IPSASB consults on work program
Jul 04, 2012
The International Public Sector Accounting Standards Board (IPSASB) has released for comment a Consultation Paper, 'Consultation on IPSASB Work Program 2013–2014', representing the first time the IPSASB has consulted on its work program. The document outlines current public sector standard setting environment considerations, identifies the development of the public sector conceptual framework as the IPSASB's most important project, sets out other projects commenced or committed to, and seeks input on other projects that should be considered.
The paper outlines three major aspects of the IPSASB’s current environment that are important over the next two years:
- Sovereign debt crisis - highlighting potential poor reporting currently and leading to increasing demands for high quality standards and adoption and implementation guidance
- Increase in adoption - International Public Sector Accounting Standards (IPSAS) are being adopted and applied, or are in the process of being applied, by nations that are very diverse geographically, economically and culturally, requiring the IPSASB to respond to this diversity in setting its agenda and standards
- Public interest oversight and related governance changes - acknowledging the need for an appropriate public interest oversight regime for the IPSASB, IFAC and the IPSASB are committed to instituting such a public interest oversight of the IPSASB as soon as possible. Once a public interest oversight structure is in place for the IPSASB, and related governance changes are implemented, as noted, the IPSASB anticipates conducting a comprehensive review of its broad strategic direction including public consultation on its strategies and work program beyond 2014.
The Consultation Paper identifies a number of public sector critical projects, and other projects to which the IPSASB has already committed - including for example such topics as reporting on the long-term sustainability of public finances, financial statement discussion and analysis and public sector combinations.
In addition, the paper outlines a number of additional potential projects as a result of discussions of the IPSASB during work planning sessions, analysis of existing IPSASs and work necessary for maintenance, analysis of the current IASB work program, and analysis of existing IPSASs and their alignment with Government Finance Statistics (GFS).
Comments on the Consultation Paper close on 31 October 2012. Click for IPSASB press release (link to IFAC website).