The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment Exposure Draft (ED) 60, Public Sector Combinations.

ED 60 classifies public sector combinations as either amalgamations or acquisitions taking into account control and other factors. A party to the combination must gain control over an operation for it to be treated as an acquisition rather than an amalgamation, but control is not sufficient in itself to determine that a combination is an acquisition.

Instead, gaining of control over an operation creates a rebuttable presumption that the combination is an acquisition. If the acquisition presumption is rebutted, then the transaction is treated as an amalgamation. This approach is different to that proposed in the IPSASB’s 2012 Consultation Paper (CP), Public Sector Combinations, and addresses concerns raised by stakeholders in their responses to that CP.

For recognition and measurement of amalgamations, ED 60 proposes use of the “modified pooling of interests” method of accounting. This method, also referred to as “merger accounting”, recognizes the amalgamation on the date it takes place. For acquisitions, ED 60 proposes use of the “acquisition” method of accounting, applying the same approach as in IFRS 3, Business Combinations. This is supplemented with guidance for public sector-specific situations.

“Public Sector Combinations has been a very challenging project for our board,” said IPSASB Chair Ian Carruthers. “The main concern that emerged from submissions to the 2012 IPSASB Consultation Paper was that respondents did not agree that acquisition accounting, as prescribed by IFRS 3, Business Combinations, is appropriate for all combinations in the public sector. Addressing this concern by identifying the factors that distinguish an amalgamation from an acquisition has proved difficult. However, I believe we have now achieved this. We look forward to receiving constituents’ views on our proposals.”

How to Comment

To access the ED and the At-a-Glance document, which provides a summary of the ED, or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the ED are requested by June 30, 2016. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this ED to their members and employees.

IPSASB Chair Ian Carruthers and IPSASB Technical Manager Paul Mason will host a webinar on March 7, 2016, at 10 a.m. EST to discuss the Exposure Draft. This will provide participants with an opportunity to ask questions and get additional information.

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 World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.

Working at IPSASB
The IPSASB is currently seeking self-motivated individuals with strong project management skills and an interest in technical accounting issues. Candidates should possess good interpersonal skills and either a background in standard-setting or experience in technical accounting analysis. Visit Working at IFAC or email a resume (CV) and cover letter to jobs@ifac.org.

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. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

El Consejo de Normas Internacionales de Contabilidad para el Sector Público^® (IPSASB^®) publicó, para comentarios, dos Borradores de Consulta (ED): ED 57, Deterioro de activos revaluados, y ED 58, Mejoras para NICSP 2015.

El ED 57 propone incorporar propiedad, planta y equipo y activos intangibles en el modelo de revaluación dentro del alcance de dos estándares del IPSASB sobre deterioro ―NICSP™ 21, Deterioro de activos no generadores de efectivo, y NICSP 26, Deterioro de activos generadores de efectivo. Estos cambios pretenden suministrar a los usuarios información relevante sobre el deterioro de estos activos. Asimismo, aclaran que el deterioro de uno o más activos individuales dentro de una clase de propiedades, planta y equipo no requiere una revaluación de toda la clase a la cual pertenece el activo deteriorado.

ED 58 propone ligeros cambios de la siguiente manera:

• Las enmiendas consecuentes de los primeros cuatro capítulos del Marco conceptual para la información financiera con propósito general por parte de las entidades del sector público;
• Mejoras generales a las Normas Internacionales de Contabilidad para el Sector Público™;
• Mejoras para aumentar la consistencia con las directrices de presentación de informes de Estadísticas Financieras del Gobierno; y
• Mejoras para mantener la convergencia con las Normas Internacionales de Información Financiera.

Este es el primer proyecto del IPSASB en torno a mejoras de mayor envergadura, en lugar de enfoques limitados en el mantenimiento de la convergencia con NIIF.

"Si bien los cambios propuestos en estos Borradores de Consulta son menores, estos abordan inquietudes planteadas directamente por nuestras partes interesadas", comentó Andreas Bergmann, Presidente del IPSASB. "Conforme un mayor número de jurisdicciones adoptan las NICSP, es importante responder a las cuestiones que estas identifican. Esperamos con interés recibir las opiniones de los constituyentes sobre estas propuestas".

¿Cómo comentar?
Para acceder a los ED, o para enviar comentarios, favor visitar el sitio web del IPSASB en www.ipsasb.org. Los comentarios al ED deben ser enviados antes de enero 15, 2016. El IPSASB invita a los miembros, asociados y organizaciones contables regionales de la IFAC a promover la disponibilidad de estos ED a sus miembros y empleados.

Acerca del IPSASB
El IPSASB desarrolla normas contables y guías para uso de las entidades del sector público. El IPSASB recibe el apoyo (tanto financiero como en especie) del Banco Mundial, el Banco Asiático de Desarrollo, los Contadores Profesionales Certificados de Canadá, el Consejo Sudafricano de Normas Contables, y los gobiernos de Canadá, Nueva Zelanda y Suiza. Las estructuras y los procesos que soportan las operaciones del IPSASB son facilitados por la IFAC. El “Consejo de Normas Internacionales de Contabilidad para el Sector Financiero”, “IPSASB”, y “NICSP” son marcas o marcas registradas de la IFAC en EE. UU. y otros países.

Acerca de la IFAC
La IFAC es la organización global para la profesión contable, dedicada a servir el interés público a través del fortalecimiento de la profesión y la contribución para el desarrollo de economías internacionales sólidas. La IFAC se compone de 175 miembros y asociados en 130 países y territorios, representando aproximadamente a 2,8 millones de contadores en la práctica pública, la educación, el gobierno, la industria y el comercio. La “Federación Internacional de Contadores” e “IFAC” son marcas o marcas registradas de la IFAC en EE. UU. y otros países.

The objective is to issue a revised IPSAS 29, Financial Instruments: Recognition and Measurement. Additional amendments to IPSAS 28, Financial Instruments: Presentation and IPSAS 30, Financial Instruments: Disclosures are also expected, however, those amendments are limited compared to the impact on IPSAS 29.

Scope

The scope of this project is to develop updated accounting requirements for financial instruments that are substantially converged with IFRSs.

The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment Exposure Draft (ED) 59, Amendments to IPSAS 25, Employee Benefits.

A key part of the IPSASB’s strategy to develop high-quality public sector financial reporting standards is to maintain existing IPSASs. IPSAS 25 is based on International Accounting Standard (IAS) 19, Employee Benefits, which has subsequently been revised. The main changes that the IPSASB has proposed to IPSAS™ 25, so that convergence with IAS 19 is maintained to the extent appropriate, are:

• Remove an option that allows an entity to defer the recognition of changes in the net defined benefit liability (the “corridor approach”);
• Introduce the net interest approach for defined benefit plans;
• Amend certain disclosure requirements for defined benefit plans and multi-employer plans; and
• Simplify the requirements for contributions from employees or third parties to a defined benefit plan when those contributions are applied to a simple contributory plan that is linked to service.

“The proposals in this Exposure Draft aim to ensure that financial statements provide faithfully representative and relevant information about employee benefits, particularly defined benefit plans, while maintaining convergence with IFRS,” said IPSASB Chair Ian Carruthers. “These proposals address changes made to the underlying private sector standard since IPSAS 25 was originally issued. We look forward to hearing whether constituents support the changes to IPSAS 25 proposed in this Exposure Draft or have alternative views.”

To enhance understanding of these proposals, a marked-up version of IPSAS 25 reflecting the changes proposed in ED 59 is made available on the IPSASB website.

How to Comment

To access the ED, the At-a-Glance summary of the ED, and the marked-up version of IPSAS 25 or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the ED are requested by April 30, 2016. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this ED to their members and employees.

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 World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland. The structures and processes that support the operations of the IPSASB are facilitated by IFAC.

Working at IPSASB
IPSAS™ are rapidly becoming the gold standard of public sector financial reporting, with increasing global adoption and implementation. Working at IPSASB offers the opportunity to contribute to the global accountancy profession and for engagement with leading standard-setters from all over the world. Currently, the IPSASB is seeking self-motivated individuals with strong project management skills and an interest in technical accounting issues. Candidates should possess good interpersonal skills, a background in standard-setting in either or both public and private sectors, or experience in  technical accounting analysis. Visit Working at IFAC or email a resume (CV) and cover letter to jobs@ifac.org. 

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. It is comprised of more than 175 members and associates in more than 130 countries and jurisdictions, representing approximately 2.8 million accountants in public practice, education, government service, industry, and commerce.

Guía de Práctica Recomendada (GPR) 3, Presentación de Información sobre el Rendimiento de los Servicios, proporciona directrices sobre buenas prácticas en la información sobre el rendimiento de los servicios.

El desarrollo de esta directriz refleja el compromiso del IPSASB para hacer frente a problemas de información específicos del sector público, incluidas las que se refieren a información adicional a los estados financieros.

NICSP 38 reúne las revelaciones previamente incluidos en NICSPs 6-8. También introduce nuevos requerimientos de información, incluyendo los relacionadas con entidades estructuradas no consolidadas así como el control adquiridos con el objetivo de la eliminación.

NICSP 37 establece los requisitos para la clasificación de los acuerdos conjuntos y la contabilidad de los diferentes tipos de acuerdos conjuntos. Acuerdos conjuntos se clasifican como operaciones conjuntas o negocios conjuntos. En una operación conjunta, las partes en el acuerdo tienen derecho a los activos y obligaciones por los pasivos relacionados con el acuerdo. En una empresa conjunta, las partes del acuerdo tienen derecho a los activos netos del acuerdo.

NICSP 36 explica la aplicación del método de equivalencia, que se utiliza para contabilizar las inversiones en asociadas y negocios conjuntos. Los requisitos son muy similares a la orientación actual de la NICSP 7, Inversiones en asociadas. Debido a que método de participación ahora debe ser utilizado cuando la contabilidad de empresas conjuntas, el título de la norma ahora también se refiere a las empresas conjuntas.

En contraste con la NICSP 7, la NICSP 36 no permite un tratamiento contable diferente para las inversiones temporales.