The objective of ED 92, Tangible Natural Resources is to propose guidance on the recognition, measurement, display and disclosure of tangible natural resources. ED 92 is open for public comment through February 28, 2025. Comments are requested in English.
The IPSASB broke new ground approving its first Sustainability Reporting Standard (IPSASB SRS™) Exposure Draft (ED) 1, Climate-related Disclosures. The ED proposes disclosures for all public sector entities to report on their climate-related risks and opportunities, aligned with the private sector disclosures developed by the International Sustainability Standards Board. The proposals also include additional public sector disclosures for those select entities with the responsibility to develop climate-related policy programs by exercising their sovereign powers. The IPSASB expects to publish the ED by the end of October 2024 and then undertake a global consultation to seek feedback from constituents on the proposals.
Strategy and Work Program
The IPSASB approved its Strategy and Work Program 2024-2028. The Strategy is an evolution of the Board’s previous strategy, adding a sustainability reporting work stream, and rebalancing its financial reporting resources to focus on the consistent implementation and application of standards as more entities transition to accrual IPSAS. The Strategy and Work Program 2024-2028 is expected to be published in October 2024.
Natural Resources
The IPSASB approved ED 92, Tangible Natural Resources. This ED proposes guidance that fills a gap in the current literature for naturally occurring items with physical substance that embody service potential and/or the capability to generate economic benefits. ED 92 is expected to be published by the end of October 2024.
Natural Resources - Mineral Resources and Stripping Costs
The IPSASB approved the final pronouncements IPSAS 50, Exploration for and Evaluation of Mineral Resources, and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12). These new pronouncements provide guidance for public sector entities operating in extractive industries, with accounting guidance aligned with the private sector. They will be effective from January 1, 2027 with early adoption permitted, and are expected to be published in Q4 2024.
Presentation of Financial Statements
The IPSASB reviewed its draft Consultation Paper and the accompanying Illustrative ED based on the Board's deliberation of issues to date. The sections considered included the underlying principles for preparing financial statements and the specific requirements for presenting the Statement of Financial Position. The IPSASB expects to begin discussions on the presentation of the Statement of Financial Performance in December 2024.
IFRIC Alignment – Narrow Scope Amendments
The IPSASB reviewed the responses to ED 89, Amendments to Consider IFRIC Interpretations. Constituents strongly supported the proposed additional guidance because it will help public sector entities understand and apply existing accounting principles, thereby improving the clarity and accuracy of financial information. The IPSASB intends to approve a final pronouncement at its next meeting in December 2024.
Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
e-International Standards: Access the IPSASB’s standards and pronouncements on a convenient digital platform.
Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants.
The International Public Sector Accounting Standards Board (IPSASB), developer of reporting standards for the public sector, announced its new 2025 board members at its recent meeting in Brussels, Belgium. The 2025 board will continue to be a diverse group with gender-parity and exceptional global public sector financial and sustainability reporting experience.
The new IPSASB appointees have been selected following a rigorous nomination and interview process operated by the IFAC Nominating Committee, which is overseen by the Public Interest Committee, and with the final appointments approved by the IFAC Board.
The new Board members, appointed for a three-year term of service, are:
Yun Huang, China
Sung-Jin Park, Korea
Karen Sanderson, UK
The following three current Board members have been re-appointed:
Abdullah Al-Mehthil, Saudi Arabia
Claudia Beier, Switzerland
Maik Esser-Müllenbach, Germany
Claudia Beier of Switzerland has been appointed as the IPSASB Deputy Chair for 2025.
“Each year, we continue to welcome diverse voices and perspectives, which are needed to support our global standard-setting activities,” said IPSASB Chair Ian Carruthers. “Diversity of Board membership is essential to ensure the delivery of high-quality standards that can strengthen public financial management and sustainable development globally.”
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 and sustainability reporting standards 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 new guidance addresses public sector issues specific to concessionary leases (i.e. leases at below-market terms) and other arrangements conveying rights over assets that are not leases that are prevalent in the public sector.
Climate change affects everyone, transcending borders and economic boundaries. Rapid progress on 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.
ED 91 proposes to clarify and restructure existing guidance and add new non-authoritative guidance to IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs) to help public sector entities adopt accrual basis IPSAS.
“The IPSASB encourages public-sector entities and jurisdictions around the world to apply the accrual basis of accounting through the adoption and implementation of accrual basis IPSAS. The successful application of IPSAS 33 is often a cornerstone of IPSAS adoption and implementation” said IPSASB Chair Ian Carruthers. “This ED aims to clarify the requirements of IPSAS 33 to assist entities and jurisdictions in successfully completing their IPSAS transition journey.”
IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS), was issued in 2015 and has been applied by a number of public sector entities during their transition to accrual basis IPSAS. The IPSASB heard from these stakeholders that:
IPSAS 33 should be more user-friendly when applied as part of the entity’s broader transition journey;
Reliefs should be more clearly set in the entire transition process to accrual basis IPSAS; and
Reliefs should be designed to encourage the recognition and measurement of items, contributing to compliance as early as possible.
The proposals in the Limited Scope Update Project do not propose to change the objective, scope, or available exemptions in IPSAS 33. Rather, the amendments to IPSAS 33 are aimed to make it easier to apply and to encourage first-time adopters to comply with IPSAS in a planned way as soon as possible. Feedback received to this ED will help shape the final amendments to IPSAS 33.
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.
In preparation for its 5th Research Forum, which will be co-hosted by Comparative International Governmental Accounting Research Network (CIGAR) at its June 2025 conference, the IPSASB is calling for scholarly contributions from the academic community. This is an opportunity for researchers to have a significant impact on accounting standards used by governments and public sector entities across the globe.
Coordinated through the Academic Advisory Group, which includes independent scholars from all parts of the world, as well as the IPSASB members who have an academic background, the IPSASB is offering a grant of USD $2,000 for selected scholarly papers submitted covering three research areas. Up to six grants are available in total.
The research areas of interest are:
Presentation of Financial Statements
Interaction with GFSM 2014
Accounting for Biodiversity in the Public Sector
IPSAS 18, Segment Reporting
IPSAS 20, Related Party Disclosures
IPSAS 31, Intangible Assets
IPSAS 35, Consolidated Financial Statements
IPSAS 41, Financial Instruments
The grant recipients, as well as other scholars, will present the first drafts of their full papers at the 2025 Research Forum (June 2025). As a first step, academics are invited to submit abstractsby October 4, 2024. For more information, see the IPSASB’s Call for Papers.
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.
ED 90 proposes amendments to IPSAS to introduce current operational value, add a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors, and enhance the terminology in current value measurement disclosures.
“ED 90 builds upon the important work accomplished in IPSAS 46, Measurement released last year which provides an integrated approach to valuation to help entities measure public sector assets,” said Ian Carruthers, IPSASB Chair. “These amendments will provide users of public sector general purpose financial statements with more relevant and faithfully representative measurement information through the potential application of public sector specific guidance across a broader range of situations.”
The amendments to IPSAS proposed in ED 90 are the introduction of current operational value in IPSAS 12, Inventories, IPSAS 21, Impairment Non-Cash Generating Assets, and IPSAS 31, Intangible Assets, the addition of a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors, and the enhancement of the terminology in current value measurement disclosures.
The feedback received from ED 90 will help shape the final amendments related to the application of Current Operational Value across existing IPSAS.
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 contactpermissions@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.
