The International Public Sector Accounting Standards Board^® (IPSASB^®), developer of IPSAS®, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued an integrated package of revenue and transfer expenses pronouncements comprising:

• Updated Conceptual Framework: Chapter 5, Elements in Financial Statements;
• International Public Sector Accounting Standard® (IPSAS®) 47, Revenue; and
• IPSAS 48, Transfer Expenses.

The three pronouncements update and simplify existing principles, while filling gaps in the IPSAS literature, resulting in more consistent guidance for IPSAS users and better support for implementation globally. Informed by stakeholder feedback and refinement over the course of several years, the pronouncements introduce:

• A single up-to-date source of guidance applicable to all revenue transactions across the public sector; and
• A new straightforward accounting model for the recognition and measurement of transfer expenses in the public sector.

“These pronouncements address a significant proportion of transactions for all public sector entities, and their publication is a major milestone in public sector accounting,” said Ian Carruthers, IPSASB Chair. “By providing a robust principle-based approach to accounting for revenue and transfer expense transactions, these pronouncements will help increase the transparency and accountability of public sector transactions around the world.”

The updates to Chapter 5 of the Conceptual Framework revise the definitions of an asset and a liability and add new guidance on the transfer of resources, unit of account, and binding arrangements that are equally unperformed. These changes provide a strong foundation for the guidance in the new standards.

IPSAS 47 replaces IPSAS 9, Revenue from Exchange Transactions and IPSAS 11, Construction Contracts, and IPSAS 23, Revenue from Non-Exchange Transactions (Taxes and Transfers) with two accounting models for the recognition and measurement of public sector revenue transactions, based on the existence of a binding arrangement. The new IPSAS is aligned with IFRS 15, Revenue from Contracts with Customers while broadening its applicability across the public sector. Additional guidance is included to help entities apply the accounting principles to public sector-specific transactions, such as capital transfers and compelled transactions.

IPSAS 48 introduces guidance for transfer expenses, where a transfer provider provides resources to another entity without receiving anything directly in return, which is common situation in the public sector globally. The accounting for transfer expenses is driven by whether the transaction results in an enforceable right to have the transfer recipient satisfy their obligations. To operationalize this principle, IPSAS 48 presents two accounting models based on the existence or not of a binding arrangement.

The effective date for both IPSAS 47 and IPSAS 48 is January 1, 2026, with earlier application permitted. Updates to the Conceptual Framework are effective when published.

How to Access
To access the Conceptual Framework Update: Chapter 5, Elements in Financial Statements, IPSAS 47, Revenue, and IPSAS 48, Transfer Expenses, their summary At-a-Glance documents, and webcasts, visit the IPSASB website. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of these pronouncements 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 governments of Canada and New Zealand. 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.

International Public Sector Accounting Standard^® (IPSAS) 45 replaces IPSAS 17, Property, Plant, and Equipment by adding current operational value as a measurement basis in the updated current value model for assets within its scope, identifying the characteristics of heritage and infrastructure assets, and adding new guidance on how these important types of public sector assets should be recognized and measured. 

International Public Sector Accounting Standard^® (IPSAS) 46 provides new guidance in a single standard addressing how commonly used measurement bases should be applied in practice. It brings in generic guidance on fair value for the first time, and introduces current operational value, a public sector specific current value measurement basis addressing constituents’ views that an alternative current value measurement basis to fair value is needed for certain public sector assets. 

The International Public Sector Accounting Standards Board^® (IPSASB^®) has issued International Public Sector Accounting Standard^® (IPSAS) 48, Transfer Expenses. IPSAS 48 provides accounting guidance for transfer expenses, which account for a significant portion of expenditures for many public sector entities.

The International Public Sector Accounting Standards Board® (IPSASB®), developer of IPSAS®, international accrual-based accounting standards for use by governments and other public sector entities around the world has issued an integrated package of measurement-related pronouncements comprising: 

• Updated Conceptual Framework: Chapter 7, Measurement of Assets and Liabilities in Financial Statements;
• International Public Sector Accounting Standard® (IPSAS®) 45, Property, Plant, and Equipment, and 
• IPSAS 46, Measurement. 

The three pronouncements provide simplified, more consistent guidance addressing key conceptual challenges and practical implementation issues identified by the public sector community by introducing: 

• Straight-forward principles for initial and subsequent measurement, that apply throughout IPSAS and align with the Conceptual Framework; and
• Enhanced property, plant, and equipment guidance that also clarifies the recognition and measurement of infrastructure and heritage assets. 

“These important pronouncements provide clear and consistent foundational principles for the measurement of public sector assets,” said IPSASB Chair Ian Carruthers. “In addition, IPSAS 45 includes guidance on the recognition and measurement of heritage and infrastructure assets, which addresses their unique characteristics.”  

The updates to Chapter 7 of the Conceptual Framework streamline the measurement principles by eliminating unused measurement bases and enhancing focus on those that are commonly used. The new subsequent measurement framework will help constituents apply the principles in practice and aligns measurement concepts with the guidance provided in IPSAS. 

IPSAS 45 replaces IPSAS 17, Property, Plant, and Equipment by adding current operational value as a measurement basis in the updated current value model for assets within its scope, identifying the characteristics of heritage and infrastructure assets, and adding new guidance on how these important types of public sector assets should be recognized and measured. 

IPSAS 46 provides new guidance in a single standard addressing how commonly used measurement bases should be applied in practice. It brings in generic guidance on fair value for the first time, and introduces current operational value, a public sector specific current value measurement basis addressing constituents’ views that an alternative current value measurement basis to fair value is needed for certain public sector assets. 

The effective date for both IPSAS 45 and IPSAS 46 is January 1, 2025, with earlier application permitted. Updates to the Conceptual Framework are effective when published.  

How to Access 
To access the Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements, IPSAS 45, Property, Plant, and Equipment, and IPSAS 46, Measurement, their summary At-a-Glance document, and webcast visit the IPSASB website. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of these pronouncements 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 governments of Canada and New Zealand. 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. 

Elizna van der Westhuizen is a qualified Chartered Accountant (SA) with more than fifteen years experience in the roles of private and public sector auditor (PwC and the Auditor-General South Africa), technical specialist in public sector accounting, reporting and auditing (Auditor-General South Africa), and public sector standard-setter (South African Accounting Standards Board).

As the Head of Technical of the South African Accounting Standards Board, Elizna is currently leading the team that develops accrual based public sector accounting standards in South Africa.

Elizna serves on the South African Institute of Chartered Accountants’ private sector technical accounting committee and public sector committee.

Elizna has consulted South African stakeholders on many of the IPSASB’s distinguished projects in recent years, including revenue, transfer expenses and parts of the measurement project.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has issued International Public Sector Accounting Standard^® (IPSAS) 47, Revenue. IPSAS 47 is a single source for revenue accounting guidance in the public sector, which presents two accounting models based on the existence of a binding arrangement. This new Standard provides focused guidance to help entities apply the principles to account for public sector revenue transactions.

It is with great sorrow we received news of the death of Ian Mackintosh, who was chair of the IFAC Public Sector Committee (PSC) in the run up to it formally becoming the International Public Sector Accounting Standards Board (IPSASB).

Ian had an illustrious and influential career in both national and international standard-setting for both the public and private sectors over several decades. He served as Chair of the IFAC PSC from 2000 to 2003, during which time he led the development of a number of the foundational accrual based IPSAS, as well as launching the important public sector-specific projects related to Social Benefits and Non-Exchange Revenue.

Towards the end of his PSC Chair tenure, he was a member of the Likierman Review, which led to the formal establishment of the IPSASB as the independent international standard setting board for the public sector. He continued to play a major role in standards development, holding roles including Chair of the UK Accounting Standards Board, Vice-Chair of the IASB and latterly, Chair of the Corporate Reporting Dialogue.   

“Ian Mackintosh was truly unique among international standard setters, in having made a significant contribution to the development of both the public and private sector standards. He was a dedicated and passionate leader who had an enormous impact on the international financial reporting landscape,” said Ian Carruthers, IPSASB Chair. “We at the IPSASB extend our deepest condolences to his family, friends, and former colleagues around the world.”

About 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 governments of Canada and New Zealand. 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 Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance.

In light of the urgent need for sustainability reporting guidance for the public sector, the International Public Sector Accounting Standards Board^® (IPSASB^®), developer of IPSAS®, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance.

Ahead of a decision by the IPSASB on the potential development of a framework for public sector specific sustainability reporting guidance, the additional non-authoritative guidance included in Recommended Practice Guideline (RPG) 1, Reporting on the Long-Term Sustainability of an Entity’s Finances, and RPG 3, Reporting Service Performance Information can be immediately applied by governments and public sector entities to report on sustainability program information.

The additional guidance is intended to support the implementation of the key areas highlighted in the OECD paper Green Budgeting: A Way Forward. RPG 3 includes four illustrative examples which show how its authoritative guidance can be applied to reporting sustainability program information on:

• A program financed by a green bond;
• A program financed by a carbon tax;
• An investment in infrastructure to mitigate the impacts of climate change; and
• A tax expenditure for sustainability investments.

“For governments and the public sector to play their parts in addressing climate change and sustainability, strong governance, accountability, and transparency are necessary,” said IPSASB Chair Ian Carruthers. “As we explore the potential development of a public sector sustainability framework, in the interim, public sector entities can utilize the additional guidance that the IPSASB has provided in the amendments to these RPGs for reporting on programs addressing both climate change and the Sustainable Development Goals.”

How to Access
To access Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance, its summary At-a-Glance document, and webcast, visit the IPSASB website. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of Reporting Sustainability Program Information—Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance 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 governments of Canada and New Zealand. 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.