The SMPAG supports the IAASB approach to undertake the project on listed entity and PIE as two tracks with the ED focused on narrow scope amendments to ISA 700 (Revised) and ISA 260 (Revised) to support operationalizing the IESBA transparency requirement with an effective data that aligns with the revisions to the IESBA Code, followed by a separate track dealing with other issues that would have a later effective date.
The International Public Sector Accounting Standards Board (IPSASB), developer of IPSAS®, international accrual-based accounting standards for the public sector, announced its new 2023 board members at its recent meeting in Portugal. The 2023 board will be a diverse, woman-majority group with members from around the world.
The new appointees to the IPSASB have been selected following a rigorous nominations and interview process involving the IFAC Nominating Committee and IPSASB leadership, overseen by the Public Interest Committee. The IFAC Board approved the recommended candidates.
The new Board members are:
Mrs. Nor Yati Ahmad (Malaysia),
Mr. Andrew van der Burgh (South Africa), and
Mr. Jona Wala (Kenya).
The re-appointed Board members are:
Dr. Kamira Muriel Sanchez Nicosia (Panama),
Mr. Scott Showalter (USA), and
Mrs. Patricia Siqueira Varela (Brazil).
“For the second year, the IPSASB will be a board comprising a majority of women for 2023,” said IPSASB Chair Ian Carruthers. “Diversity of Board membership is essential to ensure the delivery of high-quality standards that can strengthen public financial management globally. The appointment of new members from Africa and Asia will also be important to ensuring that our outputs meet the needs of an increasingly diverse group of users.”
The IPSASB also announced that Mr. Scott Showalter (USA) will assume the IPSASB Deputy Chair position for 2023. “I am extremely pleased that Scott has agreed to serve as my deputy. Scott brings a powerful combination of experience having served on the board since 2020 in addition to his experience as the former chair of Federal Accounting Standards Advisory Board where he completed his 10-year term in June 2019,” said Mr. Carruthers. “I also want to take this opportunity to thank outgoing members Lindy Bodewig, the current Deputy Chair, Christopher Nyong, and Ajith Ratnayake for their many important contributions to our work during their time with the Board. We are extremely grateful for their dedication and commitment.”
About the IPSASB The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board 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.
In late 2020, the International Auditing and Assurance Standards Board (IAASB) issued three new and revised quality management standards. The standards strengthen and modernize how a firm of any size or level of complexity approaches quality management. This document provides links to IFAC and IAASB materials that can help firms implement the new standards.
IFAC and A4S hosted their Climate Week NYC event Finance Leaders Plugging the Net-Zero Information Gap: Exploring the critical role of CFOs and finance teams in the climate transition two weeks ago. The event brought together finance and accounting leaders to better understand how they're enabling their organization’s decarbonization strategies and transition planning and what obstacles they’re facing.
“The task to decarbonizeeconomies is no mean feat,” said Kevin Dancey, IFAC CEO. “The quality of sustainability-related data and reporting processes must be improved to meet the demands of investors, regulators, and policy makers and the urgency of the climate crisis itself. Leveraging the skills of professional accountants to identify risks and opportunities and enhance climate-related information is an essential starting point.”
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 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.
Audit & Assurance
Professional Accountancy Organization (PAO) Development
Professional Accountants in Business (PAIB)
Sustainable Organizations & Sustainability Transformation
Artificial Intelligence & Technology
The IPSASB held its third meeting of the year in Lisbon, Portugal on September 12-16, 2022.
Measurement
The IPSASB confirmed the principles related to Current Operational Value (COV) and discussed their practical application. The IPSASB will next focus on refining the COV definition and clarifying the drafting in the authoritative and non-authoritative text based on the decisions made in September.
The IPSASB completed its review of responses to ED 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements. The IPSASB decided not to include replacement cost in an updated Chapter 7. The IPSASB also decided to retain the approach proposed in ED 76 whereby value in use is discussed in the context of impairment, but left to be defined in the relevant IPSAS.
ED 78, Property, Plant, And Equipment
The IPSASB completed its detailed review of the responses to ED 78, Property, Plant, and Equipment. The IPSASB agreed that the primary objective for why an entity holds an asset guides the selection of the measurement basis, and the measurement model shall be applied to the entire class of property, plant, and equipment.
Revenue and Transfer Expenses
The IPSASB finished discussing all principle-related Revenue and Transfer Expenses issues. In particular, the Board agreed to strengthen the consistency between the transfer expense accounting and presentation requirements with those throughout existing IPSAS. The IPSASB also reviewed the revised authoritative text of the draft Transfer Expenses IPSAS, which reflects the revised principles developed in previous meetings.
Reporting Sustainability Program Information
The IPSASB approved ED 83, Reporting Sustainability Program Information, which proposes additional guidance to RPG 1, Reporting on the Long-Term Sustainability of an Entity’s Finances, and RPG 3, Reporting Service Performance Information. The additional guidance proposes illustrative examples and implementation guidance to clarify the application of key concepts in the guidance to reporting on sustainability program information. ED 83 will be exposed for a 60-day period from the date of publication.
Other Lease–Type Arrangements
The IPSASB discussed the arrangements identified in the responses to the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases. The IPSASB agreed these arrangements fell within the scope of existing IPSAS and decided to publish a feedback statement, or similar document, highlighting this guidance. The IPSASB decided the scope of IPSAS 43, Leases should not be expanded beyond contracts.
Differential Reporting
The IPSASB reviewed several differential reporting models. The different approaches adopted by various jurisdictions allowed the Board to gain a better understanding as to the various practices worldwide. The IPSASB will continue its research and follow developments as it looks to develop a differential reporting model that can be applied globally for the public sector.
Next Meeting
The next full meeting of the IPSASB will take place in December 2022 in Toronto, Canada. For more information, or to register as an observer, visit the IPSASB website.
2022 Public Sector Standard Setters Forum
On 19-20 September, 2022, the IPSASB welcomed standard setters from around the world to its 4th Public Sector Standards Setters Forum hosted by the Order Certified Accountants (OCC) in Cascais, Portugal. Attendees collaborated to scope the IPSASB's new guidance projects, shape the IPSASB's next 5-year strategy, and engage in lively discussions around the advancement of sustainability reporting in the public sector and beyond. Thank you to our attendees, speakers, and fantastic host for bringing your energy and commitment to strengthening public sector accounting globally.
