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Published byMelinda Ray Modified over 9 years ago
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Update on IFAC International Public Sector Accounting Standards Board Liz Cannon, Assistant Director Technical and International, CIPFA
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Agenda A reminder of what IPSASB is and the role it plays Recent activity – EDs issued Current ongoing projects
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IPSASB IPSASB was the IFAC Public Sector Committee – was renamed in 2004 Its role is unchanged Part of IFAC – 163 member bodies from 119 countries Current resource constraints limit progress Issues cash and accrual IPSASs
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IPSASB IPSASB Members 2005 France (Chair), UK (Deputy Chair), Australia, Argentina, Canada, Germany, India, Israel, Japan, Malaysia, Mexico, New Zealand, Norway, South Africa, USA In 2006, two public members to be added IPSASB Observers ADB, EU, IASB, IMF, INTOSAI, OECD, World Bank, UN, UNDP
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IPSASB processes Transparent due process Meetings in public and papers on the web Exposure drafts – 4 months to comment Consultative Group Regional Seminars Project Advisory panels Exposure drafts: at least 4 months for comment
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IPSASB Recent Activity Exposure Drafts ED 24 External Assistance ED 25 Equal authority of paragraphs in IPSASs ED 26 Amendments to 11 IPSASs ED 27 Budget Reporting ED 28 General Government Disclosures
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ED 24 External Assistance Cash basis – comment period closed in June 2005 Encouraged by OECD and multilateral banks Harmonise requirements, reduce compliance costs 30 responses – still coming in Concerns – disclosures too onerous Concerns – donors not providing information Before moving forward – further field tests by donors and recipients
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ED 25 Equal Authority All IPSAS paragraphs have the same authority Black letter paragraphs set out matters of principle
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ED 26 Amendments to IPSASs Part of convergence project with IASs issued by the IASB at December 2003 as part of its general improvements project Resources preclude continuation of this project any further for now
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ED 27 Budget reporting Applies to public sector entities which are required (by legislation, other authority) to disclose budgets To discharge accountability/enhance transparency Disclose original and final budget by major class Disclose actual outcome and compare to budget for which held accountable Reconciliation to General Purpose Financial Statements
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ED 28 General Government Disclosures Issued as part of programme to support convergence of IPSASs and statistical bases of reporting Many similarities but also differences between accounts The ED tries to explain the differences so as to make them clearer for users Disclosure not required - “rules” for governments that elect to disclose information about GGS
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IPSASB Project: Non-Exchange Revenue Invitation to Comment: 2003 Assets and Liabilities Approach Issues include recognition of in-kind services and liabilities arising from conditions Includes transfers (e.g. grants, fines, donations, debt forgiveness) and taxes
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IPSASB Project: Non-Exchange Revenue Extensive analysis of stipulations and liabilities, and distinction between ‘conditions’ & ‘restrictions’ Focus on ‘sacrifice of resources’ Differs from UK focus on ‘control of the condition’
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IPSASB Project: Non-Exchange Revenue In-Kind Services –Recognition permitted but not required –Differs from UK ASB SoP draft which considers whether services would otherwise be purchased Differentiation of tax expenditures and tax expenses and prohibition of offsetting of tax expenses Exposure Draft likely late 2005/early 2006
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IPSASB Projects: Social Policy Obligations & Pensions Invitation to Comment : 2003 Sub-projects for general social policies and pensions Employee benefits outside primary scope: applicability of IAS 19 to public sector to be considered in November 2005
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IPSASB Project: Social Policy Obligations When do present obligations arise for social benefits? Cash Transfers: On satisfaction of all key eligibility criteria Individual Goods/Services: - - - ditto - - - Collective Goods/Services: On delivery Staying Alive/Continuing Existence will often be a key recognition criteria but not a measurement attribute Draft ED to be considered in November
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IPSASB Project: Pensions Preliminary distinction between pensions where contributions are relevant to benefits paid and those where there is no relationship Similar approach as social policy obligations re recognition criteria and liabilities Further consideration to be given in November
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International Public Sector Accounting Standards Board Any Questions? Liz Cannon, Assistant Director Technical and International, CIPFA
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