“ED 90 builds upon the important work accomplished in IPSAS 46, Measurement released last year which provides an integrated approach to valuation to help entities measure public sector assets,” said Ian Carruthers, IPSASB Chair. “These amendments will provide users of public sector general purpose financial statements with more relevant and faithfully representative measurement information through the potential application of public sector specific guidance across a broader range of situations.”
The amendments to IPSAS proposed in ED 90 are the introduction of current operational value in IPSAS 12, Inventories, IPSAS 21, Impairment Non-Cash Generating Assets, and IPSAS 31, Intangible Assets, the addition of a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors, and the enhancement of the terminology in current value measurement disclosures.
The feedback received from ED 90 will help shape the final amendments related to the application of Current Operational Value across existing IPSAS.
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, 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 contactpermissions@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.
ED 90 proposes amendments to IPSAS to introduce current operational value, add a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors, and enhance the terminology in current value measurement disclosures.
The IESBA today submitted a comment letter to the Committee of European Auditing Oversight Bodies (CEAOB) regarding the CEAOB’s draft non-binding guidelines on limited assurance on sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) in the European Union (EU).
Starting from financial years beginning on or after January 1, 2024, large companies in the EU are required to draw up sustainability statements in accordance with the European Sustainability Reporting Standards (ESRS). These statements are required to be subject to an assurance engagement by statutory auditors or other assurance services providers.
To prevent fragmentation and promote consistency in practices until the European Commission’s (EC) adoption of an assurance standard at EU level by October 1, 2026, the EC has invited the CEAOB to develop non-binding guidelines regarding limited assurance on sustainability reporting.
To read the full comment letter, please click here.
About IESBA
The International Ethics Standards Board for Accountants serves the public interest by setting high-quality ethics standards, including independence requirements, as a cornerstone to ethical behavior in business and organizations, and to public trust in financial and non-financial information that is fundamental to the proper functioning and sustainability of organizations, financial markets and economies worldwide.
Along with the International Auditing and Assurance Standards Board (“IAASB”), the IESBA is part of the International Foundation for Ethics and Audit (“IFEA”). The Public Interest Oversight Board (“PIOB”) oversees IESBA and IAASB activities and the public interest responsiveness of the standards.
On July 22, 2024, The IESBA submitted a comment letter to the Committee of European Auditing Oversight Bodies (CEAOB) regarding the CEAOB’s draft non-binding guidelines on limited assurance on sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD) in the European Union (EU).
The International Federation of Accountants (IFAC) warmly welcomes the appointment of Eelco van der Enden as the new Chief Executive Officer of Accountancy Europe.
Lee White, Chief Executive of IFAC, said: "I am thrilled to have the opportunity to work closely with Eelco again and for the benefit of our global profession. His proven track record and visionary leadership will undoubtedly contribute to the continued success and evolution of the accountancy profession across Europe."
With his impressive background and extensive experience in the accountancy profession, bringing more than 20 years of experience in financial and sustainability senior management roles, Eelco van der Enden is set to lead Accountancy Europe into a new era of innovation and growth.
“I have personally had the privilege to work with Eelco for a number of years. He has been pivotal in leading GRI through increasing harmonization of sustainability reporting, working closely with partners towards a common baseline for globally applicable and comparable sustainability data. I am confident that he will now play a crucial role in advancing our shared goals,” Lee White commented.
“And as we welcome Eelco, I also want to praise the outstanding contribution of Olivier Boutellis-Taft during his tenure as CEO of Accountancy Europe," noted Lee White.
“Olivier's inspirational leadership over the past 18 years has been instrumental in navigating the organization through significant regulatory changes and advancing the role of accountants in the sustainability and digital transformations. His commitment to fostering collaboration among stakeholders and promoting transparency and accountability has left a lasting impact on the profession. Under his guidance, and thanks to Olivier’s “out-of-the-box” thinking and ability to take bold decisions, Accountancy Europe has solidified its position as a leading voice in the European accountancy community, and has become a key partner for EU policy-makers. I am deeply grateful for his dedicated service to our profession," Lee White added.
IFAC and Accountancy Europe share a longstanding commitment to promoting high-quality standards and practices within the accountancy profession, at all levels. Under Eelco van der Enden’s direction, both organizations are poised to further strengthen their collaboration to enhance the value for our members and serve the public interest.
"Our profession is at a critical juncture where the need for robust cooperation is more important than ever. Together, we can drive economic growth and sustainability transformation by enabling the necessary transparency and accountability that build trust in organizations," Lee White concluded.
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. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.
