IPSASB Seeks Comments on Social Benefits Accounting Proposals

Oct 31, 2017 | New York, New York | English

The International Public Sector Accounting Standards Board® (IPSASB®) has released for public comment Exposure Draft (ED) 63, Social Benefits, which addresses accounting for the delivery of social benefits, such as retirement, unemployment, and disability.

 These proposals aim to improve consistency, transparency, and reporting by public sector entities of social benefit schemes, which account for a large portion of government expenditure in most jurisdictions.

Existing International Public Sector Accounting Standards® (IPSAS®) do not provide requirements or guidance on how to account for social benefits, leaving users without the information needed to assess government performance.

“Social benefits are a major expenditure for most governments, and the absence of an IPSAS standard for these programs is a noted gap in the Board’s literature,” said IPSASB Chair Ian Carruthers. “The proposals in ED 63 will enhance accountability and transparency and improve decision making in this critical public interest area.”

ED 63 defines social benefits and proposes requirements for the recognition and measurement of social benefit schemes. It also proposes disclosure requirements that provide additional information for users to evaluate the effect of social benefits on future government finances.

Comments on the Exposure Draft are requested by March 31, 2018.

How to Comment
To access the Exposure Draft and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website at www.ipsasb.org. Comments on the Exposure Draft are requested by March 31, 2018. The IPSASB encourages IFAC member organizations and regional accountancy organizations to promote the availability of this Exposure Draft to their members and employees.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

 
 

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