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  • New Edition of the International Framework: Good Governance in the Public Sector Released by IFAC and CIPFA

    New York, New York | Worldwide English

    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.

    IFAC-CIPFA-GGF-Cover
     

    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.

    IFAC-CIPFA-GGF-webinar

     

    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.

  • IPSASB eNews: March 2026

    English

    The first IPSASB Board Meeting of 2026 was held from March 10-13, in Toronto, Canada. The IPSASB approved three exposure drafts (ED) and one consultation paper (CP), which will provide stakeholders with opportunities to share feedback on proposals aimed at improving public sector financial reporting worldwide. View the newsletter. 

    Presentation of Financial Statements

    The IPSASB approved its CP, Presentation of Financial Statements. This CP includes the IPSASB’s preliminary views, along with an illustrative ED to help constituents visualize those proposals as a draft IPSAS Standard to replace IPSAS 1, Presentation of Financial Statements. This approval is an important step in the IPSASB’s work to enhance the effective communication of financial information reported in general purpose financial statements.  

    The CP is expected to be published in Q2 2026 for a 120-day exposure period. 

    Making Materiality Judgments

    An ED to support clearer, more focused financial reporting by helping entities apply materiality principles when preparing financial statements in accordance with IPSAS Standards was approved. The ED proposes non-mandatory guidance to support in making materiality judgments when applying IPSAS Standards.  

    The ED is expected to be published in Q2 2026 for a 120-day exposure period. 

    Improvements to IPSAS Accounting Standards 

    Two EDs were approved proposing clarifications to existing requirements and to support consistent application of IPSAS Standards across jurisdictions: Improvements to IPSAS Accounting Standards – Volume 10, and Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40). Both EDs are expected to be published in Q2 2026 for a 60-day exposure period. 

    Climate-related Outcomes of Public Policies 

    Responding to feedback received on IPSASB SRS ED 1, the IPSASB decided to clarify the scope, definitions, and structure of the proposed standard, including focusing on disclosures on climate-related outcomes of all public policies. 

    Measurement (Application Phase: COV In IPSAS 31) 

    The IPSASB agreed Current Operational Value (COV) should be available when measuring intangible assets at their current value. However, the IPSASB considered stakeholder feedback and recognized the practical challenges that could arise and agreed that guidance on how to apply the COV principles to intangibles should be developed and discussed by the IPSASB before issuing final guidance. The IPSASB will continue to develop and review guidance at upcoming IPSASB meetings.  

    Post Implementation Reviews 

    The IPSASB decided that a Post Implementation Review (PIR) of IPSAS 20, Related Party Disclosures, is unnecessary at this time because the issues raised by constituents related to the application of judgment as opposed to substantive implementation challenges with the Standard. The IPSASB will perform additional fact-finding activities to determine which IPSAS Standards present stakeholders with significant implementation challenges and therefore represent the highest priority for a PIR. To support this research, the IPSASB agreed to establish a new Forum, the Financial Reporting Implementation Forum, to gather information directly from constituents on various implementation challenges with IPSAS Accounting Standards.  

    Next Meeting

    The next IPSASB meeting will be hosted by the International Monetary Fund at their headquarters Washington D.C., USA June 9-12, 2026.   

    Meeting Recordings

    Recordings of the meetings are available on our YouTube channel. 

  • International Framework: Good Governance in the Public Sector

    2026 Edition

    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.

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