The International Public Sector Accounting Standards Board (IPSASB) has released the IPSAS Exposure Draft (ED) 93, Definition of Material (Amendments to IPSAS 1, IPSAS 3, and the Conceptual Framework) for public comment.

This ED seeks to provide more consistent guidance on materiality across the IPSASB’s financial reporting literature to assist entities in its application, and help them to develop clearer, more useful financial reports.

IPSAS ED 93 proposes aligning the definition of material between the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities and IPSAS Standards by:

• Clarifying that an entity is required to consider the information needs of primary users instead of other users of GPFRs; and
• Aligning the definition of material in IPSAS 1, Presentation of Financial Statements, with Chapter 3: Qualitative Characteristics of the Conceptual Framework.

“Getting the definition of materiality right is critical because it affects what information is presented in public sector financial reports,” said Ian Carruthers, IPSASB Chair. "The clear and consistent definition of material proposed in this ED will not only help entities with its application but will also provide a strong foundation for developing non-authoritative guidance on making materiality judgments in the second phase of this project.”

The IPSASB welcomes your views on the proposed standard and other matters raised for comment in this IPSAS ED. The comments received will help shape the final pronouncement.

To facilitate stakeholder engagement, this project will be undertaken in three distinct phases:

• Phase 1—Review the consistency of the definition of ‘material’ across the IPSASB financial reporting guidance and propose changes to achieve this. IPSAS ED 93 delivers this phase.
• Phase 2—Materiality in Financial Reporting: Develop non-authoritative guidance aligned with IFRS® Practice Statement 2, Making Materiality Judgments. This narrow-scope project will efficiently and promptly address constituents' need for additional guidance on making materiality judgments when preparing financial statements in accordance with IPSAS.
• Phase 3—Materiality in Sustainability Reporting: Develop guidance on making materiality judgments when preparing sustainability reporting in accordance with IPSASB SRS. This phase will commence following the development of IPSASB SRS ED 1, Climate-related Disclosures.

How to Access
Access the IPSAS Exposure Draft, its summary At-a-Glance document, or submit a comment. Comments on the IPSAS Exposure Draft are requested by July 14, 2025. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this IPSAS Exposure Draft 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® 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 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.

Thank you to The World Bank for hosting the IPSASB®'s first meeting of the year from March 18 to 21 in Washington, D.C., USA.  

We progressed several projects that will make our IPSAS® Standards, which are cornerstones of strong public financial management, easier to use and more effective.

Informed decision-making matters.

Reliable financial information supports sound policymaking, enabling governments to allocate resources effectively to achieve their goals.

The International Public Sector Accounting Standards Board (IPSASB^®), developer of IPSAS® Standards, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Amendments to IPSAS Standards: Specific IFRIC Interpretations.

Amendments to IPSAS Standards: Specific IFRIC Interpretations is the result of the IPSASB’s IFRIC Alignment – Narrow Scope Amendments project, which reviewed and considered seven IFRIC and SIC Interpretations previously published by the IFRS Interpretations Committee. These Interpretations were issued to clarify the application of specific International Financial Reporting Standards (IFRS) to transactions or scenarios where there may be uncertainty or ambiguity. In reviewing the IFRIC and SIC Interpretations, the IPSASB aimed to maintain alignment with IFRS Standards, where appropriate, and identify and incorporate guidance into IPSAS Standards that was applicable for governments and public sector entities and should be incorporated into IPSAS literature.

The IPSASB concluded that four of the IFRIC Interpretations in the scope of this project were applicable to the public sector and has amended existing IPSAS Standards to incorporate new guidance, based on those Interpretations, to clarify the application of existing accounting principles on specific matters.

Ian Carruthers, IPSASB Chair said: “This release reflects the IPSASB’s commitment to maintaining a global baseline for public sector financial reporting. By incorporating selected IFRIC Interpretations that are relevant to the public sector, we enhance consistency, and facilitate comparability across jurisdictions, reinforcing transparency, accountability, and trust in public sector financial management worldwide. Going forward, the IPSASB will consider the applicability of future IFRIC Interpretations as they are issued to ensure public sector financial reporting remains globally relevant, clear, and consistent.”

Amendments to IPSAS Standards: Specific IFRIC Interpretations has an effective date of January 1, 2026. Earlier application is permitted. 

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 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. 

Climate change affects everyone, transcending borders and economic boundaries. Rapid progress to mitigate climate change requires public sector action, and effective action requires the quality information only sustainability reporting standards specific to the sector’s needs can provide.

To meet the public sector’s unique reporting needs, the International Public Sector Accounting Standards Board^® (IPSASB^®) is developing the world’s first climate-related disclosure standard for governments around the world, with support from The World Bank. The draft of this inaugural Sustainability Reporting Standard (IPSASB SRS ^TM) is being issued today for public comment.

Ian Carruthers, IPSASB Chair, said: "The rapid progress needed to address climate change requires public sector action. The scale of the investment involved and the need for coordinated action across all sectors of the economy mean that only governments are equipped to lead the changes required. Using policy tools, such as taxation, regulation, and subsidies, governments can influence behaviors across entire economies.

“Public sector finances are already stretched following the pandemic, so while stronger public financial management can release some of the resources required, the capital markets will need to fill the gap. With sovereign bonds already making up almost 40% of the $100 trillion global bond market in 2022, IPSASB’s proposed standard on climate-related disclosures will be help governments provide consistent, comparable, and verifiable information and will ultimately help them maintain access to capital markets.”

To promote global consistency and comparability, IPSASB SRS ED 1, Climate-related Disclosures proposes public sector specific guidance which builds on the International Sustainability Standards Board (ISSB) global baseline. In doing so, IPSASB SRS ED 1 proposes principles for the more limited group of public sector entities that have responsibility for climate-related public policy programs and their outcomes.

Sue Lloyd, ISSB Vice-Chair, said: "The public sector is a major component of global capital markets so ensuring public sector organisations disclose high quality, comparable sustainability information is important to meet the information needs of investors. By building on the ISSB’s global baseline ꟷ which is being adopted by jurisdictions around the world ꟷ IPSASB is bringing the public sector into the global sustainability reporting ecosystem. Consistency in disclosure requirements will help support comparability across sectors and is essential to driving an efficient corporate reporting system, reducing complexity and fragmentation that could undermine the usefulness of sustainability information in investor decision-making.”

The IPSASB urges public sector stakeholders, including preparers of public sector climate-related and other sustainability reports, regional and national sustainability reporting standard setters, professional accountants, sustainability assurance providers, and interested members of the public including indigenous peoples to share their comments on the proposed standard and other matters raised in IPSASB SRS ED 1 by February 28, 2025. Feedback received on IPSASB SRS ED 1 will shape the final standard which will assist governments and other public sectors around the world in being accountable for their actions to address climate change.

To discuss the proposals outlined in the draft standard, the importance of public sector leadership in climate reporting, and how the standard aligns with global sustainability efforts, the IPSASB is hosting an online launch event for IPSASB SRS ED 1 featuring an insightful discussion between Ian Carruthers, IPSASB Chair, Sue Lloyd, Vice-Chair of the International Sustainability Standards Board (ISSB), and Lee White, Chief Executive Officer of IFAC, moderated by Owen Mapley, Chief Executive Officer of CIPFA. Register here to join virtually on November 13, 14:00 UTC.

How to Access
Access the IPSASB SRS ED 1, Climate-related Disclosures, its summary At-a-Glance document, and submit a comment. Comments on the Exposure Draft are requested by February 28, 2025. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this Exposure Draft 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®), IPSASB Sustainability Reporting Standards™ (IPSASB SRS™) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and IPSASB SRS 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.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has issued Exposure Draft (ED) 92, Tangible Natural Resources for public comment.

“Tangible natural resources represent a significant proportion of economic resources in many jurisdictions,” said IPSASB Chair Ian Carruthers. “The proposed guidance fills an important gap in the IPSASB’s literature and will improve not only financial reporting but also encourage better public financial management and policy decisions for many governments.”

Tangible natural resources encompass all naturally occurring items with physical substance which embody service potential or the capability to generate future economic benefits. However, no International Public Sector Accounting Standard^® (IPSAS^®) guidance currently exists on the accounting for tangible natural resources, and as a result, many governments lack information on the extent and value of tangible natural resources.

ED 92 proposes recognition, measurement, presentation and disclosure guidance to address this gap.

The IPSASB welcomes the views of respondents on the proposed standard and other matters raised for comment in the ED. Comments received will help shape the final IPSAS related to Tangible Natural Resources.

How to Access
Access Exposure Draft 92, Tangible Natural Resources, its summary At-a-Glance document, or to submit a comment. Comments on the Exposure Draft are requested by February 28, 2025. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this Exposure Draft 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, 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.

The global search for the next International Public Sector Accounting Standards Board (IPSASB) Chair is underway, led by the independent Search Committee (Search Committee) established by the Public Interest Committee and the International Federation of Accountants (IFAC). Interested candidates with a background in public sector financial and/or sustainability reporting and strong leadership skills are encouraged to apply.

The IPSASB Chair is a full-time executive position, appointed for an initial three-year term, commencing January 1, 2026, with the possibility of re-appointment for a total tenure of up to nine years. While relocation is not required for this role, regular interaction with IPSASB staff located in Toronto, Canada, and geographically dispersed Board members is expected. Additionally, extensive international travel is needed to ensure effective collaboration with all key stakeholders and to promote the adoption and implementation of the International Public Sector Accounting Standards (IPSAS) and the forthcoming IPSASB Sustainability Reporting Standards (IPSASB SRS).

As the IPSASB enters a new phase with an increased focus on the maintenance and application of the IPSAS suite of standards along with the development of sustainability reporting standards, the Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Given the pace of change in both technical areas and the broader public sector environment, the next Chair must be adept at navigating these challenges and leading the Board’s technical standard setting program successfully.

“We seek candidates with significant, and senior-level experience, who are well-recognized within the professional global community,” said Vinod Rai, Chair of the Search Committee. “It is equally important that candidates have a strong understanding of the public sector and a commitment to the IPSASB’s public interest mandate. Strategic leadership and communication skills are essential, and relevant standard-setting experience is also key for success in this important global role.”

A complete job description, along with application instructions, is included in the Call for Applications. Applications are due January 26, 2025 (midnight UTC).

About IFAC
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 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 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, 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. 

Only certain IPSASs have been translated, which include: IPSAS 1—Presentation of Financial Statements; IPSAS

The International Public Sector Accounting Standards Board (IPSASB) has today released for comment Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48). 

The proposed amendments to IPSAS 47, Revenue are consistent with the principles already exposed in ED 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23), published in January 2023, that were strongly supported by stakeholders. Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48, Transfer Expenses on other types of arrangements conveying rights over assets that are common in the public sector.

Feedback to both ED 88 and ED 84 will inform the final pronouncement on other lease-type arrangements.

“In light of its new standards on Revenue and Transfer Expenses, the IPSASB is proposing to update the guidance on common public sector arrangements that convey rights over assets,” said IPSASB Chair Ian Carruthers. “The proposals in ED 88 provide new guidance to enhance accountability and decision-making in the public sector that addresses the remaining arrangements identified in the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases not already covered in ED 84.”

How to Comment
To access the Exposure Draft, its summary At-a-Glance document, Webcast, or to submit a comment, visit the IPSASB website. Comments are requested by May 31, 2024. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this Exposure Draft 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 government of Canada. 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.