IPSASB Consultative Advisory Group Holds Inaugural Meeting
The International Public Sector Accounting Standards Board Consultative Advisory Group (IPSASB CAG), comprised of representatives of public and private constituencies interested in or affected by the IPSASB’s work, held its first meeting on June 20, 2016 in Toronto, Canada.
“The inaugural IPSASB CAG meeting was an historic event. It represents the final piece of the IPSASB’s enhanced governance processes and responds to the recommendations of the Governance Review Group and advice of the Public Interest Committee (PIC),” said IPSASB CAG Chair Thomas Müller-Marqués Berger. “The CAG membership is the result of an open call for nominations, which received very strong interest. The largest segment of CAG members represent the important preparers/users constituency and overall it is a diverse group. The meeting itself was highly positive, with strong engagement in the topics, lively debates, and diverse viewpoints that fed into the discussions at the subsequent IPSASB meeting.”
The IPSASB CAG membership includes those engaged in the preparation, audit, or evaluation of public sector financial reports. It advises on the IPSASB’s strategy, work program, and agenda, including projects from technical and adoption as well as implementation perspectives, and other matters relevant to standard setting.
“The CAG considered and provided detailed recommendations on three key IPSASB projects—Social Benefits, Revenue, and Non-Exchange Expenses,” said IPSASB Chair Ian Carruthers, who attended the meeting along with several IPSASB members. “The IPSASB really appreciated the views of CAG members, which will help ensure that the broad perspectives of their constituencies are considered in the development of each project.”
Full details on the IPSASB CAG membership can be found at: www.ipsasb.org/cag/cag-members.The next IPSASB CAG meeting will be held on December 4, 2016 in Stellenbosch, South Africa.
About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland.
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.
About IFAC
The International Federation of Accountants® (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.
The IPSASB reviewed the responses to the Consultation Paper, Recognition and Measurement of Social Benefits. The IPSASB agreed to progress the obligating event approach and the insurance approach; however, the social contract approach will not be progressed. The IPSASB agreed that the insurance approach will only be applicable to fully funded schemes, with preparers being referred to the forthcoming IFRS on insurance for the requirements.