The objective of the project will be to develop financial reporting guidance on intangible assets converged with IAS 38 and SIC-32.

To develop an IPSAS that converges with IAS 41 Agriculture.

Scope

The project applies to the agricultural activity of all public sector entities, other than Government Business Enterprises (GBEs), preparing and presenting financial statements under the accrual basis of accounting.

GBEs are required to apply International Financial Reporting Standards (IFRSs) which are issued by the International Accounting Standards Board (IASB).

Project Status

The IPSASB approved the Project Brief in 2010.

Objective

The primary objective of the project is to identify any major difficulties that public sector entities have encountered in implementing the Cash Basis IPSAS Financial Reporting under the Cash Basis of Accounting and determine whether the IPSAS should be modified, or if further guidance should be provided, in light of these difficulties.

Further objectives of the project include:

To produce a framework for the reporting and disclosure of information related to the long-term fiscal sustainability of governmental programs.

Project Status

Disclosure Requirements for Recipients of External Assistance published (within the Cash Basis IPSAS - Financial Reporting Under the Cash Basis of Accounting).

Objective

Develop requirements for the disclosure of information about external assistance when the cash basis of financial reporting is adopted.

Project Status

Final Chapters of Phase 1 published on January 11, 2013:

Chapter 1:    Role and Authority of the Conceptual Framework

Chapter 2:    Objectives and Users of General Purpose Financial Reporting

Chapter 3:    Qualitative Characteristics 

Chapter 4:    Reporting Entity 

Governments and public sector entities provide constituents with social benefits, usually in non-exchange transactions. The objective of the project is to identify the circumstances and manner in which expenses and liabilities of certain social benefits of governments arise. The project will also consider how they should be recognized and measured in the financial statements.

The objective of the project is to develop financial reporting guidance on service concession arrangements (SCAs) for the grantor.

Scope

The project applies to all public sector entities, other than Government Business Enterprises (GBEs), preparing and presenting financial statements under the accrual basis of accounting.

GBEs are required to apply International Financial Reporting Standards (IFRSs) which are issued by the International Accounting Standards Board (IASB).

The objective of the project is to develop a standard that prescribes the procedures that an entity applies to determine whether a cash-generating asset is impaired and to ensure that impairment losses are recognized. It will also specify when an entity should reverse an impairment loss and prescribes disclosures. The final standard will be based on IAS 36, Impairment of Assets

To develop IPSASs that converge with IAS 32, Financial Instruments: Presentation, IAS 39, Financial Instruments: Recognition and Measurement and IFRS 7, Financial Instruments: Disclosure.