IPSASB eNews: September 2024

Sep 26, 2024 | New York, New York | English

The IPSASB held its third meeting of the year from September 17-20 in Brussels, Belgium hosted by the European Commission. Recordings of the meetings are available on our YouTube channel.

1. Sustainability-Climate-Related Disclosures

2. Strategy and Work Program

3. Natural Resources

4. Natural Resources - Mineral Resources and Stripping Costs

5. Presentation of Financial Statements

6. IFRIC Alignment – Narrow Scope Amendments

7. Next Meeting

8. Adoption & Implementation Resources

9. Open Consultations

Sustainability-Climate-Related Disclosures
The IPSASB broke new ground approving its first Sustainability Reporting Standard (IPSASB SRS™) Exposure Draft (ED) 1, Climate-related Disclosures. The ED proposes disclosures for all public sector entities to report on their climate-related risks and opportunities, aligned with the private sector disclosures developed by the International Sustainability Standards Board. The proposals also include additional public sector disclosures for those select entities with the responsibility to develop climate-related policy programs by exercising their sovereign powers. The IPSASB expects to publish the ED by the end of October 2024 and then undertake a global consultation to seek feedback from constituents on the proposals.
Strategy and Work Program
The IPSASB approved its Strategy and Work Program 2024-2028. The Strategy is an evolution of the Board’s previous strategy, adding a sustainability reporting work stream, and rebalancing its financial reporting resources to focus on the consistent implementation and application of standards as more entities transition to accrual IPSAS. The Strategy and Work Program 2024-2028 is expected to be published in October 2024.
Natural Resources
The IPSASB approved ED 92, Tangible Natural Resources. This ED proposes guidance that fills a gap in the current literature for naturally occurring items with physical substance that embody service potential and/or the capability to generate economic benefits. ED 92 is expected to be published by the end of October 2024.
Natural Resources - Mineral Resources and Stripping Costs
The IPSASB approved the final pronouncements IPSAS 50, Exploration for and Evaluation of Mineral Resources, and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12). These new pronouncements provide guidance for public sector entities operating in extractive industries, with accounting guidance aligned with the private sector. They will be effective from January 1, 2027 with early adoption permitted, and are expected to be published in Q4 2024.
Presentation of Financial Statements
The IPSASB reviewed its draft Consultation Paper and the accompanying Illustrative ED based on the Board's deliberation of issues to date. The sections considered included the underlying principles for preparing financial statements and the specific requirements for presenting the Statement of Financial Position. The IPSASB expects to begin discussions on the presentation of the Statement of Financial Performance in December 2024.
IFRIC Alignment – Narrow Scope Amendments
The IPSASB reviewed the responses to ED 89, Amendments to Consider IFRIC Interpretations. Constituents strongly supported the proposed additional guidance because it will help public sector entities understand and apply existing accounting principles, thereby improving the clarity and accuracy of financial information. The IPSASB intends to approve a final pronouncement at its next meeting in December 2024.
Next Meeting
Adoption & Implementation Resources
  • Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
  • e-International Standards: Access the IPSASB’s standards and pronouncements on a convenient digital platform.
  • Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants. 
Open Consultations