The International Public Sector Accounting Standards Board (IPSASB) released a Consultation Paper (CP) seeking views on strengthening how financial information is presented in public sector financial statements. The project represents a significant step toward developing a new International Public Sector Accounting Standard (IPSAS Standard) to replace IPSAS 1, Presentation of Financial Statements, which was issued in 2000.

In response to stakeholder feedback, the IPSASB aims to improve how effectively preparers communicate financial information reported in general purpose financial statements to the users of their financial statements.

“This consultation reflects how the IPSASB is modernizing financial statement presentation in line with evolving global standards. Improving how public sector financial information is communicated is essential to ensuring it is useful and actually used by those it is intended to inform,” said IPSASB Chair Thomas Müller-Marqués Berger. “Using reliable financial data strengthens decision making and accountability, supports public financial management, and helps to meet the needs of legislators, oversight bodies, and the public.”

The IPSASB invites stakeholders to share their perspectives on how financial statement presentation can be improved to better meet their needs. Feedback to the CP will guide the IPSASB in developing a draft of the proposed IPSAS Standard to replace IPSAS 1.

Access the CP, Presentation of Financial Statements and supplementary materials. Submit a comment by September 14, 2026.

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS® Accounting Standards, IPSASB SRS™ Standards, and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. 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 International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 95, Improvements to IPSAS Accounting Standards – Volume 10, and ED 96, Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40) for public comment. 

These proposals form part of the IPSASB’s ongoing work to maintain high-quality, globally relevant public sector accounting standards.  

Both EDs reflect the IPSASB’s practice of reviewing relevant developments from the International Accounting Standards Board (IASB), which sets accounting standards for the private sector. The IPSASB considers if the private sector guidance is relevant to the public sector and specifically updates the guidance for its use when appropriate and further refines considering stakeholder feedback. 

ED 95 proposes minor improvements to accrual basis IPSAS Standards regarding financial instruments, foreign exchange, and consolidated financial statements, as well as editorial clarifications.  

ED 96 proposes amendments to the definition of an operation and to the recognition of certain liabilities in IPSAS 40, Public Sector Combinations, which provides guidance on the acquisition or amalgamation of public sector operations.  

Public feedback will shape the final improvements to IPSAS Standards. Please submit, in English. Comments for both EDs are due by June 30, 2026. 

Submit your comments to ED 95 and ED 96. 

About the IPSASB

The International Public Sector Accounting Standards Board (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS® Accounting Standards, IPSASB SRS™ Standards, and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. 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 International Federation of Accountants (IFAC) and the Chartered Institute of Public Finance and Accountancy (CIPFA) released the 2026 Edition of the International Framework: Good Governance in the Public Sector.

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Good governance ensures that public sector entities define and achieve their intended outcomes while acting in the public interest at all times. It enables them to serve with integrity, transparency, and accountability, building trust in public institutions and reducing the risk of fraud and corruption. Grounded in clear values, proportionate controls, and respect for the rule of law, good governance supports inclusive engagement, informed decisions, and the efficient and effective use of public resources.

The 2026 Edition updates the original 2014 Framework to reflect developments over the past decade and ensure its continued relevance in today’s environment, including progress in sustainability reporting. The Framework remains principles-based and structured around seven high-level, interrelated principles for good governance, designed to apply to all entities in the public sector.

Lee White, IFAC Chief Executive Officer, said: “The Framework reaffirms that good governance enables public sector entities to deliver meaningful outcomes for current citizens while protecting the interests of future generations. By providing a globally recognized benchmark, it supports IFAC members in advancing high-quality practices and strengthening trust in public institutions worldwide."

Owen Mapley, CIPFA Chief Executive Officer, said: “The 2026 Edition maintains the Framework’s clear focus on principles, but presents them in a more concise, practical, and action-oriented format. It provides governments and public sector leaders with an adaptable and accessible tool to support improvement and accountability.”

Each of the seven principles is accompanied by a set of questions designed to prompt critical thinking and meaningful discussion among leadership teams. The Framework is intended as a diagnostic and developmental tool to support entities, reviewers, and advisors in assessing governance practices, identifying areas of strength, and planning improvements. It complements jurisdictional or sectoral governance codes, serving as a useful reference to those developing, updating, or reviewing such codes.

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The updated Framework will be utilized in community discussions around the globe and explored in depth at a global webinar May 6, 2026 at 13:00 UTC. Register now for From Principles to Practice: The 2026 Framework for Good Governance in the Public Sector. 

Download the 2026 Edition of the International Framework: Good Governance in the Public Sector.

About IFAC

IFAC, by connecting and uniting its members, makes the accountancy profession truly global.

IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.

IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.

About CIPFA

The Chartered Institute of Public Finance and Accountancy (CIPFA) is the professional body for people in public finance, promoting excellence in public financial management and governance worldwide.