The IPSASB held its first meeting of the year virtually on March 16-19 and 23, 2021.
The IPSASB approved a Project Brief on Accounting and Reporting by Retirement Benefit Plans. In adapting IAS 26, Accounting and Reporting by Retirement Benefit Plans to the public sector, the IPSASB agreed to consider alternatives developed by National Public Sector Standard Setters to address the public sector issues identified.
The IPSASB received an educational session on a proposed limited-scope project to develop an IPSAS aligned with IFRS 8, Operating Segments. The session provided an overview of the requirements of IPSAS 18, Segment Reporting, IFRS 8, and public sector specific issues identified by stakeholders. The IPSASB decided to undertake more research and specifically gather further information related to the challenges in applying IPSAS 18 in practice before it decides whether to add the project to the Work Program.
The IPSASB discussed several key topics arising from the responses received on the revenue Exposure Drafts (ED) 70 and ED 71. The IPSASB:
The IPSASB continued its review of the draft Consultation Paper (CP) and provided feedback on the measurement of subsoil resources, the approach used to draft the chapter on living resources, and the description of living resources. In addition, the IPSASB decided the CP will:
Include guidance on the costs of exploration, evaluation, development, and production activities;
Provide potential options on how this guidance could be incorporated into IPSAS literature; and
Solicit constituents’ views on these options.
The IPSASB received presentations on its 2019-2023 Strategy and Work Plan and academic outreach initiatives, including three research papers on proposed projects. These presentations set the stage for a robust discussion on prioritizing projects to be proposed in the Mid-Period Work Program Consultation. The work to develop the Mid-Period Work Program Consultation will continue during Q2 2021, and it is expected to be approved in June 2021.
The IPSASB agreed to the grouping of topics proposed for the next stage of the project. The topics are those in the original project brief not addressed in the first stage of the project, except for concepts of capital and capital maintenance, which, because of their complexity, should be taken forward separately on a longer timeframe. The IPSASB also agreed to add the description of service potential in the context of an asset to the list of topics.
The next full-meeting of the IPSASB will take place virtually in June 2021. For more information, or to register as an observer, visit the IPSASB website.
Highlights of the IPSASB March 2021 virtual meeting:
00:00 Welcome and introduction
00:37 Chair’s meeting overview
04:58 Accounting and Reporting on Retirement Benefit Plans
08:25 Revenue
16:20 Closing remarks
In November 2020, IFAC in partnership with cloudThing launched the IFAC PAO Digital Readiness Assessment Tool (the Tool).
The Tool was created to help and support IFAC member organizations on their digital journey. Each participating PAO will receive a report containing their results.
IFAC member organizations in Europe and Central Asia region are invited to attend - the event will also be will be live streamed on IFAC's YouTube channel
The webinar will be held in English, with simultaneous translation in Russian
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In November 2020, IFAC in partnership with cloudThing launched the IFAC PAO Digital Readiness Assessment Tool (the Tool).
Together with ICAEW, The International Federation of Accountants (IFAC) today released the sixth installment in its Anti-Money Laundering: The Basics educational series: Installment 6: Businesses in Difficulty.
The publication is part of a 6-month short series helping accountants enhance their understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest. Installment six looks at businesses experiencing financial difficulties and the increased risk a professional accountant may face to inadvertently facilitate money laundering.
The installment series, with its focus on accessibility and ease of use, will be a resource for Small and Medium Practices (SMPs,) and accountants less familiar with AML, while also providing guidance for those looking for a quick refresher or reference.
Anti-Money Laundering: The Basics is featured on both the IFAC (landing page) and ICAEW websites and available for download for free. To be globally relevant, the series uses the risk-based approach of the Financial Action Task Force (FATF) – the global money laundering and terrorist financing watchdog -- as a starting point.
For more information about IFAC, visit www.ifac.org.
For more information about ICAEW, visit https://www.icaew.com/.
Segment Examines the Implications of Money Laundering on Businesses in Difficulty
This is the sixth installment of a 6-month publication series titled Anti-Money Laundering, The Basics.
The series provides professional accountants with a better understanding of how money laundering works, the risks they face, and what they can do to mitigate these risks and make a positive contribution to the public interest.
The IESBA’s Rollout initiative is intended to promote awareness of, and support the adoption and effective implementation of the proposed changes to the International Independence Standards arising from the IESBA’s NAs and Fees projects. The Working Group will release materials that facilitate this initiative, such as but not limited to
The Long Association Post-Implementation Review (LAPIR) is to be carried out in two phases:
Phase 1
This phase will review the implementation status of the five-year cooling-off requirement for EPs on audits of PIEs, and any issues arising from the implementation of such requirement before the expiry of the transition period for the jurisdictional provision.
Phase 2