The objectives include to (a) issue amended IPSASs with revised requirements for measurement at initial recognition, subsequent measurement and measurement-related disclosure; (b) provide more detailed guidance on the implementation of replacement cost and cost of fulfillment and the circumstances under which these measurement bases will be used; and (c) address transaction costs, including the specific issue of the capitalizing or expensing of borrowing costs. 



  • David Watkins (Chair)
  • Francesco Capalbo
  • Takeo Fukiya
  • David Tretton

Project Stages

Board Papers
CAG Papers
Board Minutes

March 2020:

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. 

June 2020: 

The IPSASB considered issues raised by constituents related to measurement bases identified in the Measurement Consultation Paper (CP). These foundational discussions, along with those in the related Conceptual Framework project, will shape the draft Measurement Exposure Draft (ED) that will be reviewed in September. 

The IPSASB also discussed the impact of applying the CP Measurement definition of fair value across IPSAS and concluded that no change in terminology is required for the majority of IPSAS where the term fair value is currently applied.

September 2020:

The IPSASB continued developing its measurement hierarchy. The IPSASB agreed:

  • The hierarchy applies to subsequent measurement;
  • The measurement bases and techniques in the hierarchy; and
  • The allocation of measurement techniques to measurement bases.

The IPSASB will review draft EDs reflecting these decisions at its next meeting. The IPSASB will also further consider the approach to measurement at initial recognition and whether the definition of value in use should continue to include non-cash-generating assets or whether an alternative public sector concept should be developed.

December 2020:

The IPSASB voted to preliminary approve ED 77, Measurement. ED 77 provides detailed guidance on the implementation of commonly used measurement bases, including historical cost, current operational value, fair value and cost of fulfillment, and the circumstances under which these measurement bases are expected to be used. The IPSASB will finalize ED 77 at its February 2021 meeting.


Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.