundamental to addressing today’s fiscal challenges and building sustainable futures. It is encouraging to see the shift from cash to accrual has continued despite the impact of the pandemic.”
Ian Carruthers, IPSASB Chair said: “The increasing usage and influence of the IPSAS Standards underlines the importance of the shift in IPSASB’s new 5 year strategy towards maintenance of the standards suite, in particular through the recent establishment of the IPSASB Application Group.”
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
About CIPFA
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed.
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 Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. 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 permissions@ifac.org.
New report captures current and future use of public financial reporting approaches by governments around the world
