IFAC Response to the Public Consultation: The Future Governance of the International Public Sector Accounting Standards Board

IFAC submitted a comment letter in response to the International Public Sector Accounting Standards Board Review Group (the Review Group)’s proposed governance arrangements for the International Public Sector Accounting Standard Board (IPSASB), detailed in the Consultation Paper. This matter has been ongoing for several years and IFAC appreciates the efforts of the Review Group in working toward an enhanced set of robust and efficient governance arrangements.

IFAC believes that this review represents an opportunity to enhance the governance arrangements of the IPSASB in a timely manner. Importantly, it is also an opportunity to reflect the specific needs of the public sector; including opportunities for governments to engage with, and be an integral part of, the standard-setting process and its oversight, while maintaining the independence of the process.

IFAC supports establishing a separate monitoring and oversight body for the IPSASB while it remains under the auspices of IFAC.