| The final IPSASB meeting of the year was held from December 2 to 5, 2025, in New York City, USA. This was the final meeting for Ian Carruthers as IPSASB Chair, as his decade as Chair comes to an end. The Board looks forward to welcoming the incoming Chair, Thomas Müller-Marqués Berger, on January 1, 2026. |
The IPSASB approved IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 fills an important public sector reporting gap in the IPSASB’s literature. The IPSASB set an effective date of January 1, 2028 for IPSAS 51, with earlier adoption permitted.
The IPSASB approved Exposure Draft (ED) 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22). This ED proposes guidance to help maximize the benefits of using IPSAS Standards-based accounting data for statistical compilation, to support better decision-making. The ED is expected to be published in Q1 2026 with a 4-month comment period.
The IPSASB has completed its conceptual and technical discussions on requirements for the presentation of financial statements and confirmed that its draft Consultation Paper (CP) fully captures its views, subject to revisions to capture December discussions. Next quarter, the IPSASB will review the final piece of the developing illustrative ED related to disclosure requirements with a plan to approve the CP at the March 2026 meeting.
The IPSASB discussed the approach and the necessary public sector adaptations to develop non-authoritative guidance to assist public sector entities in applying materiality when preparing IPSAS financial statements. The IPSASB will review an updated draft ED at its March 2026 meeting to determine whether additional public sector adaptations are necessary.
The IPSASB agreed to the proposed amendments regarding the lack of exchangeability to IPSAS 4, The Effects of Changes in Foreign Exchange Rates, and IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards. In addition, the IPSASB agreed to the narrow scope amendments regarding the definition of an operation and the recognition of assumed contingent liabilities to IPSAS 40, Public Sector Combinations. These amendments will be included in the next Improvements to IPSAS Standards ED expected to be approved in March 2026.
High-quality standards that enhance public financial management and promote sustainable development globally need diverse voices to develop them. The Board continues to reflect broad geographic representation, gender parity, and professional expertise in public sector financial and sustainability reporting. Congratulations to new and returning members for 2026 and Claudia Beier, reappointed as Deputy Chair.
The IPSASB thanks outgoing members Kamira Sánchez Nicosia, and Scott Showalter, Patrícia Siqueira Varela, and Jonah Wala for their service.
Recordings of the meetings are available on our YouTube channel.
The next IPSASB meeting will be in Toronto, Canada from March 10-13, 2026.
The 2025 Edition of the Handbook of International Public Sector Accounting Pronouncements is out now. It contains the complete suite of IPSAS Standards published as of January 31, 2025,
In collaboration with us, IFAC has published a new resource, Implementing International Public Sector Accounting Standards (IPSAS): IFAC Tools, a compilation of our resources designed to help governments and public sector entities adopt and implement IPSAS Standards and help Professional Accountancy Organizations (PAOs) advocate for their use.