The IPSASB launched eIS – a centrally located digital gateway to the international standards that guide the accountancy profession, including IPSAS, the international accrual-based accounting standards increasingly used by governments and other public sector entities around the world.

eIS, or e-International Standards, makes the official standards of the IPSASB more accessible and easily digestible by allowing for convenient digital access anywhere with an internet connection and across multiple devices.

Previously, the standards were only available as harder-to-navigate PDFs or as printed copies and handbooks. The intuitive navigation, advanced search functions and filters, and straightforward controls of eIS make the standards easier to access and utilize. Current and previous versions of standards are available in one place for use and comparison without the need to obtain multiple handbook editions.

 “Accrual financial reporting is fundamental to transparency and accountability in the public sector, as well as providing information for good decision making. By 2030, 81% of the jurisdictions in the 2021 International Public Sector Accountability Index reporting on accrual are projected to be making use of IPSAS as part of their accrual financial reporting frameworks.” said Ian Carruthers, IPSASB Chair. “Given the projected growth of IPSAS adoption and implementation globally, eIS is a timely and crucial platform that will improve the accessibility of the standards.”

eIS was developed by IFAC collaboratively with the IESBA, the IAASB, and the IPSASB. The four organizations, through surveys and conversations with key stakeholders, identified the key elements required to deliver a practical, modern platform allowing the profession easier access to international standards, while providing enhanced usability.

To learn more about eIS, visit https://eis.international-standards.org/.

To explore accrual-based reporting frameworks and IPSAS adoption globally, visit the International Public Sector Financial Accountability Index.

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.

This pronouncement adds of non-authoritative guidance to IPSAS 5, Borrowing Costs. The non-authoritative guidance adds implementation guidance and illustrative examples to IPSAS 5.

The new material in ED 74 illustrates how the existing principles for when borrowing costs can be capitalized are applied in various regularly encountered public sector scenarios. No amendments are proposed to the authoritative material in IPSAS 5.

This Questions and Answers (Q&A) publication is issued by the staff of the International Public Sector Accounting Standards Board (IPSASB) to 

The International Public Sector Accounting Standards Board® (IPSASB®) has today released four Exposure Drafts (EDs) for public comment:

• Exposure Draft (ED) 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements;
• ED 77, Measurement; 
• ED 78, Property, Plant, and Equipment; and 
• ED 79, Non-Current Assets Held for Sale and Discontinued Operations.

This suite of four EDs are published together to highlight for respondents the common measurement principles proposed and the ways they are applied consistently throughout the draft guidance. The four EDs address several key conceptual challenges and practical implementation issues identified by the public sector community by introducing:

• Straight-forward measurement principles, by way of a measurement hierarchy, that apply throughout IPSAS and align with the Conceptual Framework; 
• Enhanced guidance clarifying the recognition and measurement of infrastructure and heritage assets that are Property, Plant, and Equipment; and 
• A standard that fills a gap for assets held for sale and discontinued operations.

“This package of EDs addresses a range of conceptual challenges and practical concerns identified by our constituents,” said IPSASB Chair Ian Carruthers. “In particular, it provides guidance for the first time on how to address the problems arising from the unique characteristics of heritage and infrastructure assets. The underlying concepts and guidance proposed in this suite of EDs will underpin the IPSASB’s approach to measurement for many years. It is therefore essential the IPSASB hears the views of respondents on the guidance proposed in these EDs.”

ED 76 streamlines the measurement principles in the Conceptual Framework by eliminating unused measurement bases and enhancing focus on those that are commonly used. The ED proposes a clear measurement hierarchy to help stakeholders apply the principles in practice and aligns measurement concepts with the guidance provided in IPSAS.

ED 77 proposes new guidance in a single standard which addresses how commonly used measurement bases are applied in practice. It brings in generic guidance on fair value for the first time, and it proposes a public sector specific current value measurement basis to respond to stakeholder views that a new measurement basis is required as an alternative to fair value for assets held for their operational capacity.

ED 78 updates IPSAS 17, Property, Plant, and Equipment by adding general measurement guidance and measurement options when accounting for assets within its scope, identifying the characteristics of and heritage and infrastructure assets, and proposing new guidance on how these important types of public sector assets should be recognized and measured.

ED 79 is aligned with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations and proposes new guidance how to account for non-current assets that are classified as held for sale, when they meet specific criteria.

The IPSASB welcomes the views of respondents on the proposed standards and the other matters raised for comment in the four EDs.

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 October 25, 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.