The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft (ED) 54, Reporting Service Performance Information.
ED 54 builds on a consultation paper issued in 2011, and provides good practice guidelines on reporting service performance information. Development of this ED reflects the IPSASB’s commitment to addressing public sector-specific reporting issues, including those that relate to information additional to the financial statements.
“Service provision is the primary function of the vast majority of public sector entities,” said IPSASB Chair Andreas Bergmann. “Service performance information is essential for users’ evaluations of the services provided and the efficient and effective use of resources by public sector entities to deliver those services. ED 54 provides guidance that aims to support the quality of service performance information presently reported by entities and provide a useful framework for entities that have not yet started to report service performance information.”
ED 54 provides principles applicable to the presentation of service performance information and definitions that aim to establish a standardized service performance information terminology. It allows that service performance information may be presented in either the same report as the financial statements or in a separate report, and provides factors to consider when making that decision. It addresses the reporting entity and reporting period for service performance information. ED 54 also provides guidance on the choice of performance indicators that show an entity’s achievements with respect to its service performance objectives, disclosures about the basis of the reported information, and service performance related narrative discussion and analysis.
How to Comment
To access the ED and the At-a-Glance summary of the ED, or to submit a comment, please visit the IPSASB website. Comments on the ED are requested by May 31, 2014. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of these EDs to their members and employees.
About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, and the governments of Canada, New Zealand, and Switzerland.
About IFAC
IFAC is the global organization for the accountancy profession, dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 179 members and associates in 130 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
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