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Presentation of Financial Statements

Current Status of the Project

In September 2023, the IPSASB formally agreed to commence a project on the Presentation of Financial Statements project.

The IPSASB is currently discussing the issues to support the development of a Consultation Paper (CP) and illustrative exposure draft (ED). 

 Due Process Checklist

Project Timeline

The project timeline is depicted below. Please note that these are current targeted milestones/phases and may change as the work in this area progresses.

Financial statements

Project Overview


The project objective is to enhance the communication effectiveness of financial information reported in general purpose financial statements by developing a new IPSAS to replace IPSAS 1, Presentation of Financial Statements. The focus is on the presentation of financial information to support accountability and decision-making purposes across the public sector. 

The aim of the project is to help support the effective and sustainable use of public sector resources and the ongoing delivery of public services for current and future generations by improving the communication effectiveness of information presented in financial statements.

Why the IPSASB Undertook this Project

 How financial information is presented in financial statements is seen as a critical component of strengthening public financial management (PFM) globally, due to the importance of ensuring the information presented in financial statements is relevant, transparent, useful, understandable, and accessible to the users of the financial statements for accountability and decision-making purposes. 

IPSAS 1 has not been substantially revised since its original issuance in 2000. This project provides the opportunity to improve the existing requirements by considering relevant international and national standard-setting developments and constituent feedback received during the scoping and research phase of the project.  


To allow for stakeholder feedback throughout the development of this project and the opportunity to consider alternative presentation concepts, this project will be developed over three phases. 

Phase 1 — Consultation Paper (CP) and illustrative exposure draft (ED) 

Phase 2 — Full ED to replace IPSAS 1, plus consequential amendments to other IPSASs 

Phase 3 — Final pronouncement 

The project is currently in Phase 1, which is expected to result in the CP and illustrative ED being published in H3 2025.

Task Force Members

Published Documents and Support

Documents in this section include:

  1. Major documents published by the IPSASB during the lifecycle of the project including: Consultation Papers, Exposure Drafts, issued IPSAS, amendments to IPSAS, and other similar due process documents; 
  2. Supporting material related to each published document including: snapshots, webinars, and other material; and 
  3. The project-relevant IPSASB agenda papers. 

Project Stages


Board Papers


Board Minutes




Issued Document