IPSAS 33-Limited Scope Update

At the March 2024 meeting, 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. The Exposure Draft is in development with expected release in H2 of 2024.

Due Process Checklist

Project Timeline

The project timeline is depicted below. Please note that these are current targeted milestones/phases and may change as the work in this area progresses.

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Project Overview

Objective

The objective of this project is to enhance IPSAS 33, First-time adoption of Accrual Basis IPSAS to make the pronouncement more user friendly and effective. The limited scope of the project extends to rearranging guidance by category and adding non-authoritative guidance and to clarify IPSAS 33’s role before the date of adoption, i.e., in the preparation phase; linking IPSAS 33 with the Pathways to Accrual as appropriate.

Why the IPSASB Undertook this Project

The project to update IPSAS 33 was included in the IPSASB’s work programme for 2019-2023 due to the importance of how to adopt and implement accrual-basis IPSAS for the first time, and public sector entities' transition to full adoption. Constituents indicated strong support for revising IPSAS 33, to enhance the guidance on identifying and addressing specific challenges in applying IPSAS 33 to facilitate the adoption of IPSAS. The IPSASB agreed that the Project was important as it supported its strategic objective of promoting the use of IPSAS.

Consultation

The Exposure Draft is currently in the development phase. A Consultation Paper was not required.

Task Force Members

• Abdullah Al-Mehthil, Task Force Chair, IPSASB Member, Saudi Arabia
• Kamira Sanchez Nicosia, IPSASB Member, Panama
• Nor Yati Ahmad, IPSASB Member, Malaysia
• David Watkins, IPSASB Technical Advisor, United Kingdom
• Lindy Bodewig, National Treasury RSA, South Africa
• Admire Ndurunduru, Pan African Federation of Accountants, Zimbabwe
• Paul Sama, Ministry of Finance, Cameroon

Contact

• Christoph Braxton

Published Documents and Support

Documents in this section include:

1. Major documents published by the IPSASB during the lifecycle of the project including: Consultation Papers, Exposure Drafts, issued IPSAS, amendments to IPSAS, and other similar due process documents;
2. Supporting material related to each published document including: snapshots, webinars, and other material; and
3. The project-relevant IPSASB agenda papers.