• IPSASB Announces eIS, a Digital Platform to Navigate International Public Sector Accounting Standards (IPSAS)

    New York, New York English

    The IPSASB launched eIS – a centrally located digital gateway to the international standards that guide the accountancy profession, including IPSAS, the international accrual-based accounting standards increasingly used by governments and other public sector entities around the world.

    eIS, or e-International Standards, makes the official standards of the IPSASB more accessible and easily digestible by allowing for convenient digital access anywhere with an internet connection and across multiple devices.

    Previously, the standards were only available as harder-to-navigate PDFs or as printed copies and handbooks. The intuitive navigation, advanced search functions and filters, and straightforward controls of eIS make the standards easier to access and utilize. Current and previous versions of standards are available in one place for use and comparison without the need to obtain multiple handbook editions.

     “Accrual financial reporting is fundamental to transparency and accountability in the public sector, as well as providing information for good decision making. By 2030, 81% of the jurisdictions in the 2021 International Public Sector Accountability Index reporting on accrual are projected to be making use of IPSAS as part of their accrual financial reporting frameworks.” said Ian Carruthers, IPSASB Chair. “Given the projected growth of IPSAS adoption and implementation globally, eIS is a timely and crucial platform that will improve the accessibility of the standards.”

    eIS was developed by IFAC collaboratively with the IESBA, the IAASB, and the IPSASB. The four organizations, through surveys and conversations with key stakeholders, identified the key elements required to deliver a practical, modern platform allowing the profession easier access to international standards, while providing enhanced usability.

    To learn more about eIS, visit https://eis.international-standards.org/.

    To explore accrual-based reporting frameworks and IPSAS adoption globally, visit the International Public Sector Financial Accountability Index.

    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.

  • IPSASB Welcomes ISSB Board Announcement and Publication of Prototype Disclosure Standards

    New York English

    The International Public Sector Accounting Standards Board® (IPSASB®) welcomes the IFRS Foundation Trustees announcement of the formation of the International Sustainability Standards Board (ISSB), together with the publication of the prototype climate and general disclosure requirements developed by the Technical Readiness Working Group (TRWG).

    “Climate change is an issue that is increasingly important to us all. Urgent public sector action will be critical to successfully addressing climate change, through the combination of its central roles as policy setter, regulator, funder and in service delivery. Strong governance, effective implementation, and accountability for the use of public sector resources will all be essential if governments are to play their parts in addressing climate change and sustainability more broadly,” said Ian Carruthers, IPSASB Chair.

    “The guidance from the new ISSB will provide important tools for both effective decision making and strong reporting on sustainability issues globally. While having an investor focus, with suitable interpretation it has the potential to provide a basis for some of the guidance that jurisdictions will require for tracking their progress in reaching their climate change targets and other key sustainability initiatives such as the UN’s Sustainable Development Goals. The IPSASB looks forward to working closely with the ISSB as exploration starts of public sector sustainability reporting guidance needs following COP26.”

    Sustainability is a focus area of the IPSASB. Learn about the IPSASB’s thinking related to sustainability and its existing guidance.

    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.

  • IPSASB Issues Guidance on the Capitalization of Borrowing Costs

    New York English

    The International Public Sector Accounting Standards Board® (IPSASB®) has issued Amendments to IPSAS 5, Borrowing Costs – Non-Authoritative Guidance.

    The new pronouncement adds implementation guidance and illustrative examples to IPSAS 5. The new material illustrates how the existing principles for when borrowing costs can be capitalized should be applied in various regularly encountered public sector contexts. No amendments are proposed to the authoritative material in IPSAS 5, and the existing option to expense or capitalize borrowing costs is retained.

    “We undertook this project to illustrate how to apply existing principles in IPSAS 5 to scenarios that are unique to the public sector,” said IPSASB Chair Ian Carruthers. “This new guidance should support our constituents in applying the existing standard to the practical challenges they have identified in determining which borrowing costs can be capitalized and when.”

    This illustrative guidance addresses public sector specific issues by focusing on transactions associated with capitalizing borrowing costs when funds are borrowed by a related entity or centralized lending program. The additional guidance facilitates the preparation of financial reporting information that is relevant, faithfully representative, and comparable for these important public sector transactions. 

    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.

  • Amendments to IPSAS 5, Borrowing Costs - Non-Authoritative Guidance

    This pronouncement adds of non-authoritative guidance to IPSAS 5, Borrowing Costs. The non-authoritative guidance adds implementation guidance and illustrative examples to IPSAS 5.

    The new material in ED 74 illustrates how the existing principles for when borrowing costs can be capitalized are applied in various regularly encountered public sector scenarios. No amendments are proposed to the authoritative material in IPSAS 5.

    IPSASB
    English

  • IPSASB eNews: September 2021

    English
    Conceptual Framework–Limited Scope Update–Next Stage

    The IPSASB agreed to propose revised definitions for an asset and a liability for inclusion in the Exposure Draft planned for approval in December 2020. 

    The IPSASB agreed to add obscuring information to the existing factors influencing materiality— omissions and misstatements. The IPSASB also agreed to insert a new section on unit of account. Staff will carry out further work on the case for addressing executory contracts explicitly in the Framework.  

    Revenue and Transfer Expenses

    The IPSASB clarified principles related to the existence and recognition of liabilities and assets in transactions arising with binding arrangements (in revenue and transfer expenses respectively). The IPSASB reconsidered and concluded that the distinction between transfer expenses with and without performance obligations is not useful from the transfer provider perspective.

    Draft guidance in both standards will be revised to first require an entity to assess whether a binding arrangement exists, and clarify the scope of the proposed transfer expenses standard.

    Natural Resources

    The IPSASB reviewed the draft Consultation Paper (CP) and considered the proposals on the presentation of information on natural resources. The IPSASB also reviewed the revised chapters on living resources and water, as well as other miscellaneous changes to the CP. The IPSASB plans to continue development of the CP at its December 2020 meeting, with an aim to approve it at its March 2022 meeting. 

    Leases

    The IPSASB decided to proceed with the proposals from Exposure Draft 75, Leases, including reconfirming those related to COVID-19 requirements, definition of a lease, lessee’s discount rate, and fair value definition. Further, the IPSASB decided that it will continue development of the leases guidance at its October check-in meeting with a plan to approve the new final Standard at its December meeting.

    Accounting and Reporting by Retirement Benefit Plans

    The IPSASB decided that the title for the standard being developed through this project should be Retirement Benefit Plans. The IPSASB also reviewed the options in IAS 26 and decided that to provide better information and improve accountability and transparency, some of the options should be removed from the Exposure Draft under development. These options relate to the measurement and presentation of the actuarial present value of promised retirement benefits, and the valuation of plan assets.  

    Next Meeting

    The next full-meeting of the IPSASB will take place virtually in December, 2021. For more information, or to register as an observer, visit the IPSASB website (www.ipsasb.org)

  • Exposure Draft (ED) 80, Improvements to IPSAS, 2021

    Exposure Draft (ED) 80, Improvements to IPSAS, 2021 proposes minor improvements to IPSAS to address issues raised by stakeholders and proposes minor amendments sourced from recent IFRS improvements and narrow scope projects. The proposals in this exposure draft may be modified in light of comments received before being issued in final form.

    Comments are requested by September 30, 2021.

    Published:
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  • IPSASB Meeting

    Sep 12 - 16, 2022
    Lisbon, Portugal
    DoubleTree by Hilton Lisbon
    Additional notes: This meeting will no longer be accepting additional requests for in-person attendance in the public gallery. If you have any questions, please email Leah at leahweselowski@ifac.org. All sessions will be streamed live on the IPSASB YouTube Channel.
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