In 2017, the IPSAS Standards Program turned 20 years old. A range of opinion leaders from international organizations, national standard setters, the accountancy profession and members bodies highlight the benefits of IPSAS and accrual accounting more generally and how IPSAS has made a positive difference to citizens.

Check out the anniversary montage below.

The International Public Sector Accounting Standards Board^® (IPSASB^®) has published a Consultation Document on its proposed Strategy and Work Plan for 2019-2023.

The draft Strategy emphasizes the importance of International Public Sector Accounting Standards (IPSAS) to public financial management reforms and proposes the following strategic objective:

• Strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS.
• Delivered through two main areas of activity, both of which have a public interest focus:
• Developing IPSAS and other high-quality financial reporting guidance for the public sector; and
• Raising awareness of IPSAS and the benefits of accrual adoption.

The IPSASB proposes five themes that support the strategic objective and which will drive its work. 

To develop standards on critical areas in public sector accounting, the IPSASB proposes to take on three new major public sector specific projects – accounting for natural resources, discount rates and differential reporting – all of which will provide great public interest benefits to a wide range of constituents.  

The IPSASB will also continue to maintain convergence with International Financial Reporting Standards, where appropriate, and to work with others to promote IPSAS adoption and emphasize the importance of accrual-based information for strengthening PFM. 

“The IPSASB will continue to focus on developing standards addressing public sector specific financial reporting issues,” said IPSASB Chair Ian Carruthers. “However, the proposed strategy also emphasizes the importance of the IPSASB working with others to ensure that the great benefits of IPSAS implementation are more widely understood and that the power of accrual reporting in supporting PFM reforms is fully recognized.” 

This Consultation provides an opportunity for constituents to comment on the IPSASB’s strategic objective, supporting themes and work plan priorities for the period 2019-2023. Please submit your responses by June 15, 2018 to ensure your views are considered.

How to Comment
To access the Consultation and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website at www.ipsasb.org. Comments are requested by June 15, 2018. The IPSASB encourages IFAC member organizations and regional accountancy organizations to promote the availability of this Consultation to their members and employees.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It 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.

(New York, January 31, 2018) – The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment Exposure Draft (ED) 64, Leases.

ED 64 proposes a single right-of-use model for lease accounting that will replace the risks and rewards incidental to ownership model in IPSAS 13, Leases. ED 64 also proposes new public sector specific accounting requirements for leases at below market terms (also known as “concessionary leases”) for both lessors and lessees.

For lessees, ED 64 proposes accounting requirements that are converged with the International Accounting Standards Board’s IFRS 16, Leases, by requiring the recognition of a right-of-use asset and a lease liability for all leases, except for short-term leases and leases of low-value assets.

For lessors, ED 64 proposes a right-of-use model specifically designed for public sector financial reporting that differs from the risks and rewards incidental to ownership model for lessors in IFRS 16 by:

(a)             Continuing to recognize and measure the leased asset according to the applicable IPSAS; and

(b)             Recognizing a lease receivable and a liability (unearned revenue) as a result of the lease contract, except for short-term leases.

The proposals in ED 64 address common public sector lease contracts where a lessor and a lessee are part of the same economic entity.

“Leases, including concessionary leases, are very important financing mechanisms in the public sector and in international organizations,” said IPSASB Chair Ian Carruthers. “The proposals in ED 64 will provide better information on the financial impacts of leases and therefore enhance both the accountability of an entity for its management of resources and improve the quality of information for decision-making.”  

Comment Deadline: June 30, 2018

How to Comment
To access the Exposure Draft and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website at www.ipsasb.org. Comments on the Exposure Draft are requested by June 30, 2018. The IPSASB encourages IFAC member organizations and regional accountancy organizations to promote the availability of this Exposure Draft to their members and employees.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It 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.

This short video highlights the concepts, proposals and IPSASB preliminary views contained in the Accounting for Revenue and Non-Exchange Expenses Consultation Paper.

The deadline for commenting on the IPSASB Consultation Paper Revenue and Non-Exchange Expenses closes on 15 January 2018.

Williard Yohana Kalulu was appointed in October 2017 to serve as Technical Advisor for Ms. Neema Kiure-Mssusa, who is a member of the IPSASB. Mr. Kalulu is a Chief Accountant at the Treasury Registrar’s Office under the Ministry of Finance and Planning Dar es salaam Tanzania. He was nominated to his position with the IPSASB by the Ministry of Finance and Planning in Tanzania.

Mr. Kalulu is a Certified Public Accountant (CPA-T) with a post graduate diploma in Accountancy from Institute of Accountancy Arusha, a diploma in IPSAS from National Board of Accountants and Auditors, and an advanced diploma in Accountancy from St Augustine University of Tanzania. He is also a holder of Master of Science in Accounting and Finance from the University of Dodoma, Tanzania.

Mr. Kalulu joined the Ministry of Finance and planning in 2011 after working for Local Government Authorities (Uranbo District Council) for seven years. His expertise as a professional accountant stretches over the past decade and a half working as a financial statements accountant. He has been appointed to be a Member of the Technical Service Committee with the National Board of Accountants and Auditors. He saved a working group which championed the adoption and implementation of IPSAS accrual basis in Tanzania for the seven years with Ministry of Finance and Planning.

Dr. Neema Kiure-Mssusa was a member of the IPSASB until 2023. Ms. Kiure-Mssusa joined the International Public Sector Accounting Standards Board (IPSASB) in January 2018. In 2016 and 2017, she served as a member of IPSASB Consultative Advisory Group.

Dr. Neema has been the team leader in the International Public Sector Accounting Standards (IPSAS) implementation project for the Government of Tanzania since 2008. She has assisted the Tanzania Ministries, Departments and Agencies (MDAs), Local Government Authorities and other Public Sector Entities on IPSAS implementation projects. Tanzania started complying with accrual based IPSAS during the year ended 30 June 2013. Thereafter, she has been working closely with the National Board of Accountants and Auditors (NBAA) and Accountant General’s Department to ensure that IPSAS updates are implemented effectively.

Dr. Neema is an Assurance Partner at Ernst & Young, Tanzania, where she serves several Tanzanian private and public sector entities. She was the Vice Chairperson of the NBAA from June 2018 to May 2021, and the current Chairperson of Tanzania Association of Women Accountants (TAWCA). She is also a member of the Interim Academic Advisory Committee (IAAC) of the African Professionalisation Initiative (API).

Her Technical Advisor is Williard Kalulu.

The IPSASB held its fourth and final meeting of the year from December 5-8, 2017 in Toronto. The IPSASB’s Consultative Advisory Group (CAG) met on December 4, 2017 and the CAG’s views informed the IPSASB’s discussions.