The International Public Sector Accounting Standards Board (IPSASB) has published Improvements to IPSAS 2015, which sets out amendments to International Public Sector Accounting Standards (IPSAS) for the following:
Part I: Consequential Amendments Arising from Chapters 1-4 of the Conceptual Framework;
Part II: General Improvements to IPSAS;
Part III: IPSAS/Government Finance Statistics Alignment; and
Part IV: The International Accounting Standards Board's annual improvements and narrow scope amendments projects.
About the IPSASB The IPSASB develops accounting standards and guidance for use by public sector entities. It receives support (both direct financial and in-kind) from the Government Accounting Standards Board, the Asian Development Bank, the Chartered Professional Accountants of Canada, the South African Accounting Standards Board, the New Zealand External Reporting Board, and the governments of Canada, New Zealand, and Switzerland. The ‘International Public Sector Accounting Standards’ and 'IPSAS' are trademarks of IFAC, or registered trademarks and service marks of IFAC in the US and other countries.
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.
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. It is comprised of more than 175 members and associates in 130 countries and jurisdictions, representing almost 3 million accountants in public practice, education, government service, industry, and commerce.
Meeting highlights include updates on the Responding to Non-compliance with Laws and Regulations, Structure of the Code, Safeguards, Long Association, and Part C projects.
The IESBA agreed in principle the final provisions in the Code regarding responding to non-compliance with laws and regulations, subject to the deliberations of the International Auditing and Assurance Standards Board® (IAASB®) regarding consequential and conforming amendments to IAASB standards. The new pronouncement is expected to be issued and included in the 2016 Handbook in Q3.
The IESBA Consultative Advisory Group (CAG) meeting included discussions on Safeguards and a presentation on the Institute of Chartered Accountants of Scotland Power of One initiative. On March 8, a joint session with the IAASB CAG included discussions on Responding to Non-compliance with Laws and Regulations and Professional Skepticism, as well as a presentation on the Organisation for Economic Co-operation and Development’s Anti-Bribery Convention.
The Exposure Draft includes the first application of the proposed new structure and drafting conventions for the Code. Key features of the proposed restructuring include clearer language; requirements distinguished from application material; increased clarity of responsibility; and reorganized content. See the IESBA Update for implementation implications and the IESBA’s plan for coordinating the restructuring of the Code with its other open projects.
At its March 11-12 meeting, the Public Interest Oversight Board (PIOB) approved the re-appointment of IESBA CAG Chair Kristian Koktvedgaard. The PIOB also approved due process for the changes to Part C of the Code Addressing Preparation and Presentation of Information and Pressure to Breach the Fundamental Principles.
The IESBA is re-exposing, on a limited basis, certain revised provisions in Section 290 of the Code dealing with long association of audit personnel with an audit client. The Exposure Draft comment period closes on May 9, 2016.
The IESBA is recruiting a Principal to join its international ethics standards development team based in New York. Visit our website for the full job description and required skills and experience for this role.
