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IPSASB eNews: September 2024

Sep 26, 2024 New York, New York English

The IPSASB held its third meeting of the year from September 17-20 in Brussels, Belgium hosted by the European Commission. Recordings of the meetings are available on our YouTube channel.

Sustainability-Climate-Related Disclosures

The IPSASB broke new ground approving its first Sustainability Reporting Standard (IPSASB SRS™) Exposure Draft (ED) 1, Climate-related Disclosures. The ED proposes disclosures for all public sector entities to report on their climate-related risks and opportunities, aligned with the private sector disclosures developed by the International Sustainability Standards Board. The proposals also include additional public sector disclosures for those select entities with the responsibility to develop climate-related policy programs by exercising their sovereign powers. The IPSASB expects to publish the ED by the end of October 2024 and then undertake a global consultation to seek feedback from constituents on the proposals.

Strategy and Work Program

The IPSASB approved its Strategy and Work Program 2024-2028. The Strategy is an evolution of the Board’s previous strategy, adding a sustainability reporting work stream, and rebalancing its financial reporting resources to focus on the consistent implementation and application of standards as more entities transition to accrual IPSAS. The Strategy and Work Program 2024-2028 is expected to be published in October 2024.

Natural Resources

The IPSASB approved ED 92, Tangible Natural Resources. This ED proposes guidance that fills a gap in the current literature for naturally occurring items with physical substance that embody service potential and/or the capability to generate economic benefits. ED 92 is expected to be published by the end of October 2024.

Natural Resources - Mineral Resources and Stripping Costs

The IPSASB approved the final pronouncements IPSAS 50, Exploration for and Evaluation of Mineral Resources, and Stripping Costs in the Production Phase of a Surface Mine (Amendments to IPSAS 12). These new pronouncements provide guidance for public sector entities operating in extractive industries, with accounting guidance aligned with the private sector. They will be effective from January 1, 2027 with early adoption permitted, and are expected to be published in Q4 2024.

Presentation of Financial Statements

The IPSASB reviewed its draft Consultation Paper and the accompanying Illustrative ED based on the Board's deliberation of issues to date. The sections considered included the underlying principles for preparing financial statements and the specific requirements for presenting the Statement of Financial Position. The IPSASB expects to begin discussions on the presentation of the Statement of Financial Performance in December 2024.

IFRIC Alignment – Narrow Scope Amendments

The IPSASB reviewed the responses to ED 89, Amendments to Consider IFRIC Interpretations. Constituents strongly supported the proposed additional guidance because it will help public sector entities understand and apply existing accounting principles, thereby improving the clarity and accuracy of financial information. The IPSASB intends to approve a final pronouncement at its next meeting in December 2024.

Next Meeting

The next IPSASB meeting will take place in Riyadh, Kingdom of Saudi Arabia from December 10 to 13, 2024.

Adoption & Implementation Resources

Pathways to Accrual: Find resources helpful for planning and undertaking a transition from cash to accrual accounting including adopting and implementing IPSAS.
e-International Standards: Access the IPSASB’s standards and pronouncements on a convenient digital platform.
Implementing IPSAS: Download a package of training materials on IPSAS that can be tailored to the needs of training participants.

Open Consultations

Exposure Draft (ED) 91, Limited-scope Updates to First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS) - Due by December 13, 2024
Academic Advisory Group Call for Papers - Due by October 4, 2024
Exposure Draft (ED) 90, Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement - November 29, 2024

Africa Congress of Accountants (ACOA) 2025

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Submitted by Stephanie Whited on Wed, 09/25/2024 - 14:58
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Professional accountants and key stakeholders in the accountancy ecosystem from across the continent and beyond are set to unite physically in Rwanda’s capital, Kigali, from 6th to 9th May 2025.
Sustainability Conference in the Middle East and North Africa - Accounting and Financial Reporting | Hybrid

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IAASB Publishes New ISA for LCE Adoption Guide

Sep 25, 2024 New York, New York English
The International Auditing and Assurance Standards Board (IAASB) has released a comprehensive adoption guide designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.

Accessible on the IAASB website, the adoption guide complements previously released resources, including videos, webinars and guidance. These materials will be supplemented by a first-time implementation guide later this year. Together, these resources offer a robust toolkit for navigating and implementing the ISA for LCE.

The new guidance does not amend or override the ISA for LCE, the text of which alone is authoritative. Reading the guidance is not a substitute for reading the ISA for LCE. For more information and to access the new guidance, visit: www.iaasb.org/ISAforLCE
ISA for LCE Adoption Guide

The International Standard on Auditing for Audits of Financial Statements of Less Complex Entities

This comprehensive adoption guide is designed to help jurisdictions adopt the ISA for LCE, an alternative to the full suite of International Standards on Auditing. The guide provides valuable insights into the adoption process, highlighting common steps and successful approaches, while also addressing potential challenges. The guide also outlines steps for legislative, regulatory, or relevant local bodies with standard-setting authority to allow practitioners to use the ISA for LCE.

Sep 24, 2024

IAASB

English
Quality Management Series: Small Firm Implementation, Installment Three

Monitoring and Remediation

This is the third and final installment in a three-part publication series to help small- and medium-sized practices implement the International Auditing and Assurance Standards Board’s new quality management standards. The IAASB’s suite of quality management standards were issued in December 2020 and came into effect in December 2022.

Installment Three: Monitoring and Remediation provides tips and guidance for the practical implementation of the monitoring and remediation of a firm’s system of quality management.

Sep 24, 2024

IFAC

English

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