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2015

Accounting for sovereign debt restructurings under IPSAS

May 21, 2015

On May 21, 2015, the staff of the International Public Sector Accounting Standards Board (IPSASB) released a short audio podcast and an accompanying publication to highlight how International Public Sector Accounting Standards (IPSASs) reflect the accounting consequences of sovereign debt restructuring transactions.

They both illustrate how IPSASs, at a high level of principle, capture the economic consequences of debt restructurings. The relevant standards (IPSASs 28–30) were developed in 2008 with reference to the IFRS financial instruments standards in place at that time (IAS 32, IAS 39, and IFRS 7); a project to update the standards with reference to the requirements of IFRS 9 has been added to the IPSASB's agenda.

Please click to access the podcast (6 minutes) and the accompanying publication (5 pages) on the IPSASB website.

Please click to access the podcast (6 minutes) and the accompanying publication (5 pages) on the IPSASB website.

Basis for Conclusions – Related Party Disclosures – Section PS 2200

Mar 02, 2015

On March 2, 2015, the Public Sector Accounting Board released this document where it sets out how it reached its conclusions on Section PS 2200.

As well, it sets out significant matters arising from comments received in response to its Exposure Drafts and indicates how the Board dealt with the issues raised.

Download the document.

Basis for Conclusions – Assets – Section PS 3210

Jun 02, 2015

On June 1, 2015, the Public Sector Accounting Board released this document which sets out how it reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.

Basis for Conclusions – Contingent Assets – Section PS 3320

Jun 02, 2015

On June 1, 2015, the Public Sector Accounting Board released this document which sets out how it reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.

Basis for Conclusions – Contractual Rights – Section PS 3380

Jun 02, 2015

On June 1, 2015, the Public Sector Accounting Board released this document which sets out how it reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.

Basis for Conclusions – Restructuring Transactions – Section PS 3430

Jun 02, 2015

On June 1, 2015, the Public Sector Accounting Board released this document which sets out how it reached its conclusions. As well, it sets out significant matters arising from comments received in response to its Exposure Draft and indicates how the Board dealt with the issues raised.

IPSASB announces strategy for 2015 forward

Sep 18, 2015

On September 18, 2015, the International Public Sector Accounting Standards Board (IPSASB) released its final strategy and work programme for 2015-2018. Among the projects to be taken up is also a revenue recognition project that will consider the extent to which the principles in IFRS 15 are appropriate for transactions in the public sector.

In April 2014, the IPSASB released a consultation document on its long term strategy and work plan.

In addition, the IPSASB approved eight projects to be added to the work plan starting in 2015 and 2016:

  1. Public Sector Measurement;
  2. Heritage Assets;
  3. Infrastructure Assets;
  4. Revenue;
  5. Non-Exchange Expenses;
  6. Limited scope review of the Cash Basis IPSAS
  7. Limited scope review of IPSAS 25, Employee Benefits; and
  8. Consequential amendments arising from Chapters 1-4 of the IPSASB Conceptual Framework.

Review the final strategy document Leading through Change on the IPSASB's Web Site.

IPSASB issues consultation paper on accounting for social benefits

Jul 30, 2015

The International Public Sector Accounting Standards Board (IPSASB) has issued a consultation paper that requests feedback on recognition and measurement requirements for social benefits, which the paper broadly defines as “benefits provided to individuals and households, in cash or in kind, to mitigate the effect of social risks.”

The paper proposes three approaches to accounting for social benefits:

  • Obligating event approach — Social benefits are considered in the context of the definition of a liability in the IPSASB’s conceptual framework for public-sector entities.
  • Social contract approach — The benefits are viewed from the standpoint of a social contract between a state and its citizens (e.g., because citizens have agreed to pay taxes).
  • Insurance approach — This approach is based on the assumption that “some social benefits are similar in practice to insurance contracts.”

Comments on the consultation paper are due by 31 January 2016.

For more in­for­ma­tion, see the press release and con­sul­ta­tion paper on IFAC’s Web site. On 21 September 2015, the IPSASB offers a webinar to discuss key issues in the consultation paper.

IPSASB Publishes Exposure Draft 56, The Applicability of IPSASs

Jul 30, 2015

On July 30, 2015, the International Public Sector Accounting Standards Board (IPSASB) released for comment Exposure Draft (ED) 56, The Applicability of IPSASs.

ED 56 proposes to:

  • Revise the Preface to International Public Sector Accounting Standards to provide the characteristics of public sector entities for which IPSASs are intended;
  • Delete the definition of Government Business Enterprises (GBEs) in IPSAS 1, Presentation of Financial Statements; and
  • Amend the scope section of each International Public Sector Accounting Standard (IPSAS) and Recommended Practice Guideline (RPG) by removing the paragraph that states that these pronouncements do not apply to GBEs.

Read the press release and the exposure draft on the IPSASB's Web site.

IPSASB publishes two exposure drafts

Oct 14, 2015

On October 14, 2015, the International Public Sector Accounting Standards Board (IPSASB) released for comment two Exposure Drafts (EDs): ED 57 "Impairment of Revalued Assets" and ED 58 "Improvements to IPSASs 2015."

ED 57, Impairment of Revalued Assets proposes to bring property, plant and equipment, and intangible assets on the revaluation model within the scope of IPSAS 21, Impairment of Non-Cash-Generating Assets and IPSAS 26, Impairment of Cash-Generating Assets. This intended to provide users with relevant information on impairments to these assets. The ED also proposes to clarify that an impairment to one or more individual assets within a class of property, plant, and equipment does not necessitate a revaluation of the entire class to which that impaired asset belongs.

ED 58, Improvements to IPSASs 2015 contains proposed minor changes that are consequential amendments arising from the first four chapters of the IPSASB Conceptual Framework, general improvements to IPSAS, improvements to increase consistency with Government Finance Statistics reporting guidelines, and improvements to maintain convergence with International Financial Reporting Standards (IFRSs).

Comments on both EDs are requested by January 15, 2016.

Review press release, ED 57 and ED 58 on the IPSASB's Web Site.

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