The objectives include to (a) issue amended IPSASs with revised requirements for measurement at initial recognition, subsequent measurement and measurement-related disclosure; (b) provide more detailed guidance on the implementation of replacement cost and cost of fulfillment and the circumstances under which these measurement bases will be used; and (c) address transaction costs, including the specific issue of the capitalizing or expensing of borrowing costs. 


Dave Warren

Task Force

The Task Force consists of:

  • David Watkins (Chair)
  • Stuart Barr
  • Francesco Capalbo
  • Takeo Fukiya
  • Aracelly Mendez
  • David Tretton
Project Stages


This project will consider revisions to measurement requirements and guidance in current IPSASs and on-going projects. It aims to address inconsistencies between existing IPSAS measurement requirements and the Conceptual Framework’s approach to measurement. It also considers the use of “fair value”, in IPSAS. The IPSAS definition of fair value is different from the definition in IFRS 13, Fair Value Measurement. The Conceptual Framework does not include fair value as an appropriate measurement basis for assets and liabilities in the public sector.

This project’s expected outcomes are measurement requirements and guidance that: (a) work well for public sector specific assets and liabilities; (b) generate useful information that is consistent with the Conceptual Framework’s measurement objective and achieves qualitative characteristics taking account of constraints; (c) support consistent measurement across IPSASs; (d) improve the comparability of financial statements; and (e) are helpful guidance on measurement bases for preparers of general purpose financial reports.

Issues the project will consider include (and are not limited to): (1) evaluation of IPSAS measurement requirements for consistency with the Conceptual Framework; (2) the need for implementation guidance (e.g. on replacement cost and cost of fulfillment); (3) factors to determine whether a public sector asset is specialized; (4) the treatment of transaction costs, including borrowing costs; and (5) the rationale and cost-benefit of measurement-related disclosures.


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