The International Public Sector Accounting Standards Board® (IPSASB®) has published a Consultation Document on its proposed Strategy and Work Plan for 2019-2023.
The draft Strategy emphasizes the importance of International Public Sector Accounting Standards (IPSAS) to public financial management reforms and proposes the following strategic objective:
- Strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS.
- Delivered through two main areas of activity, both of which have a public interest focus:
- Developing IPSAS and other high-quality financial reporting guidance for the public sector; and
- Raising awareness of IPSAS and the benefits of accrual adoption.
The IPSASB proposes five themes that support the strategic objective and which will drive its work.
To develop standards on critical areas in public sector accounting, the IPSASB proposes to take on three new major public sector specific projects – accounting for natural resources, discount rates and differential reporting – all of which will provide great public interest benefits to a wide range of constituents.
The IPSASB will also continue to maintain convergence with International Financial Reporting Standards, where appropriate, and to work with others to promote IPSAS adoption and emphasize the importance of accrual-based information for strengthening PFM.
“The IPSASB will continue to focus on developing standards addressing public sector specific financial reporting issues,” said IPSASB Chair Ian Carruthers. “However, the proposed strategy also emphasizes the importance of the IPSASB working with others to ensure that the great benefits of IPSAS implementation are more widely understood and that the power of accrual reporting in supporting PFM reforms is fully recognized.”
This Consultation provides an opportunity for constituents to comment on the IPSASB’s strategic objective, supporting themes and work plan priorities for the period 2019-2023. Please submit your responses by June 15, 2018 to ensure your views are considered.
How to Comment
To access the Consultation and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website at www.ipsasb.org. Comments are requested by June 15, 2018. The IPSASB encourages IFAC member organizations and regional accountancy organizations to promote the availability of this Consultation to their members and employees.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.