Accountancy Europe hosted the first of three regional roundtables on IPSASB’s Strategy and Work Plan 2019-2023 at its Brussels HQ on March 28. Around 50 participants engaged with IPSASB Chair, Ian Carruthers, and four Europe-based IPSASB members on the IPSASB’s proposed strategic objective, five supporting themes and work plan proposals.

Overall, participants generally supported the proposed strategic objective to strengthen the role of IPSAS-based accrual reporting to support public financial management, as well five themes outlined. There was particular support for IPSASB continuing to focus its resources on developing public sector-specific standards. Many participants had reservations about IPSASB’s proposed project on Natural Resources, although some acknowledged that it may be a priority in other parts of the world. Chair Ian Carruthers felt this issue was emblematic of the challenges of a global standard-setter.  

Participants made a number of constructive and insightful proposals for improving the Strategy both during the meeting, and in their written feedback. The meeting forms part of IPSASB’s formal due process, and it will give full consideration to these suggestions in finalizing the Strategy and Work Plan. Overall, the first roundtable was a great success.

Upcoming regional roundtables include:

• April 13, London - Hosted by ICAEW
• 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.