IFAC welcomes the opportunity to provide input to the International Auditing and Assurance Standards Board’s (IAASB) Exposure Draft for the Proposed Narrow Scope Amendments to Standards as a Result of the Revisions to the Definitions of Listed Entity and Public Interest Entity in the IESBA Code.

This publication sets out four key areas where accountants need to update their knowledge to meet the growing demand for high-quality sustainability-related information. It speaks to the vital role accountants play in producing reliable sustainability-related data, reporting and assurance, as well as the importance of education and training in ensuring professional accountants are able to meet society’s needs.

The International Public Sector Accounting Standards Board (IPSASB) has today released for comment Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48). 

The proposed amendments to IPSAS 47, Revenue are consistent with the principles already exposed in ED 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23), published in January 2023, that were strongly supported by stakeholders. Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48, Transfer Expenses on other types of arrangements conveying rights over assets that are common in the public sector.

Feedback to both ED 88 and ED 84 will inform the final pronouncement on other lease-type arrangements.

“In light of its new standards on Revenue and Transfer Expenses, the IPSASB is proposing to update the guidance on common public sector arrangements that convey rights over assets,” said IPSASB Chair Ian Carruthers. “The proposals in ED 88 provide new guidance to enhance accountability and decision-making in the public sector that addresses the remaining arrangements identified in the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases not already covered in ED 84.”

How to Comment
To access the Exposure Draft, its summary At-a-Glance document, Webcast, or to submit a comment, visit the IPSASB website. Comments are requested by May 31, 2024. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this Exposure Draft 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 government of Canada. 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.

Implementing accrual accounting is a significant priority for many public sector and government entities across jurisdictions as it enhances decision-making and improves transparency and accountability. Adopting and implementing accrual accounting standards successfully can be an intricate process involving many stakeholders.  

To assist governments and government entities interested to report in accordance with the accrual-based International Public Sector Accounting Standards (IPSAS), IFAC has released a package of training materials collectively titled Implementing IPSAS: A Guide for Trainers for use by trainers to teach others about the standards and how to apply them.  

Implementing IPSAS: A Guide for Trainers is the 2024 edition to Train the Trainer: Introduction to IPSAS released in November 2020. The 2024 edition includes updates to incorporate standards and pronouncements recently issued, including IPSAS 46, Measurement, IPSAS 47, Revenue, IPSAS 48, Transfer Expenses, and IPSAS 43, Leases. 

Implementing IPSAS: A Guide for Trainers contains ten modules separated into topics that can be delivered as individual sessions. Each module includes a manual for the trainer and an accompanying set of slides which can be customized to suit their specific needs. Some modules also contain supplementary video content. 

“Transitioning to accrual and implementing IPSAS is an in-depth, team effort for a jurisdiction or public sector entity,” said Laura Leka, IFAC Principal. “These materials, created with input from the IPSASB, are comprehensive, technically sound, and can help in the provision of training that delivers the skills and knowledge necessary for a successful reform program.”  

Access the guide.  

IFAC remains committed to advocating for strong public financial management and to supporting IPSAS adoption and implementation. For additional support transitioning from cash to accrual, explore the IFAC tool Pathways to Accrual. To access IPSAS on a digital platform, see e-International Standards.  

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.