IPSASB Completed Projects
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 IPSASB adopted an open and inclusive process throughout the development of the 2019-2023 Strategy and Work Plan. This included discussions and dialogue with different stakeholder groups including: (a) National standard setters (through the Public Sector Standard Setters Forum); (b) Jurisdictions using IPSAS or in the process of adopting and implementing IPSAS; and (c) The IPSASB Consultative Advisory Group (CAG) and the Public Interest Committee (PIC). Based on the consultations and feedback received the IPSASB approved its Strategy and Work Plan 2019-2023 in December 2018.
To ensure it delivers in the public interest, the IPSASB’s strategic objective is:
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 and maintaining 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 will implement its Strategy and Work Plan 2019-2023 through two streams:
- Delivering global standards by:
- Setting standards on public sector specific issues;
- Maintaining IFRS alignment;
- Developing guidance to meet users’ broader financial reporting needs;
- Inspiring their implementation by:
- Promoting IPSAS adoption and implementation; and
- Advocating the benefits of accrual in strengthening PFM.
The IPSASB’s top standard-setting priorities through 2023 include completing its current public sector specific projects, notably revenue, leases, public sector measurement, heritage and infrastructure, as well as making progress with its new public sector specific projects, including natural resources.
The objective is to issue a revised IPSAS 29, Financial Instruments: Recognition and Measurement. Additional amendments to IPSAS 28, Financial Instruments: Presentation and IPSAS 30, Financial Instruments: Disclosuresare also expected, however, those amendments are limited compared to the impact on IPSAS 29.
The objective is to issue a revised IPSAS 25, Employee Benefits which would be converged with the underlying IAS 19, Employee Benefits. The intermediate objective is to produce an Exposure Draft of proposed changes.
The objective is to bring property, plant and equipment and intangible assets carried at revalued amounts with the scope of IPSAS 21, Impairment of Non-Cash-Generating Assets, and IPSAS 261, Impairment of Cash-Generating Assets and to clarify that impairments to individual assets within a class of property, plant, and equipment in IPSAS 17, Property, Plant, and Equipment, do not necessitate a revaluation of the entire class to which that impaired asset belongs.
To make changes to the requirements of the Cash Basis IPSAS dealing with consolidation, external assistance and third party payments that will reduce obstacles to adoption of the IPSAS.
To undertake a high level “housekeeping” review of the IPSAS to ensure that its requirements remain appropriate, including any requirements derived from the equivalent accrual IPSASs.
The project explores issues with the current definition of Government Business Enterprises (GBEs) and considers whether the current accounting requirements are appropriate. The initial output will be either a Consultation Paper or an Exposure Draft. The ultimate output may be revisions to existing IPSASs.
The objective is to make revisions to IPSASs that reflect concepts from Chapters 1-4 of The Framework, in particular the objectives of financial reporting and the qualitative characteristics and constraints on information. The intermediate objective is to produce an Exposure Draft of proposed changes to IPSASs.