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.
Angela Ryan became a member of the International Public Sector Accounting Standards Board (IPSASB) in January 2024. She was nominated by the New Zealand External Reporting Board.
Ms. Ryan is a principal accounting advisor for the New Zealand Treasury with over 17 years of experience in applying accrual accounting at the sovereign government level. This includes providing accounting policy advice on a range of issues affecting the Financial Statements of the Government of New Zealand.
Ms. Ryan has been actively involved in setting accounting standards in New Zealand for many years, both as a member and Deputy Chair of the External Reporting Board’s Accounting Standards Board until her term ended in December 2021. This will be Ms. Ryan’s second term on the IPSASB having been a member between 2015-2017, including Deputy Chair in 2017.
Ms. Ryan holds a Bachelor of Commerce and Administration from Victoria University of Wellington and is a fellow of the New Zealand Institute of Chartered Accountants.
Yacouba Traoré became a member of the International Public Sector Accounting Standard Board in January 2024. He was nominated by ONECCA-BF.
Mr. Traoré taught international accounting standards and regional public sector accounting standards for years in higher School Institutions. Practitioner with 25 years of experience, he serves private and public sector entities. He contributes on a regular basis to international standards setting through comments submission and standards setters' forum attendances.
Mr. Traoré is the chair of the Pan African Federation of Accountants (PAFA)'s Public Value Management Technical & Advisory Group since April 2022 and leads all that group activities. He is ONECCA-BF president and vice President of the National Accounting Council of Burkina Faso in charge of private and public sector accounting regulation and interpretation since October 2020.
Mr. Traoré sits in various professional accountancy organizations boards including PAFA, Féderation Internationale des Experts Comptes et Commissaires aux Comptes Francophones (FIDEF), the Conseil Permanent de la Profession Comptable (CPPC) an advisory council to the West African Monetary and Economic Union (WAEMU) and the Commission de Normalisation pour la Profession Comptable OHADA (CNPC OHADA) a regulatory body within the Harmonization of Business Law in Africa Organization (OHADA). He holds a chartered accountant degree namely Diplôme d'Expertise Comptable et Financière (DECOFI) and a master’s degree in finances, control & audit.
At its June meeting, the IPSASB continued its analysis of stakeholder feedback on Exposure Draft (ED) 91, Limited-Scope Updates to First-Time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS). The Board aims to enhance the user-friendliness of the first-time adoption standard by improving navigation, clarifying core principles, and providing additional implementation guidance. The revised standard is expected to be presented for approval at the September 2025 meeting.
The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework) provides the International Public Sector Accounting Standards Board® (IPSASB®) with the concepts that underpin the development of International Public Sector Accounting Standards® (IPSASs®) and Recommended Practice Guidelines (RPGs).
The IPSASB approved Exposure Draft (ED) 86, Exploration for and Evaluation of Mineral Resources, which provides the accounting guidance related to the costs incurred in the exploration and evaluation of mineral resources, and ED 87, Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12, Inventories), which provides guidance on how to account for costs incurred to remove waste material in a surface mining operation.
ED 86 and ED 87 will be exposed in Q1 2024, with a four-month comment period.
IPSAS 33–Limited Scope Update
Following the completion of an initial research phase on the implementation experience of IPSAS 33, First Time Adoption of Accrual Basis IPSASs for a group of countries, the IPSASB approved a project brief for a limited-scope project to update and enhance IPSAS 33 to help ensure it is more helpful to initial adopters.
Sustainability-Climate-Related Disclosures
The IPSASB reviewed the objectives, scope and conceptual foundations for the development of the draft Climate-related Disclosures standard for the public sector. The IPSASB emphasized the public sector specificities, including its main objective to deliver services, its role as a policy setter and regulator, and its various responsibilities at different levels of government. In breakout sessions that included all members, technical advisors, observers and staff, the IPSASB sought feedback on technical topics and issues planned for consideration in March 2024 related to governance, strategy and risk management sections of the developing draft standard.
Natural Resources
The IPSASB agreed on revised recognition criteria and initial measurement proposals, consistent with the Conceptual Framework and IPSAS for tangible assets. The IPSASB also decided that the guidance on natural resources should be in a standalone IPSAS.
Measurement-Application Phase
The IPSASB continued its discussion on the applicability of Current Operational Value (COV) to various IPSAS. The IPSASB decided to amend IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors to clarify that a change in the measurement model is a change in accounting policy. The IPSASB also considered COV examples related IPSAS 21, Impairment of Non-Cash-Generating Assets to better understand how adding it might work when undertaking impairment testing.
Presentation of Financial Statements
The IPSASB agreed its Consultation Paper (CP) would explore an approach that allows different presentation approaches in IPSAS. The provision of different presentation approaches was supported based on the increased flexibility it would provide to public sector entities to provide a presentational approach more useful to the entities specific users. In breakout sessions, IPSASB members, technical advisors, observers and staff considered topics related to potential categorization and sub-totals in the statement of financial performance.
IFRIC Alignment–Narrow Scope Amendments
The IPSASB began to review those IFRIC and SIC Interpretations not yet considered by the Board to determine whether they were public sector relevant. The IPSASB concluded on how it would determine which IFRIC and SIC Interpretations to propose for inclusion in IPSAS, and decided that IFRIC 7, Applying the Restatement Approach Under IAS 29, Financial Reporting in Hyperinflationary Economies is applicable to the public sector, and should be incorporated into IPSAS 10, Financial Reporting in Hyperinflationary Economies. The remaining outstanding items not yet considered will be discussed by IPSASB in March 2024.
Navigating IPSAS–Practical Support Material
The IPSASB considered a draft of a feedback statement to communicate to constituents the IPSASB’s decision to support development of practical support material by a strategic partner organization as opposed to pursuing a Differential Reporting standard-setting project.
The Differential Reporting Feedback Statement is planned for publication in January 2024.
Other Lease-Type Arrangements
The IPSASB continued the review of responses to ED 84, Concessionary Leases and Right-of-Use Assets In-Kind. The IPSASB decided to develop and then expose a standalone ED with non-authoritative guidance on the remaining arrangements included in the Request for Information, Concessionary and Other Arrangements Similar to Leases. The new ED will complement ED 84 and propose to update the most recent IPSAS on Revenue and Transfer Expenses on this topic.
Meeting Videos
Recordings of the meetings are available on our YouTube channel.
Next Meeting
The first IPSASB meeting of 2024 will take place in New York, USA from March 12 – 15. For more information, or to register as an observer, visit the IPSASB website.
A worldwide search has launchedfor volunteers to serve as members on the International Public Sector Accounting Standards Board (IPSASB), 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 initial-term of service for these volunteers will span three years, commencing on January 1, 2025. Candidates will ideally have a public sector background, with experience in standard setting and/or sustainability reporting. Out for comment now, the IPSASB’s draft Strategy and Work Program 2024-2028 proposes a shift from developing new standards towards maintaining the IPSAS suite of standards, and embeds the Board’s work in public sector sustainability reporting. Volunteers who can contribute to the changing scope and focus of the Board’s work are especially sought. English proficiency (both written and oral) is essential, as this is the language in which the IPSASB operates, although nominations from jurisdictions where English is not the predominant language, are encouraged.
Nominations from all regions of the world are encouraged, with a particular emphasis on qualified candidates from both Asia and Europe. Nominations from a wide range of relevant backgrounds are sought, including, but not limited to, candidates from:
Users of general purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies;
Ministries of Finance, Accountants General Departments, and other preparers of accrual-based financial statements and/or public sector sustainability reports. With the increasing implementation of IPSAS, candidates from jurisdictions that are transitioning to or have already implemented IPSAS are particularly encouraged; and
Public sector external auditors.
“To develop high-quality international standards and effectively promote IPSAS adoption, IPSASB volunteers need diverse backgrounds and skillsets,” said Ian Carruthers, IPSASB Chair. “With the continuing global transition to accrual IPSAS, I strongly encourage jurisdictions that are using IPSAS, or actively transitioning to IPSAS, to nominate candidates. This term will be during a landmark period of the IPSASB’s strategy and work program as it undertakes the development of sustainability standards in addition to its ongoing financial reporting activities. Engaging in this important work provides an opportunity to make a significant impact, while providing valuable experience that benefits the volunteer and its supporting organization.”
All stakeholders, including the general public, as well as International Federation of Accountants (IFAC) member organizations, the Forum of Firms, governments, and other organizations are invited to nominate candidates. Global stakeholder participation is crucial to shaping the future of international public sector standards.
The deadline for submitting applications is January 31, 2024. Please see the Call for Nominations for more details and information on how to submit an application.
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 Nominating Committee
The Nominating Committee is responsible for the selection process for IPSASB membership. The Public Interest Committee oversees the nominations process for IPSASB and provides its advice. The International Federation of Accountants® (IFAC®) Board approves the IPSASB composition. To learn more about the Nominating Committee, please visit IFAC website.
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.
A worldwide search has launched for volunteers to serve as members on the International Public Sector Accounting Standards Board (IPSASB), 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.
