IPSASB eNews: June 2024

The IPSASB approved the Final Pronouncement, Concessionary Leases and Other Arrangements Conveying Rights over Assets (Amendments to IPSAS 43, IPSAS 47, and IPSAS 48). The effective date for the relevant amendments is January 1, 2027.

The IPSASB approved Exposure Draft (ED) 90, Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement. This ED proposes amendments to IPSAS to introduce current operational value, and add a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors. ED 90 will be published in Q3 2024 with a 120-day comment period.

The IPSASB approved ED 91, Limited-scope Updates to First-time Adoption of International Public Sector Accounting Standards (IPSAS) (Amendments to IPSAS 33). This ED proposes amendments to existing requirements to emphasize exemptions available to those using the standard. The ED also proposes non-authoritative guidance to help clarify the standard's application for first-time adopters, including information to help identify the appropriate point to apply IPSAS 33 in their overall transition plan to accrual-basis IPSAS. ED 91 will be published in Q3 2024 with a 120-day comment period.

The IPSASB continued the development of the Climate-related Disclosures ED by reviewing the proposed principles on metrics and targets, transitional provisions, and general requirements. The IPSASB clarified that the ED will address public policy programs (such as regulations, taxation, subsidies, and incentives) that are explicitly designed to address climate-related risks and opportunities. The IPSASB plans to approve the ED at its September 2024 meeting.

The IPSASB continued developing its Natural Resources ED by reviewing the draft specific matters for comment, core text, application guidance, and basis for conclusions. In addition, the IPSASB agreed on the topics for which implementation guidance and illustrative examples would be developed in the ED. The IPSASB plans to approve the ED at its September 2024 meeting.

The IPSASB reviewed the responses received to its 2024-2028 Strategy and Work Program Consultation. The proposals were strongly supported by stakeholders, which only required the IPSASB to make minor clarifications. The IPSASB plans to approve the final 2024-2028 Strategy and Work Program at its September 2024 meeting.

The IPSASB continued the development of its Consultation Paper and Illustrative ED related to the project to develop a replacement for IPSAS 1, Presentation of Financial Statements. The IPSASB considered several important project issues, including agreeing to retain the current/non-current distinction as the primary method for classifying assets and liabilities on the statement of financial position. The IPSASB will continue its deliberations on this project in September 2024.

The next IPSASB meeting will be hosted by the European Commission in Brussels, Belgium from September 17 to 20, 2024.

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