The International Public Sector Accounting Standards Board (IPSASB) today published its Biennial Review, Delivering for the Future, which summarizes the Board’s successes, challenges, and key outputs during 2017 and 2018.
The majority of the Board’s projects during the review period were public sector-specific in nature and aimed at closing perceived gaps in the IPSASB’s suite of standards, while maintaining alignment with International Financial Reporting Standards, when appropriate.
During 2017 and 2018, the IPSASB finalized IPSAS 40, Public Sector Combinations; IPSAS 41, Financial Instruments; and the landmark standard, IPSAS 42, Social Benefits. In addition, the Board approved two major Exposure Drafts (ED) 64, Leases, and ED 67, Collective and Individuals Services and Emergency Relief (Amendments to IPSAS 19).
“After celebrating the twentieth anniversary of the IPSAS program in 2017, these are exciting times for the IPSASB, with significant increases projected in the global adoption and implementation of IPSAS by governments in the short to medium term,” said IPSASB Chair Ian Carruthers. “The hard work, dedication, and commitment of my fellow IPSASB members and their technical advisors, all of whom are volunteers, together with the support of IPSASB staff, have been critical to the Board’s notable achievements during 2017 and 2018.”
The IPSASB Strategy and Work Plan 2019-2023 was also developed during the review period, which will guide the Board’s future activities toward its strategic objective.
To ensure it delivers in the public interest, the IPSASB’s strategic objective is: strengthening Public Financial Management (PFM) globally through increasing adoption of accrual-based IPSAS.
This will be delivered through two main areas of activity, both of which have a public interest focus:
- Developing and maintaining IPSAS and other high-quality financial reporting guidance for the public sector; and
- Raising awareness of IPSAS and the benefits of accrual adoption.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board 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.