The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework), approved at the IPSASB’s September 2014 meeting, has since been translated into Spanish. Additionally, the IPSASB produced a multimedia overview of the Conceptual Framework in February 2015.
The Conceptual Framework has been a powerful tool in IPSASB project development. In particular, the objective of financial reporting, with its focus on the primary class of users (service recipients and resources providers and their representatives), ensures that the IPSASB develops pronouncements in the public interest, emphasizing the role of financial reporting in providing information essential for accountability and decision-making purposes.
With the approval and publication of the Conceptual Framework, more staff resources and agenda space are now available to focus on standard-setting in the period forward from 2015, including developing requirements and guidance in areas where there are gaps, notably social benefits, public sector combinations, and heritage assets.
In October, the IPSASB released Exposure Drafts (ED)—ED 57, Impairment of Revalued Assets, which proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of the IPSASB’s two standards on impairment; and ED 58, Improvements to IPSASs 2015, which will consider broader improvements rather than focusing solely on those to maintain convergence with International Financial Reporting Standards (IFRS). Comments are due by January 15, 2016.
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Ian Carruthers, an IPSASB member since 2010, has been appointed chair for a three-year term commencing January 1, 2016. Nominated for the position by Chartered Institute of Public Finance and Accountancy (CIPFA), he replaces Andreas Bergmann, who has served as IPSASB chair with great distinction since 2010.
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An archived version of the recent IPSASB webinar, “Social Benefits: An Overview of the IPSASB Consultation Paper,” is now available. During this webinar, IPSASB Technical Manager Paul Mason and IPSASB member Bob Dacey, Chief Accountant with the US Government Accountability Office, review some of the key issues raised in the IPSASB’s recent Consultation Paper.
WATCH HERE »
The latest meeting was held September 22-25 in Toronto, Canada. Highlights included an announcement of the new IPSASB chair, approval of two Exposure Drafts, and progress on projects such as Revenue, Non-Exchange Expenses, Public Sector Combinations, Heritage Assets, Emissions Trading Schemes, and Public Sector Financial Instruments.
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The IPSASB is recruiting for a Technical Manager for its staff team based in Toronto. For complete job description and required skills and experience, see Working at IFAC.
Kevin Simpkins, who played an instrumental role in developing the original International Public Sector Accounting Standards and led the exploratory work on social policy obligations, passed away in October. Kevin was a tireless advocate for public sector financial management reform and, after stepping down from the Public Sector Committee (IPSASB’s predecessor), became one of the most important and influential global advocates for IPSAS and for using IPSAS as the basis of financial reporting for the public benefit sector in New Zealand.
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- December 8 - 11, 2015: IPSASB Board Meeting, Toronto, Canada. Full details are available on the IPSASB Meetings page. Members of the public may register as observers with registration closing one week prior to the first day of the meeting.
- January 15, 2016: Comments Due on Exposure Draft 57, Impairment of Revalued Assets and ED 58, Improvements to IPSASs 2015.