El propósito de esta Norma es establecer la forma en que los estados financieros de carácter general deberían presentarse sobre la base contable de efectivo.

In This Issue:

1. IPSASB Achieves Goal of Substantial Convergence with IFRSs
2. Outcomes of December IPSASB Rome Meeting
3. Exposure Draft Approved for Service Concession Arrangements
4. IFAC Launches Improved Publications Website
5. Share IPSASB eNews with Your Colleagues

1. IPSASB Achieves Goal of Substantial Convergence with IFRSs

The IPSASB has accomplished its strategic goal of achieving substantial convergence by December 31, 2009 with the International Financial Reporting Standards (IFRSs), dated December 31, 2008. During its December 8-11 meeting in Rome a series of new or improved standards were approved.

Three of these new International Public Sector Accounting Standards (IPSASs) deal with financial instruments:

• IPSAS 28, Financial Instruments: Presentation
• IPSAS 29, Financial Instruments: Recognition and Measurement
• IPSAS 30, Financial Instruments: Disclosures

The effective date of these three standards is for annual financial statements covering periods beginning on or after January 1, 2013.

In the current global economic environment, when governments are increasingly raising debt through the capital markets as a result of their financial interventions in the private sector, the need for well-developed financial instruments standards is urgent and will enhance transparency.

The IPSASB also approved for issue, IPSAS 31, Intangible Assets. The effective date of this standard is for annual financial statements covering periods beginning on or after April 1, 2011.

In addition, the IPSASB approved for issue Improvements to IPSASs, which includes amendments to converge existing IPSASs with the relevant IFRSs of the International Accounting Standards Board (IASB) and arise from improvements adopted by the IASB in May 2008. The effective date for this standard is for annual financial statements covering periods beginning on or after January 1, 2010.

The IPSASB issued another converged standard earlier this month - IPSAS 27, Agriculture.

The new standards will be available to download free of charge from the IFAC website (web.ifac.org/publications) in January 2010.

2. Outcomes of December IPSASB Rome Meeting

Meeting Highlights from the IPSASB's December meeting in Rome are now available in English, with plans to translate them into French and Spanish. At this meeting, the IPSASB addressed the following topics, among others:

• Substantial Convergence with IFRSs - See Item 1 above.
• Strategy - The IPSASB considered a number of aspects of its future strategy and operational plan for 2010-2012. Further to discussions initiated in September 2009, the need for public oversight of the IPSASB was identified as a desirable outcome and the IPSASB and IFAC will identify and evaluate oversight models in the future. Some key messages as far as strategic themes include the paramount importance of the public sector conceptual framework project and the urgent need to progress this project over the next three years. The IPSASB will continue with its strategy discussions in April at which time it will approve a work plan for 2010 while considering a longer term strategy and vision for the next few years.
• Conceptual Framework: Consultation Paper - Phase 1 - The IPSASB continued its review of the responses to the Consultation Paper, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. The paper explores the objectives of financial reporting and the scope of financial reporting. It also examines the qualitative characteristics of information included in general purpose financial reports.

The December 2009 meeting was the last under the chairmanship of Mike Hathorn; his three-year term ending on December 31, 2009. In addition to the significant achievement of substantial convergence with IFRSs, his tenure has been marked by a communications and outreach program that has contributed to the significant momentum involving global interest in, and the adoption of, IPSASB standards. 

The next IPSASB meeting will be held in Toronto, Canada on April 6-9, 2010.

3. Exposure Draft Approved for Service Concession Arrangements

The IPSASB has approved the proposed guidance, Exposure Draft (ED) 43, Service Concession Arrangements: Grantors, with a proposed publication date in February 2010 and a comment period to June 30, 2010.

The proposed guidance addresses the grantor accounting issues that correspond to the operator accounting issues addressed in International Financial Reporting Interpretations Committee (IFRIC) interpretation 12, Service Concession Arrangements. 

The ED is a mirror of IFRIC 12 in terms of the scope of arrangements covered, terminology and criteria for asset recognition. Application Guidance is proposed for applying certain existing IPSASs to various parts of a service concession agreement, including asset, liability, revenue, and expense items.

The ED will soon be accessible at the Exposure Drafts and Consultation Papers section of the IFAC website at www.ifac.org/Guidance/EXD-Outstanding.php.

4. IFAC Launches Improved Publications Website

IFAC has launched a newly redesigned Publications and Resources website that offers users expanded functionality and interactivity, as well as greater access to IFAC's growing selection of publications and guidance.

Featuring over 200 titles developed by IFAC boards and committees, the new site features a more modern appearance, enhanced navigation, and updated item descriptions.

The scope of the site has also been broadened to include a wider range of IFAC publications and resource materials, including adoption and implementation support materials, exposure drafts, and consultation Papers.

The site can be accessed at web.ifac.org/publications. The section devoted to IPSASB publications and resources can be found at web.ifac.org/publications/international-public-sector-accounting-standards-board.

5. Share IPSASB eNews with Your Colleagues

The IPSASB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them to subscribe to IPSASB eNews by following these simple steps:

    1. Go to the eNews sign-up page at https://www.ifac.org/E-news/index.tmpl.
    2. Enter your email address, name, and country.
    3. Select "Public Sector eNews" from the check list as well as any other eNews alerts that you would like to receive.

You will receive the next issue of the IPSASB eNews directly into your inbox.

For more information about any of the items mentioned above or other information about the IPSASB, please contact: communications@ifac.org or visit the IPSASB's home page at www.ipsasb.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. IFAC is comprised of 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry, and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high-quality performance by professional accountants in business.

In This Issue:

1. IPSASB Accelerates Conceptual Framework Initiative
2. Work Started on Reviewing IPSASB's Governance Structures
3. IPSASB Issues Service Concession ED
4. Communications Report Released at April IPSASB Meeting
5. Share IPSASB eNews with your Colleagues

1. IPSASB Accelerates Conceptual Framework Initiative

The International Public Sector Accounting Standards Board (IPSASB) is accelerating its efforts in the development of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Framework), with the goal of completing it as quickly as reasonably possible.

The Framework initiative is the IPSASB's most important project over the next three years and is therefore being prioritized in all planning and resource allocations. It will explicitly identify and explain the concepts, definitions and principles underpinning IPSASs and related guidance. John Stanford, IPSASB's Deputy Director, has taken on the role of Project Coordinator in order to ensure that all components can be completed expeditiously and are well integrated.

This project, launched in 2006, involves four phases, which are progressing as follows:
1. Reviewing the responses (now over 50) from stakeholders to the Consultation Paper Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: The Objectives of Financial Reporting; The Scope of Financial Reporting; The Qualitative Characteristics of Information Included in General Purpose Financial Reports; The Reporting Entity.
2. Discussing issues related to the definition and recognition of elements
3. Discussing issues related to measurement
4. Discussing issues related to presentation and disclosure

The IPSASB is well under way in phases 2 and 3, for which Consultation Papers are expected to be released in 2010. The Consultation Paper for phase 4 is expected in early 2011.

The first Consultation Paper, published in September 2008, can be accessed at IFAC's Exposure Drafts and Consultation Papers webpage. 
2. Work Started on Reviewing the IPSASB's Governance Structures

The IPSASB has launched discussions regarding developing a new plan for its strategy and operations, including proposed fundamental changes to some of its governance structures. These discussions are in the early stages and have been informed by various comments and concerns that have been raised by constituents at IPSASB meetings and various other meetings.

One of the most important aspects of these discussions is the need to develop a process for public oversight of the board's work. Unlike the other IFAC standard-setting boards, the IPSASB is currently not subject to oversight by the Public Interest Oversight Board (PIOB). The public sector clearly has a strong public interest mandate, and the need for oversight for the IPSASB has been anticipated by IFAC's reform process.

IFAC and the IPSASB will continue to discuss this and other related issues and together are developing a plan for consulting with various governments and other stakeholders on proposed changes and the related impacts.

3. IPSASB Issues Service Concession ED

The IPSASB is seeking comments on an exposure draft (ED) that addresses accounting for service concession arrangements (SCAs) by the grantor. Titled Service Concession Arrangements: Grantor, the ED presents requirements and guidance on how grantors recognize, account for, and disclose assets in service concession arrangements.

Service concession arrangements, often called Public-Private Partnerships, or PPPs, involve an operator providing services to the public on behalf of a grantor - usually the government or another public sector entity. There has been a demand for more accounting guidance for the grantor and the IPSASB's ability to develop draft guidance is strongly supported by constituents.

Comments on the exposure draft are requested by June 30, 2010. To access the exposure draft or submit a comment, visit the IFAC Exposure Drafts and Consultation Papers webpage. 

4. Communications Report Released at April IPSASB Meeting

The IPSASB prepared a Communications Report outlining the full extent of the communications and liaison activities undertaken by IPSASB Members, Technical Advisors (TAs) and staff during 2009.

In summary, the report revealed the following details:

• Over the course of 2009, an impressive array and volume of communications and liaison activities were undertaken on behalf of the IPSASB. Over 82% of Members (14/17), as well as many TAs and IPSASB staff, undertook these activities;
• Over 150 activities took place in 2009, including meetings, presentations, publications and teleconferences;
• These communication activities reached all geographical regions around the world; and
• Approximately 30 countries and over 50 cities worldwide were visited.

5. Share IPSASB eNews with Your Colleagues

The IPSASB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and let them know that they can subscribe to this and other eNews bulletins at the eNews sign-up page at www.ifac.org/e-news.

ACCOUNTANTS: SUSTAINING VALUE CREATION

The 18th World Congress of Accountants, hosted by the Malaysian Institute of Accountants and IFAC, is November 8-11, 2010.  The Congress will offer more than thirty panel discussions and speakers from The World Bank, Transparency International, the Financial Stability Board, the European Commission, IFIAR, and the IASB, among others. Thousands of delegates representing the profession from around the world will attend.

Register now!



For more information about any of the items mentioned above or other information about the IPSASB, please contact: communications@ifac.org or visit the IPSASB's home page at www.ipsasb.org.

About the IPSASB and IFAC

The IPSASB (www.ipsasb.org) develops high quality accounting standards and guidance for use by public sector entities around the world. The IPSASB, an independent standard-setter operating under the auspices of IFAC, promotes adoption of and convergence to its standards globally.

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 159 members and associates in 124 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international accounting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets international auditing and assurance, ethics, and education standards. It also issues guidance to encourage high quality performance by professional accountants in business.

The aim of the project is to develop a standard that provides requirements for the first-time adoption of accrual basis IPSASs.

Scope

This project will consider issues related to public sector entities that are moving from an accrual basis of accounting to accrual basis IPSASs. It will also consider public sector entities that are moving from a cash basis, modified cash basis or partial accrual basis of accounting, to accrual basis IPSASs.

The objective of the project is to: