Comments are due by September 14, 2026
The International Public Sector Accounting Standards Board (IPSASB) released a Consultation Paper (CP) seeking views on strengthening how financial information is presented in public sector financial statements. The project represents a significant step toward developing a new International Public Sector Accounting Standard (IPSAS Standard) to replace IPSAS 1, Presentation of Financial Statements, which was issued in 2000.
In response to stakeholder feedback, the IPSASB aims to improve how effectively preparers communicate financial information reported in general purpose financial statements to the users of their financial statements.
“This consultation reflects how the IPSASB is modernizing financial statement presentation in line with evolving global standards. Improving how public sector financial information is communicated is essential to ensuring it is useful and actually used by those it is intended to inform,” said IPSASB Chair Thomas Müller-Marqués Berger. “Using reliable financial data strengthens decision making and accountability, supports public financial management, and helps to meet the needs of legislators, oversight bodies, and the public.”
The IPSASB invites stakeholders to share their perspectives on how financial statement presentation can be improved to better meet their needs. Feedback to the CP will guide the IPSASB in developing a draft of the proposed IPSAS Standard to replace IPSAS 1.
Access the CP, Presentation of Financial Statements and supplementary materials. Submit a comment by September 14, 2026.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS® Accounting Standards, IPSASB SRS™ Standards, and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. 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.