Today, the International Public Sector Accounting Standards Board^® (IPSASB^®) has issued Improvements to IPSAS, 2021. The pronouncement was approved by the IPSASB in December 2021.

Improvements to IPSAS, 2021 includes minor improvements to IPSAS to address issues raised by stakeholders and minor amendments sourced from recent IFRS improvements and narrow scope projects.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.

The IAASB approved the new and revised quality management standards and issued these standards on December 17th, 2020. As a result, the IAASB needed to consider conforming and consequential amendments to the IAASB’s Other Standards and the International Framework for Assurance Engagements where they make reference to the extant quality control standards.

Providing citizens with the information to understand how the tax system works, the rights and obligations of taxpayers, and how citizens can influence the evolution of the tax system, is vital to building public trust in tax systems, a key component in tax morale.