The IFAC Nominating Committee is seeking to fill seven vacancies on the International Public Sector Accounting Standards Board (IPSASB), including one for a public member. These Board Members will serve an initial term of up to 3 years, commencing January 1, 2021.

To enhance diversity on the Board, the Nominating Committee is particularly interested in receiving nominations of female candidates and nominations from the following regions: Asia, Africa-Middle East, and Latin America-Caribbean.

Candidates will ideally have a public sector background, a strong interest in technical accounting issues and/or experience in standard setting to be able to contribute value to the work of the Board. English proficiency is essential, as this is the language in which the IPSASB operates.

Nominations from a wide range of relevant backgrounds are sought, including, but not limited to, candidates from:

• 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.
• Users of general purpose financial reports, such as parliamentarians, budget offices, and credit-rating agencies.

All stakeholders, including the general public, IFAC member organizations, and the Forum of Firms are invited to nominate candidates.

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.

Deadline for submitting applications is January 31, 2020. Please see the Call for Nominations for more details and information on how to submit an application.

This Handbook contains the complete set of the International Public Sector Accounting Standards Board pronouncements, the International Public Sector Accounting Standards, published as of January 31, 2018. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities.

Developing high-quality financial reporting standards for the public sector requires an ecosystem. In addition to the feedback we receive from users of our standards around the world, we also rely on the academic community's research to help strengthen our standards.

We're offering up to six grants of $2,000 USD for research related to topics that can help us with our current and future projects including sustainability reporting.

Topics of Interest:

• Presentation of Financial Statements
• Interaction with GFSM 2014
• Accounting for Biodiversity in the Public Sector
• Climate-related Disclosures – Public Policy Programs
• IPSAS 2, Cash Flow Statements
• IPSAS 18, Segment Reporting
• IPSAS 20, Related Party Disclosures
• IPSAS 31, Intangible Assets
• IPSAS 35, Consolidated Financial Statements

As a first step, please submit an abstract related to one of the above topics by September 15, 2025. Final selected papers will be due May 16, 2026. Papers will be presented at the 2026 Research Forum in partnership with the Comparative International Governmental Accounting Research (CIGAR) Network.

Submissions are reviewed by our Academic Advisory Group, chaired by former IPSASB Chair, Andreas Bergmann, and including academic members, as well as representatives of the Comparative International Governmental Accounting Research (CIGAR) Network and International Research Society for Public Management (IRSPM).

Academics: this is an opportunity for you to have a significant impact on accounting standards used by governments and public sector entities across the globe.

Learn more and submit your abstracts.

The International Public Sector Accounting Standards Board (IPSASB®), developer of IPSAS® Accounting Standards, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Amendments to IPSAS Standards as a Result of the Application of IPSAS 46, Measurement. 

IPSAS 46, Measurement introduced a new measurement basis for the public sector called current operational value, a public sector-specific measurement approach designed to reflect the value of assets used to deliver services, rather than to generate cash. Following its release, along with an update to Chapter 7 of the Conceptual Framework, the IPSASB began reviewing how current operational value could apply across existing IPSAS Standards. 

The IPSASB issued a draft of its proposals in August 2024 and incorporated the stakeholder feedback it received to shape the final standard out today. 

“These changes aim to improve how governments and public sector entities report the value of assets they use to deliver services. The pronouncement offers an integrated approach to valuation, guiding entities in measuring the current value of inventories and determining impairment in the public sector,” said Ian Carruthers, IPSASB Chair. “These amendments give public sector financial statement users more relevant, faithfully representative measurement information through broader application of public sector specific measurement guidance.” 

The amendments include the introduction of current operational value in IPSAS 12, Inventories, and IPSAS 21, Impairment Non-Cash Generating Assets, the addition of a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors, and the enhancement of the terminology in current value measurement disclosures. 

Amendments to IPSAS Standards as a Result of the Application of IPSAS 46, Measurement has an effective date of January 1, 2028. Earlier application is permitted. 

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 Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. 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. 

The amendments include the introduction of current operational value in IPSAS 12, Inventories, and IPSAS 21, Impairment Non-Cash Generating Assets, the addition of a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors, and the enhancement of the terminology in current value measurement disclosures.

During Q4 2025, the IPSASB intends to publish a consultation on its work program to receive valuable feedback from respondents on future priorities in the areas of financial reporting, post-implementation reviews, and sustainability reporting. During the July meeting, the IPSASB reviewed the updated draft of the consultation and expects to approve the document at its September 2025 meeting.

The IPSASB approved the Project Brief, Making Materiality Judgements, which will be undertaken in three distinct phases. The scope of Phase 2 includes developing non-authoritative guidance aligned with IFRS® Practice Statement 2, Making Materiality Judgments. This narrow-scope project will efficiently and promptly address constituents' need for additional guidance on making materiality judgments when preparing financial statements in accordance with IPSAS Standards.

The IPSASB approved the Project Brief, Making Materiality Judgements, and a limited-scope Exposure Draft to enhance the consistency of materiality guidance across the IPSASB’s literature. The Exposure Draft is expected to be published in Q2 2025 with a 60-day consultation period..

Due Process Checklist

The IPSASB approved amendments to the financial instruments IPSAS Accounting Standards, including guidance on supplier finance arrangements, the classification and measurement of financial instruments, contracts referencing nature-dependent electricity, and other editorial changes in March 2025.