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IPSASB Proposes Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement

Comments are requested by November 29, 2024

Aug 1, 2024 | New York, New York | English

The International Public Sector Accounting Standards Board® (IPSASB®) has released Exposure Draft (ED) 90, Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement for public comment.

After publishing IPSAS 46, Measurement, and the Updated Conceptual Framework: Chapter 7, Measurement of Assets and Liabilities in Financial Statements in May 2023, the IPSASB evaluated the applicability of its new Current Operational Value public sector measurement basis across existing IPSAS.

“ED 90 builds upon the important work accomplished in IPSAS 46, Measurement released last year which provides an integrated approach to valuation to help entities measure public sector assets,” said Ian Carruthers, IPSASB Chair. “These amendments will provide users of public sector general purpose financial statements with more relevant and faithfully representative measurement information through the potential application of public sector specific guidance across a broader range of situations.”

The amendments to IPSAS proposed in ED 90 are the introduction of current operational value in IPSAS 12, Inventories, IPSAS 21, Impairment Non-Cash Generating Assets, and IPSAS 31, Intangible Assets, the addition of a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors, and the enhancement of the terminology in current value measurement disclosures.

The feedback received from ED 90 will help shape the final amendments related to the application of Current Operational Value across existing IPSAS.

How to Comment
Access the Exposure Draft, its summary At-a-Glance document, Webcast, or submit a comment. Comments are requested by November 29, 2024. The IPSASB encourages IFAC members, associates, 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 developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and the World Bank. 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.