• IAASB eNews October 2025

    English

    In this eNews you will find:

    • Highlights from our September meeting
    • Release of the 2025 handbook
    • Plans for Q4 2025
    • Coordination with IESBA
    • Key dates for this quarter
    Highlights from Our September Meeting

    During our September 2025 meeting, we approved narrow-scope amendments to our standards arising from the IESBA’s Using the Work of an External Expert Project.
    Other topics we discussed during our meeting include:

    • ISRE 2410 (Revised), Review of Interim Financial Information Performed by the Independent Auditor of the Entity (Project Stage: Exposure Draft Development) – We discussed selected sections of the standard, including proposed drafting and initial direction on the nature and extent of the auditor’s work effort relating to going concern and considerations relating to group interim review engagements.
    • Audit Evidence and Risk Response (Project Stage: Exposure Draft Development) – We discussed key insights from outreach activities undertaken by the project team. We also discussed several specific topics, including technology-related matters and the auditor’s work on internal controls.
    • ISA 540 (Revised), Auditing Accounting Estimates and Related Disclosures Post Implementation Review – We discussed the project team’s plan for a post-implementation review of our standard on accounting estimates and key findings from the team’s initial information gathering.
    • Technology – We discussed updates to the Catalog of Issues and Possible Actions and progress on the Technology Quality Management initiative, including information gathering through a series of eight international roundtables (see Looking Ahead section below).

    Recordings of the September 2025 meeting are available on our YouTube channel and more information on our projects can be found on the Latest on Our Projects web page.

    2025 Handbook

    On September 17, we released our 2025 Edition of the Handbook of International Quality Management, Auditing, Review, Other Assurance, and Related Services Pronouncements. It is available as a PDF download; print copies can be ordered via our website.

    Looking Ahead: Our Plans for Q4 2025

    Technology Quality Management 
    As part of our Technology Quality Management initiative, we have begun a series of eight roundtables around the world to gather stakeholder insights on:

    • How emerging technologies, including AI, are being integrated into practice.
    • How our quality management standards are being applied in a rapidly evolving environment.
    • How firms are approaching governance and oversight of emerging technologies used in engagements.

    The first roundtable was held in Brussels on September 30 with others to follow in October and November.

    ISSA 5000 on Sustainability Assurance
    In Q4, we will continue to support the adoption and implementation of ISSA 5000, our sustainability assurance standard. This includes:

    • Webinar series: We are hosting a three-part global webinar series designed to assist our stakeholders as they adopt and implement ISSA 5000. The webinars will be held in October and will cover:
      • Foundational Principles and Concepts (October 1 and 2);
      • Engagement Planning, Risk Assessment & Response (October 7 and 8); and
      • Concluding and Reporting on Sustainability Assurance Engagements (October 14 and 15).

    Register here or watch the recordings here at our ISSA 5000 web page;

    • FAQ on materiality; and
    • Updating information on jurisdictional adoption.

    Access published resources on the dedicated ISSA 5000 web page.

    Coordination with IESBA

    Although IAASB and IESBA are independent boards under IFEA, with their own remits and unique needs, our standard-setting actions have a collective impact on the external reporting ecosystem. Given this collective impact, we continuously maintain and enhance our coordination with IESBA—in the traditional areas of audits and reviews of financial statements, as well as the area of sustainability. This includes coordination at the board and staff levels.

    Currently, we are closely coordinating with IESBA on the following projects:

    • Strategy and Work Plan: We will launch a joint stakeholder survey in early 2026 as a first step in an aligned strategic planning process for developing the Boards’ strategies and work plans for 2028–2031.
    • IESBA’s Firm Culture and Governance project: We are working closely to make sure this project is aligned with our standard on quality management at the firm level (ISQM 1). For example, during our June and September meetings, IESBA staff joined us to share updates on progress and receive feedback from IAASB members.
    Key Dates for this Quarter
    • On October 21 and 22 the Stakeholder Advisory Council (SAC) will meet in New York. You can find more information on the SAC meetings web page. This meeting will also livestream in our YouTube channel. 
    • On November 4, we will hold a joint Jurisdictional Standard Setters Meeting with IESBA.

  • IAASB eNews January 2026

    English

    In this eNews you will find:

    • Highlights from our December meeting
    • Our focus on technology
    • Our plans for Q1 2026
    • Key dates for this quarter
    Highlights from Our December Meeting

    During our December 2025 meeting, the IAASB and IESBA approved a joint stakeholder survey to inform the development of the IAASB and IESBA’s respective Strategies and Work Plans for 2028–2031. In addition, we approved (i) the IAASB Approach Statement for maintaining the ISA for LCE, (ii) the first maintenance project proposal for the ISA for LCE and (iii) the ISA 540 (Revised) post-implementation review survey.

    Other topics we discussed during our meeting included:

    • Audit Evidence and Risk Response (Project Stage: Exposure Draft Development) – We discussed several specific topics to inform the drafting of proposed ISA 330 (Revised), ISA 500 (Revised) and ISA 520 (Revised). At our March 2026 meeting we will discuss a first full draft of these standards.
    • ISRE 2410 (Revised), Review of Interim Financial Information Performed by the Independent Auditor of the Entity (Project Stage: Exposure Draft Development) – We discussed a full draft of proposed ISRE 2410 (Revised) and we anticipate voting to approve the exposure draft at our March 2026 meeting.
    • ISA 500 Series (Project Stage: Project Proposal) – We discussed key insights from outreach and the draft project proposal, including the in-scope standards for this project.
    • Technology Quality Management – We discussed key insights from a six-month information-gathering phase, including finding from eight roundtables held around the world, which informed the decision to develop non-authoritative materials as the way forward for this project. At our March 2026 meeting, we will consider a proposed action plan, including the initiative’s objective, scope, themes/topics to be addressed, and the nature, scope, and timing of anticipated deliverables.

    Recordings of the December 2025 meeting are available on our YouTube channel and more information on our projects can be found on the Latest on Our Projects web page.

    Our Focus on Technology

    In light of the changing environment and the increased use of emerging technologies by firms and entities, we developed our Technology Position in 2024. The Technology Position details how we consider the impact of technology in standard setting and other related activities, and recognizes the transformative potential of technology in enhancing audit and assurance quality. It also clarifies our commitment to actively facilitate and, where appropriate, encourage the appropriate use of technology in engagements and systems of quality management. As part of this initiative, we developed a gap analysis to identify our potential actions, including possible standard setting opportunities. The findings of this analysis are captured in the Catalog of Issues and Possible Actions, which will continue to be reviewed and updated as needed.

    Currently, we have three projects focused on technology:

    • Technology Quality Management – This project aims to support consistent and effective application of the quality management standards to emerging technologies.
    • Audit Evidence and Risk Response – Among other matters, this project aims to facilitate, and where appropriate, encourage auditors' use of technology in obtaining audit evidence and evaluating its sufficiency and appropriateness.
    • ISA 500 Series – This project aims to modernize our standards related to inventory and external confirmations to reflect the current business and audit environment, including the impact of technology use by entities, auditors and the organizations they interact with.
    Looking Ahead: Our Plans for Q1 2026

    Consultations

    In Q1 2026 we plan to publish the following consultations:

    • The joint IAASB-IESBA stakeholder strategy survey will be published mid-January with a 114-day comment period.
    • A survey for the post-implementation review of ISA 540 (Revised), our standard on auditing accounting estimates, will be issued in mid-February for a 118-day comment period. The survey will gather feedback on the impact of ISA 540 (Revised).

    ISSA 5000 on Sustainability Assurance

    We will continue to support the adoption and implementation of ISSA 5000, our sustainability assurance standard. This includes an FAQ on materiality and updating information on jurisdictional adoption. Access published resources on the dedicated ISSA 5000 web page.

    Key Dates for this Quarter

    From March 16 to 19, the IAASB will meet in New York. The meeting agenda and meeting papers will be available on the IAASB website in the Meetings section in February. This meeting will also livestream on our YouTube channel.

  • IAASB eNews July 2025

    English

    In this eNews you will find:

    •    Updates from our June meeting
    •    Our plans for Q3 2025
    •    Our plans to support the adoption and implementation of our standards
    •    Feedback submission form for our Technology Catalog
    •    Information about IFEA's Staff Fellows Program
    •    Key dates for this quarter

    Updates from Our June Meeting

    During our June 2025 meeting, we approved:

    We also discussed the following projects, where technology is a significant strategic driver:

    • Audit Evidence and Risk Response (Project Stage: Exposure Draft Development) – We discussed selected topics related to the revision of ISA 330, The Auditor’s Responses to Assessed Risks; ISA 500, Audit Evidence; and ISA 520, Analytical Procedures. The topics discussed included defining tests of details, analytical procedures (including substantive analytical procedures), using audit evidence obtained in previous audits, accepting records and documents as genuine, and alignment with concepts of ISA 315 (Revised 2019).
    • Technology Quality Management – We discussed our newly launched workstream, which will explore whether additional support is needed on how our quality management standards apply to emerging technologies. Among other matters, we discussed strategic questions designed to help shape the focus and priorities of the workstream’s information gathering activities.
    • ISA 500 series (Project Stage: Information Gathering) – We discussed initial issues identified for targeted standards in the ISA 500 series.

    Recordings of the meetings are available on our YouTube channel and more information on our projects can be found on the Latest on Our Projects web page.

    Looking Ahead: Our Plans for Q3 2025

    In addition to continuing our work on the projects highlighted above, we will also work on:

    • IAASB Handbook – We expect to release an updated version of our handbook in Q3.
    • Strategy and Work Plan – Together with IESBA, we will begin discussing our Strategy and Work Plan for 2028–2031. The Strategy and Work Plan for 2024–2027 is available on our website.
    • ISA for LCE – We will begin the maintenance of the ISA for LCE. The standard will be updated, in a proportionate manner, to remain aligned with our projects on Fraud and Going Concern.

    Supporting Adoption and Implementation

    We continue to support the adoption and implementation of our standards. Therefore, we plan to publish in Q3:

    More information on the resources published can be found on the SUPPORT & RESOURCES section of our website. Past webinars can be found on the PAST EVENTS web page.

    Technology: Submission Form for Feedback on the Catalog

    As part of our Technology Position, we conducted a gap analysis to ensure our standards align with technological advancements, resulting in the Catalog of Issues and Possible Actions. The Catalog is a “living” document that will be updated at least semi-annually. We have also developed a feedback process, allowing our stakeholders to share your feedback and insights on the Catalog.

    Submission Process

    Feedback will be collected electronically and kept private. While submissions will not be attributed to individuals, they may be referenced in IAASB public materials. Please avoid including confidential information.

    Consideration of Feedback

    All feedback will be reviewed. While we will not respond to individual submissions, input will be considered collectively in setting priorities and determining the urgency and type of responses.

    Share your feedback on the Catalog here.

    IFEA Staff Fellows Program

    The IFEA Staff Fellows Program is a unique secondment program that invites experienced professionals from around the world to temporarily join the IAASB or IESBA staff—contributing directly to international audit, assurance, and ethics standard setting. 

    As a Staff Fellow, you'll: 

    • Collaborate on global research, drafting, and stakeholder engagement 
    • Deepen your understanding of international standards and the standard-setting process 
    • Expand your global network 
    • Advance your professional development 

    For sponsoring organizations, the benefits are just as impactful: 

    • Enhance staff expertise and leadership 
    • Build stronger ties with the IAASB and IESBA 
    • Support the implementation of high-quality global standards 

    Applications are accepted year-round, but interviews typically take place in June–July for placements beginning in September. 

    Interested? 

    Key Dates for this Quarter

    Meetings 

     

  • IAASB eNews April 2025

    English

    In this eNews you will find:

    •    An update on our projects following our March 2025 meeting
    •    A look ahead at 2025
    •    Submission form for ISSA 5000 implementation feedback
    •    Key dates for this quarter

    Latest Updates from Our March Meeting

    During our March 2025 meeting, we approved:

    In addition, we approved the withdrawal of ISAE 3410, Assurance Engagements on Greenhouse Gas Statements, once ISSA 5000 on sustainability assurance becomes effective as ISSA 5000 addresses all sustainability assurance engagements, including greenhouse gas-related information.

    We also discussed projects and initiatives on:

    • Audit Evidence and Risk Response (Project Stage: Exposure Draft Development) – We discussed selected topics related to the revision of ISA 330, The Auditor’s Responses to Assessed Risks; ISA 500, Audit Evidence; and ISA 520, Analytical Procedures. The topics discussed included stand-back requirements, the description and placement of automated tools and techniques, and tests of controls and substantive procedures.
    • Review of Interim Financial Information (ISRE 2410) (Project Stage: Information Gathering) – We discussed issues and challenges resulting from the project team’s information gathering activities and a draft version of the project proposal.
    • Technology Position – We discussed a revised version of the catalog of issues relating to technology to further shape our work program to consider the impact of technology.
    • ISSA 5000 Implementation – We discussed the adoption and implementation activities related to ISSA 5000.

    More information on our projects can be found on the Latest on Our Projects web page.

    Looking Ahead: Our Plans for Q2 2025

    Looking ahead, our work efforts over the coming months will focus on:

    • ISSA 5000 on sustainability assurance: We expect to publish a joint IAASB-IESBA frequently asked questions document, example assurance reports and hold a webinar series.
    • ISA for LCE: We expect to publish a frequently asked questions document.
    • Going Concern: We expect to publish a frequently asked questions document and video content.

    Submission Form for ISSA 5000 Implementation

    To support effective implementation of ISSA 5000, our sustainability assurance standard, the IAASB invites stakeholders to submit implementation questions or matters for the IAASB’s consideration.

    Submission Criteria

    Submissions should meet the following criteria:

    • Be directly related to the implementation of ISSA 5000.
    • Provide a detailed description of the question or matter, including sufficient context for proper understanding.
    • Be relevant to a broad group of stakeholders or common across multiple jurisdictions, as ISSA 5000 serves as a global baseline. The IAASB does not focus on national implementation or adoption issues, nor on assurance methodology.

    Submitting Process

    Once you have confirmed that your question or matter meets the criteria above and have completed the submission form, your submission will be lodged electronically and remain private. However, the issues raised may be discussed publicly or referenced in the IAASB’s public materials without specific attribution. While submission forms will remain private and confidential, please refrain from including any confidential information.

    IAASB Consideration of Submissions

    The IAASB will review and consider submissions and may also collaborate with the IESBA in doing so. The IAASB reserves the right to identify and explore relevant implementation issues and determine whether and the most appropriate means of addressing them. The IAASB will not issue responses to, or report back on, individual submissions. However, submissions will inform the IAASB’s priorities for guidance as well as the urgency and nature of the appropriate response.

    Key Dates for this Quarter

    Meetings 

  • IPSASB eNews: December 2024

    New York, New York English

    The IPSASB® was hosted by the Ministry of Finance of Saudi Arabia for our final meeting of the year from December 10 to 13 in Riyadh. Thank you to our hosts for providing such a welcoming experience and an impactful meeting to close out 2024.

    IFRIC Alignment – Narrow Scope Amendments

    The Board approved the Final Pronouncement, Amendments to IPSAS Standards: Specific IFRIC Interpretations which amends IPSAS Standards to clarify the application of existing principles to help public sector entities better understand and apply them consistently. These amendments are effective January 1, 2026. 

    Presentation of Financial Statements

    In our discussions on the statement of financial performance, we noted the usefulness of presenting revenue and expense items in categories with practical considerations that we‘ll explore at future meetings. We also discussed whether sufficient transparency exists for revenue and expense items presented outside surplus and deficit and how presentation requirements can enhance clarity and transparency. 

    Maintenance Activities

    As part of our 2024-2028 strategy, we're focusing on the maintenance of IPSAS Standards. We finalized operating procedures for post-implementation reviews and the IPSASB Application Group and discussed the timeline for implementing both activities. We are looking forward to rolling out both initiatives in 2025. 

    Sustainability: Research and Scoping

    Our first discussions related to researching potential future sustainability projects focused on our remit within the broader sustainability reporting landscape and how future research and scoping will inform our 2025 Work Program Consultation, which will seek feedback on our priorities in 2026 and beyond.

    Materiality

    The Making Materiality Judgement project discussions focused on research and scoping activities. We agreed the project should take a phased approach: financial reporting will be the focus of the initial phase, followed by sustainability reporting after the completion of the Climate-related Disclosures pronouncement. A project brief is expected to be approved in March 2025.

    Strengthening Linkages Between IPSAS and GFSM 2014

    In first discussions on the Strengthening Linkages Between IPSAS Standards and GFSM 2014 project, the IPSASB decided the project should have two phases: a phase highlighting the current alignment between IPSAS Standards and GFSM 2014, and a phase identifying opportunities to increase alignment between both reporting frameworks. The IPSASB expects to approve a project brief in March 2025.

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    Our next Board meeting will be hosted by the World Bank at their head offices in Washington, D.C., USA from March 18 – 21, 2025.

    2024 Handbook

    The 2024 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, 2024 including the 2023 Conceptual Framework updates.

    Adoption & Implementation Resources
    • Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
    • Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants. 
    Open Consultations
    Open Calls
    • IPSASB Members: The global search for volunteer members to join our Board in 2026 is underway. If you have strong knowledge of issues related to financial and sustainability reporting, standard-setting experience, direct experience with public financial reforms, or familiarity with the needs of financial statement users, apply by January 31, 2025.
    • IPSASB Chair: The Search Committee is seeking a visionary leader capable of guiding the Board and the IPSASB staff through the evolving challenges of financial and sustainability reporting in the public sector. Apply by January 26, 2025.

  • IPSASB eNews: September 2024

    New York, New York English

    The IPSASB held its third meeting of the year from September 17-20 in Brussels, Belgium hosted by the European Commission. Recordings of the meetings are available on our YouTube channel.

    Sustainability-Climate-Related Disclosures
    The IPSASB broke new ground approving its first Sustainability Reporting Standard (IPSASB SRS™) Exposure Draft (ED) 1, Climate-related Disclosures. The ED proposes disclosures for all public sector entities to report on their climate-related risks and opportunities, aligned with the private sector disclosures developed by the International Sustainability Standards Board. The proposals also include additional public sector disclosures for those select entities with the responsibility to develop climate-related policy programs by exercising their sovereign powers. The IPSASB expects to publish the ED by the end of October 2024 and then undertake a global consultation to seek feedback from constituents on the proposals.
    Strategy and Work Program
    The IPSASB approved its Strategy and Work Program 2024-2028. The Strategy is an evolution of the Board’s previous strategy, adding a sustainability reporting work stream, and rebalancing its financial reporting resources to focus on the consistent implementation and application of standards as more entities transition to accrual IPSAS. The Strategy and Work Program 2024-2028 is expected to be published in October 2024.
    Natural Resources
    The IPSASB approved ED 92, Tangible Natural Resources. This ED proposes guidance that fills a gap in the current literature for naturally occurring items with physical substance that embody service potential and/or the capability to generate economic benefits. ED 92 is expected to be published by the end of October 2024.
    Natural Resources - Mineral Resources and Stripping Costs
    The IPSASB approved the final pronouncements IPSAS 50, Exploration for and Evaluation of Mineral Resources, and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12). These new pronouncements provide guidance for public sector entities operating in extractive industries, with accounting guidance aligned with the private sector. They will be effective from January 1, 2027 with early adoption permitted, and are expected to be published in Q4 2024.
    Presentation of Financial Statements
    The IPSASB reviewed its draft Consultation Paper and the accompanying Illustrative ED based on the Board's deliberation of issues to date. The sections considered included the underlying principles for preparing financial statements and the specific requirements for presenting the Statement of Financial Position. The IPSASB expects to begin discussions on the presentation of the Statement of Financial Performance in December 2024.
    IFRIC Alignment – Narrow Scope Amendments
    The IPSASB reviewed the responses to ED 89, Amendments to Consider IFRIC Interpretations. Constituents strongly supported the proposed additional guidance because it will help public sector entities understand and apply existing accounting principles, thereby improving the clarity and accuracy of financial information. The IPSASB intends to approve a final pronouncement at its next meeting in December 2024.
    Next Meeting
    Adoption & Implementation Resources
    • Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
    • e-International Standards: Access the IPSASB’s standards and pronouncements on a convenient digital platform.
    • Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants. 
    Open Consultations

  • IPSASB eNews: June 2024

    New York, New York English

    The IPSASB held its second meeting of the year from June 25-28 in Toronto, Canada. Recordings of the meetings are available on our YouTube channel.

    Other Lease-Type Arrangements

    The IPSASB approved the Final Pronouncement, Concessionary Leases and Other Arrangements Conveying Rights over Assets (Amendments to IPSAS 43, IPSAS 47, and IPSAS 48). The effective date for the relevant amendments is January 1, 2027.

    Measurement-Application Phase

    The IPSASB approved Exposure Draft (ED) 90, Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement. This ED proposes amendments to IPSAS to introduce current operational value, and add a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors. ED 90 will be published in Q3 2024 with a 120-day comment period.

    IPSAS 33–Limited Scope Update

    The IPSASB approved ED 91, Limited-scope Updates to First-time Adoption of International Public Sector Accounting Standards (IPSAS) (Amendments to IPSAS 33). This ED proposes amendments to existing requirements to emphasize exemptions available to those using the standard. The ED also proposes non-authoritative guidance to help clarify the standard's application for first-time adopters, including information to help identify the appropriate point to apply IPSAS 33 in their overall transition plan to accrual-basis IPSAS. ED 91 will be published in Q3 2024 with a 120-day comment period.

    Sustainability-Climate-Related Disclosures

    The IPSASB continued the development of the Climate-related Disclosures ED by reviewing the proposed principles on metrics and targets, transitional provisions, and general requirements. The IPSASB clarified that the ED will address public policy programs (such as regulations, taxation, subsidies, and incentives) that are explicitly designed to address climate-related risks and opportunities. The IPSASB plans to approve the ED at its September 2024 meeting.

    Natural Resources

    The IPSASB continued developing its Natural Resources ED by reviewing the draft specific matters for comment, core text, application guidance, and basis for conclusions. In addition, the IPSASB agreed on the topics for which implementation guidance and illustrative examples would be developed in the ED. The IPSASB plans to approve the ED at its September 2024 meeting.

    Strategy and Work Program

    The IPSASB reviewed the responses received to its 2024-2028 Strategy and Work Program Consultation. The proposals were strongly supported by stakeholders, which only required the IPSASB to make minor clarifications. The IPSASB plans to approve the final 2024-2028 Strategy and Work Program at its September 2024 meeting.

    Presentation of Financial Statements

    The IPSASB continued the development of its Consultation Paper and Illustrative ED related to the project to develop a replacement for IPSAS 1, Presentation of Financial Statements. The IPSASB considered several important project issues, including agreeing to retain the current/non-current distinction as the primary method for classifying assets and liabilities on the statement of financial position. The IPSASB will continue its deliberations on this project in September 2024.

    Next Meeting

    The next IPSASB meeting will be hosted by the European Commission in Brussels, Belgium from September 17 to 20, 2024.

    Adoption & Implementation Resources
    • Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
    • e-International Standards: Access the IPSASB’s standards and pronouncements on a convenient digital platform.
    • Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants. 

  • IPSASB eNews: March 2024

    English

    The IPSASB held its first meeting of the year March 12-15 in New York, USA. 

     

    The Latest from Our Projects 

    Improvements to IPSAS, 2023

    Improvements to IPSAS, 2023 was approved in March by the IPSASB and is expected to be published in April 2024. This new pronouncement includes amendments to IPSAS to add guidance related to the classification of liabilities and accounting for the lease liability in a sale and leaseback. 

    IFRIC Alignment–Narrow Scope Amendments

    The IPSASB approved Exposure Draft (ED) 89, Amendments to Consider IFRIC Interpretations. This ED proposes to clarify the application of existing principles in IPSAS, based on five IFRIC Interpretations. ED 89 will be published in April 2024 for a 60-day exposure period.

    Other Lease-Type Arrangements

    The IPSASB approved ED 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48). ED 88 will be published at the end of March 2024 for a 60-day exposure period.

    Sustainability-Climate-Related Disclosures

    The IPSASB agreed that a government’s ability to set policy is unique to the public sector and specific guidance for governments’ policy setting activities that influence other entities, including other economic sectors, is necessary. The IPSASB also held initial discussions with breakout groups on public sector specific climate-related metrics and transitional provisions.

    Natural Resources

    The IPSASB agreed the derecognition requirements for natural resources, the transitional provisions, and with the description of conservation to be included in the ED, Natural Resources. The IPSASB also agreed with the subsequent measurement of natural resources and what should be excluded from the ED’s scope.

    Measurement-Application Phase

    The IPSASB discussed the applicability of current operational value for assets in scope of IPSAS 31, Intangible Assets, and reviewed the draft ED that includes amendments to inventories, intangible assets, impairment of non-cash-generating assets, accounting estimates, and current value measurement disclosures.

    IPSAS 33–Limited Scope Update

    The IPSASB agreed that IPSAS 33, First-Time Adoption of Accrual Basis IPSAS, should be enhanced by proposing guidance to support the pre-adoption phase of IPSAS implementation. The IPSASB also agreed to explicitly encourage early application of IPSAS during the transitional relief period.

    Presentation of Financial Statements

    The IPSASB continued its discussion of issues to advance the development of a new IPSAS to replace IPSAS 1, Presentation of Financial Statements. This included consideration of definitions and overarching presentation requirements and was supported by breakout group discussions on the presentation of revenue and expense items outside the statement of financial performance.

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    The second IPSASB meeting of 2024 will take place in Toronto, Canada from June 25 – 28. For more information, or to register as an observer, please visit the IPSASB website.

    Open for Comment
    Adoption & Implementation Resources
    • Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
    • e-International Standards: Access the IPSASB’s standards and pronouncements on a convenient digital platform.
    • Train the Trainer: Download a package of training materials on IPSAS that can be tailored to the needs of training participants. A new edition will be released later this month. 

  • IPSASB eNews: December 2023

    English

    The IPSASB held its final meeting of the year from December 5-8 in Toronto, Canada.

    Natural Resources-IFRS Alignment

    The IPSASB approved Exposure Draft (ED) 86, Exploration for and Evaluation of Mineral Resources, which provides the accounting guidance related to the costs incurred in the exploration and evaluation of mineral resources, and ED 87, Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12, Inventories), which provides guidance on how to account for costs incurred to remove waste material in a surface mining operation.  

    ED 86 and ED 87 will be exposed in Q1 2024, with a four-month comment period. 

    IPSAS 33–Limited Scope Update

    Following the completion of an initial research phase on the implementation experience of IPSAS 33, First Time Adoption of Accrual Basis IPSASs for a group of countries, the IPSASB approved a project brief for a limited-scope project to update and enhance IPSAS 33 to help ensure it is more helpful to initial adopters.

    Sustainability-Climate-Related Disclosures

    The IPSASB reviewed the objectives, scope and conceptual foundations for the development of the draft Climate-related Disclosures standard for the public sector. The IPSASB emphasized the public sector specificities, including its main objective to deliver services, its role as a policy setter and regulator, and its various responsibilities at different levels of government. In breakout sessions that included all members, technical advisors, observers and staff, the IPSASB sought feedback on technical topics and issues planned for consideration in March 2024 related to governance, strategy and risk management sections of the developing draft standard.  

    Natural Resources

    The IPSASB agreed on revised recognition criteria and initial measurement proposals, consistent with the Conceptual Framework and IPSAS for tangible assets. The IPSASB also decided that the guidance on natural resources should be in a standalone IPSAS.  

    Measurement-Application Phase

    The IPSASB continued its discussion on the applicability of Current Operational Value (COV) to various IPSAS. The IPSASB decided to amend IPSAS 3, Accounting Policies, Changes in Accounting Estimates and Errors to clarify that a change in the measurement model is a change in accounting policy. The IPSASB also considered COV examples related IPSAS 21, Impairment of Non-Cash-Generating Assets to better understand how adding it might work when undertaking impairment testing. 

    Presentation of Financial Statements

    The IPSASB agreed its Consultation Paper (CP) would explore an approach that allows different presentation approaches in IPSAS. The provision of different presentation approaches was supported based on the increased flexibility it would provide to public sector entities to provide a presentational approach more useful to the entities specific users. In breakout sessions, IPSASB members, technical advisors, observers and staff considered topics related to potential categorization and sub-totals in the statement of financial performance. 

    IFRIC Alignment–Narrow Scope Amendments

    The IPSASB began to review those IFRIC and SIC Interpretations not yet considered by the Board to determine whether they were public sector relevant. The IPSASB concluded on how it would determine which IFRIC and SIC Interpretations to propose for inclusion in IPSAS, and decided that IFRIC 7, Applying the Restatement Approach Under IAS 29, Financial Reporting in Hyperinflationary Economies is applicable to the public sector, and should be incorporated into IPSAS 10, Financial Reporting in Hyperinflationary Economies. The remaining outstanding items not yet considered will be discussed by IPSASB in March 2024. 

    Navigating IPSAS–Practical Support Material

    The IPSASB considered a draft of a feedback statement to communicate to constituents the IPSASB’s decision to support development of practical support material by a strategic partner organization as opposed to pursuing a Differential Reporting standard-setting project.  

    The Differential Reporting Feedback Statement is planned for publication in January 2024. 

    Other Lease-Type Arrangements

    The IPSASB continued the review of responses to ED 84, Concessionary Leases and Right-of-Use Assets In-Kind. The IPSASB decided to develop and then expose a standalone ED with non-authoritative guidance on the remaining arrangements included in the Request for Information, Concessionary and Other Arrangements Similar to Leases. The new ED will complement ED 84 and propose to update the most recent IPSAS on Revenue and Transfer Expenses on this topic. 

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    The first IPSASB meeting of 2024 will take place in New York, USA from March 12 – 15. For more information, or to register as an observer, visit the IPSASB website.

    Open for Comment

  • IPSASB eNews: September 2023

    English

    The IPSASB held its third meeting of the year from September 12-15 in Switzerland hosted by the Canton of Zurich.

    The IPSASB’s Next Strategy and Work Program

    The IPSASB approved the 2024-2028 Strategy and Work Program Consultation. The proposals emphasize a greater focus on maintenance of IPSAS, including developing a Post-Implementation Review process and reaffirms the IPSASB decision to develop public sector sustainability reporting standards.

    The IPSASB will hold in-person regional roundtables during the Consultation which will be open for 4-months.

    Retirement Benefit Plans

    The IPSASB approved IPSAS 49, Retirement Benefit Plans. This pronouncement provides accounting and reporting requirements for plans that provide retirement benefits to public sector employees. 

    IPSAS 49 will be effective for periods beginning on or after January 1, 2026.

    Other Lease-Type Arrangements

    The IPSASB continued to review the responses to Exposure Draft (ED) 84, Concessionary Leases and Right-of-Use Assets In-kind. During the meeting, the IPSASB agreed to proceed with the proposed principles with an aim to finalize the amendments to the Leases and Revenue Standards by March 2024.

    Measurement-Application Phase

    The IPSASB reviewed the applicability of current operational value to several IPSAS and concluded it applies to assets within the scope of IPSAS 32, Service Concession Arrangements: Grantor, but decided to perform further analysis on its applicability for IPSAS 12, Inventories, and IPSAS 43, Leases.

    The IPSASB considered proposals to revise the definition of, and guidance on, recoverable service amount in IPSAS 21, Impairment of Non-Cash-Generating Assets. The IPSASB will consider illustrative examples at the December meeting.

    Differential Reporting

    The IPSASB reflected on the findings from its research and scoping phase and decided not to pursue a standard setting solution. Instead it decided to seek a partner to help develop practical application material to help preparers more easily navigate and apply IPSAS. The IPSASB aims to publish a feedback statement by early 2024 to summarize the full rationale supporting its decision.

    Presentation of Financial Statements

    The IPSASB received an education session on IPSAS 22, Disclosure of Financial Information about the General Government Sector and IPSAS 24, Presentation of Budget Information in Financial Statements and concluded the scope of the project should be consistent with the scope of IPSAS 1, Presentation of Financial Statements. The IPSASB approved the project brief for the Presentation of Financial Statements project. 

    Improvements to IPSAS 2023

    The IPSASB approved ED 85, Improvements to IPSAS, 2023. ED 85 is expected to be published in October 2023 with a consultation period of 60 days.

    Sustainability-Climate-Related Disclosures

    The IPSASB received presentations from the IFRS Foundation, International Sustainability Standards Board, and New Zealand External Reporting Board to receive updates on their work related to sustainability reporting guidance and better understand their journeys specifically related to development of climate-related reporting standards.

    Using the project brief approved in June 2023, the IPSASB agreed on its approach to developing its climate-related disclosure standard, including how it would incorporate climate expertise into the process.

    Natural Resources

    The IPSASB agreed to revise the definition of a natural resource as a naturally occurring item which embodies service potential or the capability to generate economic benefits.

    The IPSASB also decided to reconsider the proposals on recognition and measurement, and whether the proposed guidance should be located in a standalone standard or as amendments to existing IPSAS. 

    Natural Resources-IFRS 6 Alignment

    In response to comments received to the Natural Resources Consultation Paper, the IPSASB reviewed a first draft of an ED aligned with IFRS 6, Exploration for and Evaluation of Mineral Resources, including guidance aligned with IFRIC 20, Stripping Costs in the Production Phase of a Surface Mine.

    First-Time Adoption of Accrual Basis IPSASs

    The IPSASB considered several alternatives to address the public need to clarify and make IPSAS 33, First-time Adoption of Accrual Basis IPSASs, more user friendly and effective. The IPSASB will review a proposal for updates to IPSAS 33 at its December meeting where material will be rearranged by topic and supported by non-authoritative guidance.

    Board Appointments and Chair Extension

    Following a rigorous nominations and interview process involving the IFAC Nominating Committee and IPSASB leadership, overseen by the Public Interest Committee and approved by the IFAC Board, the IPSASB announced its new and reappointed Board members and Deputy Chair for 2024, as well as the extension of its Chair through 2025.

    Meeting Videos

    Recordings of the meetings are available on our YouTube channel.

    Next Meeting

    The next meeting of the IPSASB will take place December 5-8 in Toronto, Canada. Learn more or register as an observer. 

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