The IPSASB held its fourth meeting of the year virtually on December 7-10 and 14-15, 2021.

As the global voice of the accountancy profession, IFAC releases Points of View (POVs) on key policy issues impacting the accounting profession and the whole of society. These POVs are well-researched tools available for anyone to use in gaining an understanding of crucial topics affecting our world and potentially influencing policies that affect us all.

To make its POVs more accessible to its global constituency and their stakeholders, IFAC has published all seven of its POVs, originally only available in English, into four additional languages: Arabic, French, Russian, and Spanish.

"From improving public sector transparency with data-driven decisions to providing investors with high-quality and trustworthy sustainability information, these POVs cover a broad range of topics of critical importance to professional accountants worldwide,” said Kevin Dancey, IFAC CEO. “These translations will improve the ability of professional accountants to make an impact in their companies and jurisdictions.”

The topics covered in the POVs are:

Enhancing Corporate Reporting: Corporate reporting should capture all relevant information about organizations. However, investors and other stakeholders are demanding more, higher-quality information and insights about company performance, risks, opportunities, and long-term prospects, especially with respect to sustainability-related matters, than are available from the conventional financial reporting process.

Greater Transparency and Accountability in the Public Sector: This POV explores how governments can use the resources they have to have to make informed, data-driven decisions with strong governance and public financial management (PFM) and how the accountancy profession can work with the public sector to help deliver a more sustainable, inclusive, and prosperous future for all. 

Embracing a People-Centered Profession: The accountancy profession is first and foremost a profession made of people—individuals and teams working collaboratively and collectively. This POV explores the connection between the people in the accountancy profession, the core components of the profession (education, professional judgment, ethics, values) and the profession’s commitment to the public interest.

Maintaining Trust & Confidence During a Crisis: Maintaining trust and confidence during a crisis is the fastest path to recovery after a crisis. This POV explores the key roles that regulators, the global accounting profession and those charged with governance have to play in maintaining trust.

Achieving High-Quality Audits: High-quality audits of financial statements are essential to strong, sustainable organizations, financial markets and economies. All participants in the audit and assurance ecosystem must act to improve the audit process, and we outline how.

Climate Action: Climate change is an urgent, global, and systemic issue that can threaten the sustainability of organizations, markets, and economies. This POV outlines how to embrace climate action and be part of the solution.

Fighting Corruption and Money Laundering: The consequences of corruption are significant and widespread, from direct costs to individuals and society, to encouraging criminal behavior and undermining trust in institutions. Grounded in a strong ethical code, professional accountants across the globe play a critical role in the fight against corruption.

Access the POVs here in each language.

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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

The International Public Sector Accounting Standards Board (IPSASB) announced that in 2022 it will have a majority female Board for the first time. The IPSASB will be comprised of ten women and eight men beginning 1 January 2022.

The geographic diversity of the IPSASB will also increase with new members from China and Saudi Arabia.

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 four new Board members are:

• Mr. Abdullah Al-Mehthil, Saudi Arabia
• Ms. Claudia Beier, Switzerland
• Mr. Maik Esser-Müllenbach, Germany
• Ms. Liang Yang, China

The following two current Board members have been reappointed:

• Ms. Luzvi Chatto, Philippines
• Ms. Lynn Pamment, United Kingdom

“The IPSASB is leading the way with a majority female Board for 2022,” 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 the Asia and Middle East regions will also be important to ensuring that our outputs meet the needs of an increasingly diverse group of users.”

The IPSASB also announced that Ms Lindy Bodewig of South Africa will continue her role as the IPSASB Deputy Chair for 2022. “I am extremely pleased that Lindy has agreed to serve as my deputy for another year. Lindy brings to our work the powerful combination of experience through her day job in government and national and international public sector standard setting. She has played a particularly important role as the chair of the Task Force of our high-profile project on Natural Resources,” said Mr. Carruthers. “I also want to take this opportunity to thank outgoing members, Mike Blake, Adrienne Cheasty, Bernhard Schatz, and Marc Wermuth 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 preparation of its 3rd Research Forum, which will be co-hosted by Comparative International Governmental Accounting Research Network (CIGAR) at its June 2022 conference, the IPSASB is calling for scholarly contributions from the academic community.

Coordinated through the Academic Advisory Group, which includes independent scholars from all parts of the world, as well as the IPSASB members who have an academic background, IPSASB is offering a grant of USD $1,500 for selected scholarly papers submitted covering three research areas with up to six grants available in total.

The research areas of interest are:

Research Area 1: Research on Practical IPSAS Implementation Challenges 

• Differential Reporting 
• Discount Rates

Research Area 2: Research on Adoption and Implementation of Specific IPSAS

• IPSAS 31, Intangible Assets
• IPSAS 33, First-Time Adoption of Accrual Basis IPSAS

Research Area 3: Broad Future Focused Research

• Climate Change and Public Sector Financial Reporting Related to Sustainability 
• Financial Reporting Impacts of Digitization in the Public Sector

The grant recipients, as well as other scholars, will present the first drafts of their full papers at the 2022 Research Forum (date TBD). For more information, see the the IPSASB’s Call for Papers.

Learn more about the Academic Advisory Group.

About the IPSASB

The International Public Sector Accounting Standards Board® (IPSASB®) works to improve public sector financial reporting worldwide through the development of IPSAS®, international accrual-based accounting standards, for use by governments and other public sector entities around the world.

In its Strategy and Work Plan 2019-2023 (the Strategy) the International Public Sector Accounting Standards Board® (IPSASB®) committed to hold a public consultation mid-way through the Strategy period on projects that should be added to the Work Program during the remainder of the period, as existing projects were completed. Accordingly, the IPSASB has today released its Mid-Period Work Program Consultation (Consultation).

Within the context of continuing to deliver the Strategy, the Consultation prioritizes projects to be added to the Work Program as the Board and staff resources become available during 2022 and 2023. In view of the resources likely to become available, the Consultation proposes adding two major projects:

• Presentation of Financial Statements; and 
• Differential Reporting.

The Consultation also proposes to add up to four smaller scope projects:

• IPSAS 21, Impairment of Non-Cash-Generating Assets; 
• IPSAS 31, Intangible Assets; 
• IPSAS 33, First-Time Adoption of Accrual Basis IPSASs; and 
• Making Materiality Judgements.

“Despite the major challenges of the pandemic, the Biennial Review that we have published today shows that the IPSASB has continued to deliver on its current Strategy, which itself remains relevant. As we complete our current projects the Board is proposing to add a number of new ones based on its views on the current priorities,” said IPSASB Chair Ian Carruthers. “It is essential the IPSASB hears its stakeholders’ views on the proposed projects so that it can best address their needs and priorities as IPSAS usage continues to increase globally.”

How to Comment

To access the Exposure Draft, its summary At-a-Glance document, and the Request for Information or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments are requested by November 30, 2021. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this Consultation Paper to their members and employees.

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.

Today, IFAC released a Point of View: Greater Transparency and Accountability in the Public Sector. 

The public sector is facing a myriad of competing priorities, including an unprecedented global health crisis and climate emergency, and must make critical decisions that will affect generations to come. In this environment, helping citizens understand how public funds are being managed and spent, as well as the reasoning behind and consequences of decisions made, can meet the heightened need for transparency and accountability necessary to retain and grow stakeholder trust.

IFAC’s Point of View explores the need for strong governance and public financial management (PFM), so that governments and public sector entities around the world can make informed, data-driven decisions for people, the planet, and the economy. It also outlines how the accountancy profession, with its public interest mandate, can support the public sector in achieving long-term financial sustainability and resilience, to help create a better world with stronger economies and fairer societies.

“Our latest POV focuses on actionable steps that professional accountants in the public sector can take to foster trust and increase resilience globally,” said Kevin Dancey, IFAC CEO. “Calls for transparency and accountability in the public sector are not new, but we have outlined systems, processes, and practices the public sector can integrate to achieve the strong financial management necessary to build a sustainable, inclusive, and prosperous future for all of us.”

Read IFAC’s latest POV here.

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 135 countries and jurisdictions, representing more than 3 million accountants in public practice, education, government service, industry, and commerce.

Highlights from the CAG June 2021 virtual meeting: 

00:00     Welcome and introduction

00:20     Chair’s summary of the IPSASB CAG meeting

06:14     Closing remarks