Highlights from the IPSASB's June 27 - 30, 2017, meeting in Luxembourg, Luxembourg.

0:10 – Introduction (John Stanford, Technical Director, IPSASB)

1:13 – Overview of IPSASB meeting (Ian Carruthers, IPSASB Chair)

2:54 – Revenue and Non-Exchange Expenses (Jo Spencer, Standards Development & Technical Projects, IPSASB)

5:47 – Financial Instruments (Dave Warren, Principal, Public Sector Accounting Board, Canada)

6:54 – Social Benefits (Paul Mason, Principal, IPSASB)

7:58 – Strategy and Work Plan (Ian Carruthers, IPSASB Chair)

11:05 – Closing remarks (John Stanford, Technical Director, IPSASB)

In this podcast, IPSASB Deputy Director Ross Smith and Principal Paul Mason discuss how materiality can be applied when preparing financial statements. The podcast summarizes the accounting requirements for materiality in International Public Sector Accounting Standards.

An accompanying Staff Questions and Answers document is also available.

The International Public Sector Accounting Standards Board (IPSASB) staff have issued this Staff Questions and Answers document on the application of materiality to preparing financial statements. It summarizes existing provisions in International Public Sector Accounting Standards for materiality.

This publication is not an IPSASB pronouncement and does not represent IPSASB members' views.

An accompanying podcast with IPSASB staff is also available.

The 2015-2016 Biennial Review: Sustaining the Momentum summarizes the International Public Sector Accounting Standards Board (IPSASB)’s achievements, challenges, and key developments in 2015 and 2016.

One of the major milestones during this period was the establishment of a new single-layer governance and advisory framework—the Public Interest Committee (PIC)* and Consultative Advisory Group (CAG)**—a landmark achievement for the IPSASB and its global stakeholders.

2015 and 2016 also saw IPSASB members sustain an ambitious stakeholder outreach program in support of one of the strands of the Board’s strategic objective—raising awareness of IPSAS and their benefits. The Public Sector Standard Setters Forum in particular elevated IPSASB’s outreach.

The Forum, jointly held in March 2016 by the IPSASB and the US Governmental Accounting Standards Board (GASB), was the first-ever global event for public sector standard setters and involved more than 70 participants from more than 30 countries and 22 organizations with standard-setting responsibilities, including ministries of finance with standard-setting responsibilities. The event created an environment to build a dialogue, exchange ideas, and discuss critical issues in standard setting.

This period also included substantial progress on the IPSASB’s work plan, including completion of eight new or replacement IPSAS and a number of limited scope projects.

Key continuing projects on which substantial progress was made include:

• Social benefits;
• Revenue and Non-Exchange Expenses;
• Heritage;
• Financial Instruments (both core standards and public sector specific); and
• Leases.

The Biennial Review provides detail on completed and ongoing projects.

In the Review’s introduction, IPSASB Chair Ian Carruthers highlights the importance of the IPSASB’s Strategy and Work Plan and the Conceptual Framework in shaping the IPSASB’s activities. The IPSASB’s Strategy for 2015 Forward: Leading through Change was the first full IPSASB strategy on which there was public consultation. The Conceptual Framework, published in October 2014, guides the IPSASB’s standard-setting approach.

The International Federation of Accountants (IFAC) facilitates the work of the IPSASB and includes IPSASB’s financial results within IFAC’s 2016 Financial Statements.

* The Public Interest Committee provides assurance that the IPSASB’s standard-setting activities are in the public interest.

** The Consultative Advisory Group is an integral part of the IPSASB's formal consultation process and provides advice on all aspects of IPSASB’s standard-setting activities, including IPSASB’s strategy, work plan, and projects, with a particular focus on implementation.

The 2015-2016 Biennial Review summarizes the International Public Sector Accounting Standards Board’s achievements, challenges, and key developments in 2015 and 2016. This period also included substantial progress on the IPSASB’s work plan, including completion of eight new or replacement IPSAS and a number of limited scope projects. Key continuing projects on which substantial progress was made include:

The International Public Sector Accounting Standards Board^® (IPSASB^®) has released a Consultation Paper (CP), Financial Reporting for Heritage in the Public Sector, for comment.

”There is currently a variety of financial reporting practices for heritage items, which reduces the comparability of public sector entities’ general purpose financial reports (GPFRs),” said IPSASB Chair Ian Carruthers. “Many public sector entities have heritage responsibilities and this Consultation Paper is a first step toward developing financial reporting guidance to support accountability and decision making in this area. We look forward to receiving constituents’ views on our proposals.”

The paper describes heritage items as items that are intended to be held indefinitely and preserved for the benefit of present and future generations because of their rarity and/or significance. It proposes that:

• heritage items’ special characteristics do not prevent them from being assets for the purposes of financial reporting;
• heritage items should be recognized in the statement of financial position if they meet the recognition criteria in the Conceptual Framework; and
• in many cases, it will be possible to assign a monetary value to heritage assets.

The paper also discusses:

• initial and subsequent measurement of heritage assets;
• whether heritage preservation responsibilities could involve present obligations for entities, which should be recognized as liabilities in the financial statements; and
• presentation of information for heritage in GPFRs.

How to Comment
To access the Consultation Paper and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Consultation Paper are requested by September 30, 2017. The IPSASB encourages IFAC members, associates, and regional accountancy organizations 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 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 international financial institutions, governments, and professional bodies around the world, as well as from IFAC. IPSASB’s governance and standard setting are overseen by the Public Interest Committee (PIC), ensuring its activities follow due process and reflect the public interest.

About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.