The International Public Sector Accounting Standards Board (IPSASB) has published Exposure Draft (ED) 47, Financial Statement Discussion and Analysis—a proposed new standard. The ED proposes minimum required content while still providing sufficient flexibility for entities to prepare and publish financial statement discussion and analysis that best portrays their specific circumstances.
Because of the close link between financial statement discussion and analysis and an entity’s financial statements, ED 47 proposes that:
ED 47 includes implementation guidance and an illustrative example that show how an entity might prepare its financial statement discussion and analysis to comply with the proposed requirements.
IPSASB Chair Andreas Bergmann notes, “The purpose of the financial statement discussion and analysis is to provide additional information to users of an entity’s financial statements for accountability and decision-making purposes. Financial statement discussion and analysis complements and supplements the information in the accrual-based financial statements with further insights and perspectives.”
How to Comment
To access the Exposure Draft and the At-a-Glance document, which provides a summary of the Exposure Draft, or to submit a comment, please visit the IPSASB website at www.ipsasb.org. Comments on the Exposure Draft are requested by July 31, 2012. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this Exposure Draft to their members and employees.
About the IPSASB
The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the United Nations and the governments of Canada, China, New Zealand, and Switzerland.
About IFAC
IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.
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See all presentations at www.ifac.org/2012SMPForum.
Helping SMPs Promote and Implement Standards, Influencing the Regulatory Agenda, Assisting SMPs Develop Business Advisory
See all presentations at www.ifac.org/2012SMPForum.
See all presentations at www.ifac.org/2012SMPForum.
Members of the IFAC Member Body Development team were recently invited to present at a World Bank Financial Management Team of the Africa Region meeting, held in Washington, D.C. in Feburary 2012. The meeting gathered 45 members of the World Bank staff who work across the African continent. This presentation was given by Szymon Radziszewicz, IFAC Senior Technical Manager, on the IFAC Compliance Program, the Statements of Membership Obligations (SMOs) as a framework for a high-quality accountancy profession, and the current status of the profession thought-out Africa. In response to a request from the World Bank, IFAC staff highlighted the key themes in each SMO and the action plan process as well as support tools available from IFAC staff. The World Bank expressed their interest in how they could support the implementation of IFAC SMOs and action plans on the ground in individual nations. The meeting also included an open discussion that focused on the different ways the Compliance Program and the World Bank Financial Management team can increase collaboration.
Presentation to the World Bank
IFAC Sovereign Debt Seminar Presentation