The IFAC Nominating Committee is seeking to fill six vacancies on the International Public Sector Accounting Standards Board (IPSASB). New Board Members will serve an initial term of up to 3 years, commencing January 1, 2022.

Candidates will ideally have a public sector background and/or experience in standard setting to be able to contribute value to the work of the Board. English proficiency (both written and oral) is essential, as this is the language in which the IPSASB operates.

The IPSASB is an independent standard-setting body that serves the public interest by setting high-quality accounting standards for use by public sector entities around the world in the preparation of general purpose financial reports. Nominations from a wide range of relevant backgrounds are sought, including, but not limited to, candidates from:

• Users of general purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies.
• Preparers of accrual-based financial statements, such those reporting directly or indirectly in accordance with IPSAS or being in the process of transitioning to IPSAS or another accrual-based accounting framework.
• Ministries of Finance and Treasury departments.
• International and regional development organizations.
• Public sector external auditors.

The Nominating Committee aims to maintain diversity on the IPSASB in terms of gender, regional, and professional background. For these reasons, nominations of qualified female candidates, and qualified candidates from the Africa–Middle East and Asia regions, as well as from jurisdictions where English is not the native language, are particularly encouraged.

All stakeholders, including the general public, governments, IFAC member organizations, and public sector auditors are invited to nominate candidates.

Deadline for submitting applications is January 31, 2021. Please see the Call for Nominations for more details and information on how to submit an application.

The International Public Sector Accounting Standards Board (IPSASB) has extended the comment period for Exposure Drafts (EDs) 70-72 to November 1, 2020 due to the COVID-19 pandemic. These three EDs, released in February this year, pioneer new approaches for some of the most prevalent public sector transactions, including government transfers and grants for the delivery of key government services to citizens.

With the fast-approaching comment deadline, stakeholders are encouraged to learn more about the Exposure Drafts, and submit their comments, by visiting the below links:

Exposure Draft 70: Revenue with Performance Obligations

Exposure Draft 71: Revenue without Performance Obligations

Exposure Draft 72: Transfer Expenses

The IPSASB held its third meeting of the year virtually on September 14-18 and 22, 2020.

The International Public Sector Accounting Standards Board (IPSASB) is pleased to announce the re-appointment of its independent Chair, Ian Carruthers, for a third term through 2024.

Mr. Carruthers will continue to lead the Board as it continues to focus on delivering high-quality financial reporting standards for the public sector, inspiring their implementation, and, thereby, strengthening public financial management globally. In the coming four years, he will continue to advance the Board’s ambitious standard-setting agenda while remaining responsive to emerging stakeholders needs and building on the current implementation momentum.  

“There have been few times in history when public sector accountability has been more important than now, as governments worldwide face the huge economic challenges arising from COVID-19,” said Mr. Carruthers. “With many pivotal initiatives on our agenda now and in the next few years, as well as the building implementation momentum globally, I look forward to continuing to lead the IPSASB in serving the public interest, and helping governments to address these challenges effectively and transparently. In doing so, it is a pleasure to work with such a talented Board and staff, and to benefit from the ongoing advice from both IPSASB’s Consultative Advisory Group, and the Public Interest Committee.”

“As the global standard setter for public sector accounting, the IPSASB must continually challenge what it does, and how it delivers timely, relevant and high-quality international standards. Mr. Carruthers’ reappointment assures continuation of the IPSASB’s strong track-record under his leadership,” said James Gunn, Managing Director, Professional Standards.

Mr. Carruthers was initially appointed as IPSASB Chair in 2016. His current term ends in 2021, and his re-appointment is for a final term ending on December 31, 2024.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board 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.

IPSASB Chair Ian Carruthers is confirmed to join a global webinar with the World Bank and IFAC next Wednesday, July 22 from 8am-11am ET. 

The webinar, entitled "The Sustainability of Public Finance—Supporting Resilient Response & Recovery in the Public Sector" will focus on the importance of high-quality financial reporting in the public sector, especially during the current pandemic, and showcase currently available tools that support the transition to accrual accounting and IPSAS adoption.

For more information, and to register, please click here.

Highlights from the IPSASB CAG June 2020 meeting:

00:00     Welcome and introduction
00:32     Chair’s summary of the IPSASB CAG meeting
09:49     Closing remarks

The COVID-19 pandemic presents unprecedented challenges. Its immediate impact on both individual and societal wellbeing cannot be overstated.

The IPSASB has published a webpage to address the impacts of COVID-19. On this page, you will find a message from IPSASB Chair, Ian Carruthers, guidance from staff on IPSAS implications related to COVID-19, and other useful materials about maintaining strong public financial management given today's challenging circumstances. 

The IPSASB held its first meeting of 2020 from March 10-13, 2020 at the IFAC offices in New York, USA. 

Infrastructure Assets
The IPSASB decided that infrastructure assets are a subset of property, plant and equipment and considered the characteristics which differentiate them. The IPSASB will agree the infrastructure assets characteristics after analyzing the remaining issues. The IPSASB also considered the issues of depreciation, spare parts and dismantling costs. The IPSASB will continue these discussions at its June meeting.

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Heritage
The IPSASB considered whether heritage items are resources and controlled for financial reporting purposes. The IPSASB decided that tangible heritage items are assets when they meet the definition of property, plant and equipment and concluded they should be depreciated and tested for impairment, except under certain specific circumstances. 

Revised guidance related to these issues will be developed for the IPSASB’s consideration at its June meeting.
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Measurement
The IPSASB reviewed the responses to the Measurement Consultation Paper. The IPSASB agreed that the existing accounting policy choice in IPSAS 5, Borrowing Costs, which allows borrowing costs that are directly attributed to qualifying assets to be either expensed as incurred or capitalized, should be retained. Additional guidance will be developed for the IPSASB’s consideration at its June meeting. 

The IPSASB identified several themes in its review of the responses and will further address these during its June and September meetings. 
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Conceptual Framework - Limited Scope Update
The IPSASB approved a project brief on the Limited Scope Update of the Conceptual Framework (the Framework) subject to minor drafting and editorial changes. The project addresses specified issues identified from the IPSASB’s experience in using the Framework, as well as considering relevant developments in the finalized Conceptual Framework of the International Accounting Standards Board, which was published in March 2018. It is not an extensive review.
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Natural Resources
The IPSASB approved a project brief on Natural Resources subject to minor drafting and editorial changes. The first part of this project will develop a comprehensive consultation paper covering the recognition, measurement, and disclosure of subsoil resources, living resources and water. 
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Leases
The IPSASB decided to continue the project in phases, firstly, by developing an ED based on IFRS 16, followed by a second phase addressing the accounting for concessionary leases, which is a prevalent public sector issue. The IPSASB also agreed that the exposure draft based on IFRS 16 should request constituent input on concessionary leases to help with the second phase of the project. 
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Accounting for Non-Current Assets Held for Sale and Discontinued Operations in the Public Sector
The Board reviewed a proposal for a project to align with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations. The IPSASB agreed that the project should proceed and identified public sector issues for further consideration. The IPSASB also recommended that the project be discussed with the Consultative Advisory Group at its June 2020 meeting. It will then be discussed with the IPSASB at its June 2020 meeting.
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Meeting Podcast
A podcast highlighting key points of the March 2020 meeting is now available here.

Next Meeting
The next meeting of the IPSASB will be in Toronto, Canada from June 23-26, 2020 with the Consultative Advisory Group Meeting on June 22, 2020. For more information, or to register as an observer, visit the IPSASB website.

IPSASB Chair, Ian Carruthers, has published his reponse to the survey on IPSASB Oversight Arrangements. 

Collective and Individual Services (Amendments to IPSAS 19) addresses transactions for collective and individual services. Transfers such as s grants and contributions will be addressed in a subsequent ED.