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.

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.

The World Bank Group’s Governance Global Department hosted stakeholders in Washington, D.C. for the presentation of IPSASB SRS 1, Climate-related Disclosures, the first-ever public sector sustainability reporting standard released by the International Public Sector Accounting Standards Board (IPSASB) earlier this year. The event, Advancing Climate Transparency: Global Launch of the First IPSASB Sustainability Reporting Standard, brought together leaders from government finance, international organizations, and the development community to advance standardized climate reporting in the public sector, a critical pathway to accessing climate finance, and managing public finances to enable meaningful climate action.

Leaders agreed that the release of IPSASB SRS 1 was a significant milestone in advancing public sector sustainability reporting that extends beyond the private sector to the public sector and governments in order to capture their substantive share of global emissions and ability to set policy addressing climate risks for the entire economy.

Emphasizing that access to climate finance depends on clear, consistent disclosures of climate risks, priorities, and performance, leaders praised IPSASB SRS 1 for its clear contribution to strong financial management and reporting practices already in place by many governments. They also expressed a shared intention to work together to strengthen implementation and support adoption across jurisdictions.

IPSASB SRS 1 enables governments to better communicate climate-related risks and opportunities, allows for comparability between jurisdictions, builds confidence among development partners and investors to commit capital towards public sector efforts, and ultimately mobilizes climate finance at the scale to address global challenges.

IPSASB Chair Thomas Mueller-Marqués Berger said, “The ultimate success of IPSASB SRS 1 depends on how effective jurisdictions are at using it in practice. This World Bank event is a real turning point: global leaders are in agreement about the need to advance its use and want to work together to coordinate their efforts to turn ambition into action.”

Arturo Herrera, Global Director, Governance at the World Bank, said, “Stronger, more consistent reporting through IPSASB SRS 1 is important for supporting better decision-making, building trust, and enabling governments to access the financing needed to respond effectively to challenges in a sustainable way.”

IPSASB extends its sincere thanks to the World Bank for hosting the event and for their and other donors and development partners’ continued support in advancing high-quality public sector reporting globally.

Access IPSASB SRS 1, Climate-related Disclosures.

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS® Accounting 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.

Environmental stewardship is often seen by many as a key government responsibility. The conservation of tangible natural resources could have significant impacts on current and future generations around the world, but without effective guidance for how to account for the extent and value of these resources, they are often left out of public sector general purpose financial statements. Recognizing tangible natural resources held for conservation can inform decisions about their stewardship and account for how they change over time, such as if they are depleted, degraded, lost, restored, or enhanced.

The International Public Sector Accounting Standards Board (IPSASB) has issued a new IPSAS Standard to address the need for guidance: IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 introduces new, public sector-specific accounting guidance on accounting for natural resources with physical substance, such as land, trees, and water, often held by governments to preserve or protect them. IPSAS 51 also highlights guidance in other standards that applies to natural resources that are held for other purposes.

IPSASB Chair Thomas Müller-Marqués Berger said:

“Decisions about why a public sector entity holds natural resources have long-term financial and social consequences. IPSAS 51 helps governments better connect environmental stewardship with public finances, improving transparency around how today’s choices affect public wealth and future generations.”

Access IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 is effective for annual financial statements for periods beginning on or after 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 objective of this IPSASB SRS 1, Climate-related Disclosures is to require public sector entities to disclose useful information about climate-related risks and opportunities to primary users of general purpose financial reports for accountability and decision-making purposes.

IPSASB SRS 1 applies to an entity’s general purpose financial reports for annual reporting periods beginning on or after January 1, 2028. Earlier adoption is permitted.