1. International Federation of Accountants
International Public Sector Accounting Standards Board (IPSASB)
Richard J. Neville F.C.A
(Canada’s voting member)
Financial Management Institute - PD Week 1

2. The IFAC IPSASB Mission
To serve the public interest by developing high quality accounting standards for use by public sector entities around the world, including international organisations, in the preparation of general purpose financial statements.
IFAC IPSASB is providing the benchmark
Financial Management Institute - PD Week

3. Financial Management Institute - PD Week - 2008
IPSASB
Standing Board within IFAC
15 Members nominated through accounting profession
3 Members nominated through non-accounting profession
Supported by the Canadian Government and CICA, NZ and Swiss Governments, World Bank, UN Group, ADB.
Technical Director and 4 staff Toronto based, 1 New York, 1 Melbourne
Rolling secondment from Chinese Ministry of Finance
Financial Management Institute - PD Week 3

4. Financial Management Institute - PD Week - 2008
IPSASB process
18 Members including 3 Public Members
Meets 3 times per year
4 day meetings which may include a regional seminar and/or a consultative group meeting.
Open to the public
All materials publicly available – posted on internet
Financial Management Institute - PD Week 4

5. Financial Management Institute - PD Week - 2008
Advantages of IPSASs
Independent standard setting
Qualitative characteristics include -
timeliness of reporting
relevant, faithful representation, comparability, verifiability, and understandability
Improved general purpose financial reporting – improving transparency
Greater accountability
Fight against fraud and corruption
Financial Management Institute - PD Week 5

6. Strong Evidence of Progress - 2007
UN System (28 bodies), OECD, NATO (21 bodies), EC, IFAC, INTERPOL
More than70 countries have agreed processes or have a project in place to adopt IPSASs or align with IPSASs as part of wider reforms to adopt accrual accounting.
Financial Management Institute - PD Week 6

7. Strong Evidence of Progress – 2008
Adopters of IPSASs –
UN WFP
European Commission
NATO
OECD
Financial Management Institute - PD Week 7

8. Strong Evidence of Progress – beyond 2009
Adopters of IPSASs –
UN System
Swiss Government
Government of Israel
Government of South Africa
Brazil, Russia, India, China countries committed to adopt
Financial Management Institute - PD Week 8

9. Strong Evidence of Progress
Examples of adopters of accrual accounting –
New Zealand Government
Australian Government
UK Government
Canadian Government
French Government
Financial Management Institute - PD Week 9

10. Financial Management Institute - PD Week - 2008
Strategic Themes
Conceptual framework for public sector
Public sector specific issues including convergence with statistical bases where appropriate
IFRS convergence – ‘Rules of the Road’
Promotion & communication
Financial Management Institute - PD Week 10

11. Financial Management Institute - PD Week - 2008
Conceptual Framework
Applies to the public sector including international and intergovernmental organisations
Consultative Document – Objectives, Reporting Entity, Scope and Qualitative Characteristics
Publication was September 2008
Financial Management Institute - PD Week 11

12. Public Sector Specific Projects
Social Benefits – feedback: Oct 2008
Long-Term Fiscal Sustainability - project
Service Concessions – feedback: Oct 2008
Narrative Reporting & Performance Reporting – projects CF feedback: May2009
Financial Management Institute - PD Week 12

13. Financial Management Institute - PD Week - 2008
IFRS Convergence
Target date December 31, 2009 for IFRSs as at December 31, 2008 Relationship with IASB at Board level
Financial Management Institute - PD Week

14. Financial Management Institute - PD Week - 2008
Development process…
IFRS
(Private Sector)
Terminologies
Public sector guideline
Public sector issues 1 2
IPSASs
(Public sector)
Financial Management Institute - PD Week

15. Promotion Communication Outreach
Proactive rather than reactive
Focused
Leadership credentials
Widespread adoption is the ultimate goal
Financial Management Institute - PD Week 15

16. Key challenges for IPSASB
Growing demand for Standards
Credibility of IPSASB - board/staff
Completion of Conceptual Framework
Meeting Target for IFRS Convergence
Relevance to public sector
Keeping up with momentum/demand
Financial Management Institute - PD Week 16

17. Financial Management Institute - PD Week - 2008
Strategic Alliances
World Bank – Fiduciary Forum/supporting each other
IMF – Strategic partnership/eliminating differences
IASB - leadership group at Board level
National Standard Setters – providing staff support
INTOSAI - leadership in regions
Development Banks – IADB; ADB
United Nations – major adopter/contributor to open meetings
Financial Management Institute - PD Week 17

18. Available on IPSASB web site
All IPSASs (26 accrual plus 1 cash basis)
(including Spanish and French translations)
All current Exposure Drafts and other publications
IPSASB Updates on most recent IPSASB meetings
IPSASB meeting papers (before each meeting)
Project histories
FREE OF CHARGE AT:
Financial Management Institute - PD Week 18

19. International Federation of Accountants www.ifac.org
Financial Management Institute - PD Week 1