• IPSASB Meeting

    Mar 21 - 25, 2022
    New York, USA
    Additional notes: This meeting will be streamed live on the IPSASB YouTube page: https://www.youtube.com/c/IPSASB. Subscribe and follow the IPSASB to stay up to date with all news.

  • Exposure Draft (ED) 79, Non-Current Assets Held for Sale and Discontinued Operations

    The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 79, Non-Current Assets Held for Sale and Discontinued Operations.

    ED 79 is aligned with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations and proposes new guidance on how to account for non-current assets that are classified as held for sale, when they meet specific criteria.

    This ED is part of a suite of four EDs that address how to measure assets and liabilities in the public sector, and should be read in conjunction with:

    Published:
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  • Exposure Draft (ED) 78, Property, Plant, and Equipment

    The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 78, Property, Plant, and Equipment.

    ED 78 updates IPSAS 17, Property, Plant, and Equipment by adding general measurement guidance and measurement options when accounting for assets within its scope, identifying the characteristics of heritage and infrastructure assets, and proposing new guidance on how these important types of public sector assets should be recognized and measured.

    Published:
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  • Exposure Draft (ED) 77, Measurement

    ED 77, Measurement proposes new guidance in a single standard which addresses how commonly used measurement bases are applied in practice. The ED brings in generic guidance on fair value for the first time, and it proposes a public sector specific current value measurement basis to respond to stakeholder views that a new measurement basis is required as an alternative to fair value for assets held for their operational capacity.

    Published:
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  • Exposure Draft (ED) 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements

    The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements.

    ED 76 proposes a measurement hierarchy to steer the IPSASB in developing standard-level measurement guidance and to help stakeholders apply the principles in practice.

    Published:
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  • IPSASB Issues Package of Measurement Related Exposure Drafts

    English

    The International Public Sector Accounting Standards Board® (IPSASB®) has today released four Exposure Drafts (EDs) for public comment:

    This suite of four EDs are published together to highlight for respondents the common measurement principles proposed and the ways they are applied consistently throughout the draft guidance. The four EDs address several key conceptual challenges and practical implementation issues identified by the public sector community by introducing:

    • Straight-forward measurement principles, by way of a measurement hierarchy, that apply throughout IPSAS and align with the Conceptual Framework; 
    • Enhanced guidance clarifying the recognition and measurement of infrastructure and heritage assets that are Property, Plant, and Equipment; and 
    • A standard that fills a gap for assets held for sale and discontinued operations.

    “This package of EDs addresses a range of conceptual challenges and practical concerns identified by our constituents,” said IPSASB Chair Ian Carruthers. “In particular, it provides guidance for the first time on how to address the problems arising from the unique characteristics of heritage and infrastructure assets. The underlying concepts and guidance proposed in this suite of EDs will underpin the IPSASB’s approach to measurement for many years. It is therefore essential the IPSASB hears the views of respondents on the guidance proposed in these EDs.”

    ED 76 streamlines the measurement principles in the Conceptual Framework by eliminating unused measurement bases and enhancing focus on those that are commonly used. The ED proposes a clear measurement hierarchy to help stakeholders apply the principles in practice and aligns measurement concepts with the guidance provided in IPSAS.

    ED 77 proposes new guidance in a single standard which addresses how commonly used measurement bases are applied in practice. It brings in generic guidance on fair value for the first time, and it proposes a public sector specific current value measurement basis to respond to stakeholder views that a new measurement basis is required as an alternative to fair value for assets held for their operational capacity.

    ED 78 updates IPSAS 17, Property, Plant, and Equipment by adding general measurement guidance and measurement options when accounting for assets within its scope, identifying the characteristics of and heritage and infrastructure assets, and proposing new guidance on how these important types of public sector assets should be recognized and measured.

    ED 79 is aligned with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations and proposes new guidance how to account for non-current assets that are classified as held for sale, when they meet specific criteria.

    The IPSASB welcomes the views of respondents on the proposed standards and the other matters raised for comment in the four EDs.

    How to Comment
    To access the Exposure Draft, its summary At-a-Glance document, and the Request for Information or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments are requested by October 25, 2021. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this Consultation Paper 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.

    Stakeholder Comments on Exposure Draft 76, 77, 78 and 79 Sought by October 25, 2021

  • Retirement Benefit Plans

    To develop an IPSAS adapted from IAS 26, Accounting and Reporting by Retirement Benefit Plans.

    Current Status of the Project

    The IPSASB approved IPSAS 49, Retirement Benefit Plans. This pronouncement provides accounting and reporting requirements for plans that provide retirement benefits to public sector employees.

    IPSAS 49 will be effective for periods beginning on or after January 1, 2026. .

  • IPSASB eNews: March 2021

    English

    The IPSASB held its first meeting of the year virtually on March 16-19 and 23, 2021. 

    Accounting and Reporting by Retirement Benefit Plans

    The IPSASB approved a Project Brief on Accounting and Reporting by Retirement Benefit Plans. In adapting IAS 26, Accounting and Reporting by Retirement Benefit Plans to the public sector, the IPSASB agreed to consider alternatives developed by National Public Sector Standard Setters to address the public sector issues identified. 

    IFRS 8, Operating Segments

    The IPSASB received an educational session on a proposed limited-scope project to develop an IPSAS aligned with IFRS 8, Operating Segments. The session provided an overview of the requirements of IPSAS 18, Segment Reporting, IFRS 8, and public sector specific issues identified by stakeholders. The IPSASB decided to undertake more research and specifically gather further information related to the challenges in applying IPSAS 18 in practice before it decides whether to add the project to the Work Program.

    Revenue

    The IPSASB discussed several key topics arising from the responses received on the revenue Exposure Drafts (ED) 70 and ED 71. The IPSASB: 

    • Decided that the proposed standards should be named and presented to reflect the prevalence of different types of revenue transactions in the public sector; and  
    • Clarified the accounting principles related to the concepts of binding arrangements, performance obligations, and what gives rise to a liability in a binding arrangement without performance obligations. 
    Natural Resources

    The IPSASB continued its review of the draft Consultation Paper (CP) and provided feedback on the measurement of subsoil resources, the approach used to draft the chapter on living resources, and the description of living resources. In addition, the IPSASB decided the CP will:

    • Include guidance on the costs of exploration, evaluation, development, and production activities;  

    • Provide potential options on how this guidance could be incorporated into IPSAS literature; and  

    • Solicit constituents’ views on these options.

    Mid-Period Work Program Consultation

    The IPSASB received presentations on its 2019-2023 Strategy and Work Plan and academic outreach initiatives, including three research papers on proposed projects. These presentations set the stage for a robust discussion on prioritizing projects to be proposed in the Mid-Period Work Program Consultation. The work to develop the Mid-Period Work Program Consultation will continue during Q2 2021, and it is expected to be approved in June 2021.

    Conceptual Framework-Limited Update-Next Stage

    The IPSASB agreed to the grouping of topics proposed for the next stage of the project. The topics are those in the original project brief not addressed in the first stage of the project, except for concepts of capital and capital maintenance, which, because of their complexity, should be taken forward separately on a longer timeframe. The IPSASB also agreed to add the description of service potential in the context of an asset to the list of topics. 

    Next Meeting

    The next full-meeting of the IPSASB will take place virtually in June 2021. For more information, or to register as an observer, visit the IPSASB website.

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