Addis Ababa, May 3-4

On May 3-4, the African Union hosted a high level meeting on public financial management and a roundtable on the IPSASB Strategy and Work Plan 2019-2023. The IPSASB Chair addressed and discussed with participants the Strategy's aim to ensure the benefits of IPSAS implementation and the influence of accrual reporting to support PFM reform are widely understood.

April 25, Brasilia

On April 25 in Brasilia, the Brazilian Federal Accounting Council, National Treasury and Accounting Foundation hosted the second regional roundtable on IPSASB’s Strategy and Work Plan 2019-2023. Around 50 participants from Brazil, Colombia, Peru and Paraguay convened to discuss the IPSASB’s proposed strategic objective, five supporting themes and work plan proposals. Members, Leonardo Nascimento from Brazil and Aracelly Mendez from Panama, and staff member, João Carlos Fonseca, represented the IPSASB. 

Overall, participants generally supported the proposed strategic objective to strengthen the role of IPSAS-based accrual reporting to support public financial management, as well as the five underlying themes.

There was strong support for projects on Differential Reporting, Tax Expenditures and Impact of Sovereign Powers on Financial Reporting. Participants recognized that a project on Sovereign Powers would have strong links to a project on Natural Resources proposed by the IPSASB. There was a view among participants that the former should start before the latter in order to establish the broader context before developing detailed accounting requirements for natural resources. There was also strong support among participants for a project on cost accounting in the public sector.

Participants were happy to contribute to IPSASB’s proposed Strategy and Work Plan and made several useful suggestions to improve the strategy. The roundtable is part of IPSASB’s formal due process, and IPSASB will give full consideration to the suggestions of participants when finalizing the Strategy and Work Plan. Similar to the Brussels event, the second regional roundtable was very positive.

Additional regional roundtables include:

• March 28, Brussels - Hosted by Accountancy Europe
  
• April 25, Brasília - Hosted by Conselho Federal de Contabilidade, Secretaria do Tesouro Nacional & Fundação Brasileira de Contabilidade
• May 3-4, Addis Ababa - Hosted by African Union
• May 29-30, Manila - Hosted by Asian Development Bank

The IPSASB has issued Exposure Draft 64, Leases. The Exposure Draft proposes a single right-of-use model for lease accounting that will replace the risks and rewards incidental to ownership model in IPSAS 13, Leases. 

For lessees, ED 64 proposes accounting requirements that are converged with IFRS 16, Leases issued by the International Accounting Standards Board. For lessors, ED 64 proposes a right-of-use model specifically designed for public sector financial reporting. ED 64 also proposes new public sector specific accounting requirements for leases at below market terms (also known as "concessionary leases") for both lessors and lessees.

Comments are due by June 30, 2018. Read more here.