The International Public Sector Accounting Standards Board has submitted to the IPSASB Governance Review Group its response to the public consultation paper on the Future Governance of the IPSASB.

The Review Group is chaired by representatives from the World Bank, International Monetary Fund, and Organization for Economic Cooperation and Development, and includes representatives from the Financial Stability Board, the International Organization of Securities Commissions and the International Organization of Supreme Audit Institutions.

This summary provides an overview of the IPSASB's Strategy Consultation 2015 Forward

The International Public Sector Accounting Standards Board (IPSASB) has published its Strategy Consultation, which includes a consultation on its work program for 2015-2019 and emphasizes the IPSASB’s commitment to serving the public interest by developing high-quality International Public Sector Accounting Standards (IPSASs) for global adoption.

The Strategy Consultation proposes the following strategic objective for the IPSASB:

• Strengthening public financial management and knowledge globally through increasing adoption of accrual-based IPSASs by: 
• Developing high-quality financial reporting standards;
• Producing publications for the public sector; and
• Raising awareness of the IPSASs and the benefits of their adoption.

“In the wake of the sovereign debt crisis, the IPSASB is facing increasing demands for its standards,” said IPSASB Chair Andreas Bergmann. “By developing high-quality financial reporting standards for the public sector, the IPSASB seeks to improve the ability of public sector entities to reflect the full economic reality of their finances. This is imperative for sound financial planning, budgeting, statistics, and basically any other decision made in public finance. Our outreach activities increase awareness of IPSASs and their benefits, which encourages their adoption.”

As the IPSASB’s public sector conceptual framework will be completed during 2014, the IPSASB aims to develop a work program for 2015-2019 that will continue to be aligned to stakeholder needs. The IPSASB is, therefore, seeking stakeholders’ views on a range of potential projects, including ones that address public sector specific issues, maintain existing IPSASs, and converge with International Financial Reporting Standards (IFRSs). The work program will continue to support the development of high-quality accounting standards and other publications, which underpin public sector entities’ financial reporting, so that the information they report will be useful for accountability and decision-making.

How to Comment
The IPSASB invites all stakeholders to comment on the IPSASB Strategy Consultation. To access the Consultation Paper or to submit a comment, please visit the IPSASB website. Comments are requested by July 31, 2014.


About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB 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.

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 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

Highlights from the IPSASB's September 16-19, 2013, meeting in Toronto, Canada. 

:32 - Accounting for Social Benefits
1:45 - Status of Consultation Paper on IPSASB strategy
2:45 - Exposure Draft - Elements and Recognition in Financial Statements
4:55 - Exposure Draft - Measurement of Assets and Liabilities in Financial Statements
5:25 - Exposure Draft - First-time Adoption of Accrual Basis International Public Sector Accounting Standards
7:25 - Update on IPSASs 6-8
10:00 - Chair and Deputy Chair Final Remarks

Highlights from the IPSASB's December 2-5, 2013, meeting in Ottawa, Canada. 

:22 – IASB and IPSASB Conceptual Frameworks
2:00- Conceptual Framework: Elements and Recognition
4:00 - Conceptual Framework: Measurement and Conceptual Framework: Presentation
6:26 - Exposure Draft for Recommended Practice Guideline: Service Performance Information 
7:57 – Emissions Trading Schemes
9:41 - Update on IPSASB members
10:33 – Chair’s 2014 Outlook

:06 - Introduction
:33 - Strategy and Work Plan
2:06 - Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities
5:05 - Conceptual Framework: Measurement
6:02 - Conceptual Framework: Presentation
7:11 - Public Sector Financial Instruments 
8:28 - Social Benefits
10:38 - Chair’s closing remarks

The aim of this document is to set out the International Public Sector Accounting Standards Board’s process for considering Government Finance Statistics reporting guidelines during the development of International Public Sector Accounting Standards.

Baudouin Griton, a French certified public accountant, is technical advisor to Hervé-Adrien Metzger. He previously served as technical advisor to Mr. Metzger’s predecessors since 2009.

Mr. Griton is an audit partner with KPMG France, where he has been working in the Infrastructure and Government sector for more than twenty years. He is the partner in charge of the audit of the International Bureau of Weights and Measures’ Financial Statements and Pension scheme, an international organization located in Paris that prepares its financial statements using IPSASs, as well as the signing partner of a couple of the largest listed company in France.

Since 2007, he has also been a member of the working group in charge of translating IPSAS Standards into French. Mr. Griton additionally serves as a member of numerous working groups of the CNoCP (the French Public Sector Accounting Standard Setter) and is a member of the KPMG International IPSAS panel.

In previous roles, Mr. Griton has led PCAOB Standards for seven years, US GAAP and GAAS doctrine department of his firm, and served as lead partner on major international French listed groups. He has experience as MBA professor with the Institut d’Etudes Politiques de Paris, Deputy Chief Editor of the monthly review of the French founding member organization of the International Association of Financial Executive Institutes, and has authored multiple articles on accountancy and auditing. 

Mr. Griton is a graduate of the Institut d’Etudes Politiques de Paris of France and of the University of Paris in Economics.