Strategy and Work Plan for 2019-2023
The draft Strategy emphasizes the importance of International Public Sector Accounting Standards (IPSAS) to public financial management reforms and proposes the following strategic objective:
- Strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS.
- Delivered through two main areas of activity, both of which have a public interest focus:
- Developing IPSAS and other high-quality financial reporting guidance for the public sector; and
- Raising awareness of IPSAS and the benefits of accrual adoption.
The IPSASB proposes five themes that support the strategic objective and which will drive its work.
To develop standards on critical areas in public sector accounting, the IPSASB proposes to take on three new major public sector specific projects – accounting for natural resources, discount rates and differential reporting – all of which will provide great public interest benefits to a wide range of constituents.
The IPSASB will also continue to maintain convergence with International Financial Reporting Standards, where appropriate, and to work with others to promote IPSAS adoption and emphasize the importance of accrual-based information for strengthening PFM.