The IPSASB adopted an open and inclusive process throughout the development of the 2019-2023 Strategy and Work Plan. This included discussions and dialogue with different stakeholder groups including: (a) National standard setters (through the Public Sector Standard Setters Forum); (b) Jurisdictions using IPSAS or in the process of adopting and implementing IPSAS; and (c) The IPSASB Consultative Advisory Group (CAG) and the Public Interest Committee (PIC).

Consistent with IFAC’s Strategy implementation approach, the Quality & Development (Q&D) staff, with the advice and oversight of the Compliance Advisory Panel (CAP), prepare annual work programs to implement the IFAC Member Compliance Program Strategy: 2016–2018.

In 2018, the staff of the IFAC Member Compliance Program, in addition to its core activities, will focus on: 

Changes in the technology used in the business world have an impact on the information and communications technology skills professional accountants need—both current accountants as well as aspiring accountants. Assessing necessary skills and meeting the need are a challenge for the accounting profession, especially when combined with the growing importance of behavioral skills.

Highlights from the IAASB's December 11 - 15, 2017 meeting in New York, NY. 

00:15 – Introduction: Matt Waldron, IAASB Technical Director
00:36 – Highlights & Key Developments: Matt Waldron, IAASB Technical Director
03:19 – ISA 540 (Revised): Rich Sharko, Task Force Chair and IAASB Member 
05:38 – ISA 315 (Revised): Fiona Campbell, IAASB Member 
10:05 – ISA 220 and ISQC 1: Megan Zietsman, IAASB Deputy Chair
19:49 – Closing Remarks: Matt Waldron, IAASB Technical Director

Dr. Jens Engelhardt became Technical Advisor to Prof. Dr. Jens Poll in January 2018. Dr. Engelhardt is Senior Manager in the Audit & Accounting Division at the German Chamber of Public Accountants (Wirtschaftsprüferkammer – WPK). He is a member of Accountancy Europe (AE)’s Professional Ethics and Competencies Working Group.

Dr. Engelhardt is a lawyer and holds a PhD in comparative law.

(New York, January 31, 2018) – The International Public Sector Accounting Standards Board^® (IPSASB^®) today released for comment Exposure Draft (ED) 64, Leases.

ED 64 proposes a single right-of-use model for lease accounting that will replace the risks and rewards incidental to ownership model in IPSAS 13, Leases. ED 64 also proposes new public sector specific accounting requirements for leases at below market terms (also known as “concessionary leases”) for both lessors and lessees.

For lessees, ED 64 proposes accounting requirements that are converged with the International Accounting Standards Board’s IFRS 16, Leases, by requiring the recognition of a right-of-use asset and a lease liability for all leases, except for short-term leases and leases of low-value assets.

For lessors, ED 64 proposes a right-of-use model specifically designed for public sector financial reporting that differs from the risks and rewards incidental to ownership model for lessors in IFRS 16 by:

(a)             Continuing to recognize and measure the leased asset according to the applicable IPSAS; and

(b)             Recognizing a lease receivable and a liability (unearned revenue) as a result of the lease contract, except for short-term leases.

The proposals in ED 64 address common public sector lease contracts where a lessor and a lessee are part of the same economic entity.

“Leases, including concessionary leases, are very important financing mechanisms in the public sector and in international organizations,” said IPSASB Chair Ian Carruthers. “The proposals in ED 64 will provide better information on the financial impacts of leases and therefore enhance both the accountability of an entity for its management of resources and improve the quality of information for decision-making.”  

Comment Deadline: June 30, 2018

How to Comment
To access the Exposure Draft and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website at www.ipsasb.org. Comments on the Exposure Draft are requested by June 30, 2018. The IPSASB encourages IFAC member organizations and regional accountancy organizations to promote the availability of this Exposure Draft to their members and employees.

About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through the development of accrual-based International Public Sector Accounting Standards® (IPSAS®) and other guidance for use by governments and other public sector entities. It 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.