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2016

Basis for Conclusions – Withdrawal of Disclosure of Related Party Transactions by Not-for-Profit Organizations – Section PS 4260

Dec 06, 2016

On December 6, 2016, the Public Sector Accounting Board (PSAB) released this document which sets out how PSAB 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.

PSAB thought that the disclosure requirements set out in Section PS 2200, Related Party Disclosures, together with the disclosure requirements related to significant influence and economic interest set out in Section PS 4250, Reporting Controlled and Related Entities by Not-For-Profit Organizations, would be sufficient for those entities that apply the PS 4200 series. The withdrawal of Section PS 4260 would not significantly impact current reporting practices.

Download the Basis for Conclusions on the PSAB's website.

Inaugural forum for public sector standard-setters

May 11, 2016

On May 11, 2016, a summary of an inaugural event that assembled key public sector standard-setters from around the world to build a dialogue, exchange ideas, and discuss critical issues in standard-setting was released. The conference was jointly hosted on March 15-16, 2016 by the US Governmental Accounting Standards Board (GASB) and the International Public Sector Accounting Standards Board (IPSASB).

The forum provided attendees with the opportunity to discuss current IPSASB projects with the board’s members and staff:

  • Social benefits;
  • Revenues;
  • Non-exchange expenses;
  • Heritage assets;
  • Infrastructure assets;
  • Public sector measurement; and
  • Leases.

Additionally, issues outside of the IPSASB work plan were also discussed:

  • “IPSAS lite” (IPSAS for small and medium-sized entities);
  • Tax expenditures;
  • Natural resources accounting;
  • Consolidation;
  • Financial performance measures;
  • Service performance reporting; and
  • Implementation issues.

Based on the success of the inaugural event, the IPSASB is planning a second forum to be held in Zurich, Switzerland July 3-4, 2017.

Please click for the press release on the event including a short video on the IPSAB's Web site.

Interview with IPSASB Chair

Feb 05, 2016

On February 5, 2016, the International Public Sector Accounting Standards Board (IPSASB) released an interview with Ian Carruthers who took office as new IPSASB Chair on January 1, 2016.

In the interview, Mr. Carruthers talks about the IPSASB and the importance of International Public Sector Accounting Standards (IPSAS) for transparency and accountability in public sector financial management.

Please click to access the recording on the IPSASB's Web site.

Invitation to Comment – Employment Benefits: Deferral Provisions in Sections PS 3250 and PS 3255

Nov 25, 2016

On November 25, 2016, the Public Sector Accounting Board (PSAB) issued an Invitation to Comment to seek stakeholder input before forming its preliminary views on the deferral provisions in the employment benefits standards.

Stakeholders are encouraged to submit their responses by March 3, 2017.

Review the Invitation to Comment on the PSAB's website.

IPSASB concludes interview series

Mar 24, 2016

On March 24, 2016, the International Public Sector Accounting Standards Board (IPSASB) released the final installment of its interview series with Ian Carruthers who took office as new IPSASB Chair on January 1, 2016. In the fifth installment, Mr. Carruthers looks ahead and identifies key priorities for the IPSASB.

Please click to access all interviews on the IPSASB website. They are:

  • What are IPSAS?
  • Why is IPSAS Adoption Important?
  • What are the IPSASB's Key Achievements?
  • What are the IPSASB's Current Areas of Focus?
  • What are Your Key Priorities as IPSASB Chair?

IPSASB continues interview series

Mar 09, 2016

The International Public Sector Accounting Standards Board (IPSASB) has released further instalments of its interview series with Ian Carruthers who took office as new IPSASB Chair on 1 January 2016. In the fourth instalment, Mr Carruthers reviews the key priorities for the IPSASB.

Please click to access all interviews published so far on the IPSASB website. They are:

  • What are IPSAS?
  • Why is IPSAS Adoption Important?
  • What are the IPSASB's Key Achievements?
  • What are the IPSASB's Current Areas of Focus?

IPSASB publishes final guidance on accounting for social benefits and exposure draft on collective and individual services and emergency relief

Jan 31, 2019

On January 31, 2019, the International Public Sector Accounting Standards Board (IPSASB) released International Public Sector Accounting Standard (IPSAS) 42 "Social Benefits" and an related Exposure Draft (ED) 67 "Collective and Individual Services and Emergency Relief (Amendments to IPSAS 19)" to address a wide range of significant government expenditures.

IPSAS 42 Social Benefits provides guidance on accounting for social benefits expenditure. It defines social benefits as cash transfers paid to specific individuals and/or households to mitigate the effect of social risk. The standard requires an entity to recognize an expense and a liability for the next social benefit payment. IPSAS 42 establishes principles and requirements for:

  • Recognizing expenses and liabilities for social benefits;
  • Measuring expenses and liabilities for social benefits;
  • Presenting information about social benefits in the financial statements; and
  • Determining what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the social benefits provided by the reporting entity.

In order to extend IPSASB’s guidance to public services as well as cash transfers, ED 67 Collective and Individual Services and Emergency Relief proposes new requirements for accounting for collective services (such as defense at national-levels), individual services (such as healthcare) and emergency relief. For collective and individual services, ED 67 proposes that an expense is recognized at the point of service delivery. ED 67 also proposes that an expense and liability is recognized for some emergency relief, but not where emergency relief is delivered as an ongoing activity of government. The IPSASB notes that the distinction between social benefits and collective and individual services is important, but the accounting treatment of these transactions should be conceptually consistent. Comments on the ED are requested by May 31, 2019.

Review the following additional information on the IPSASB's website:

Message from the PSAB Chair – November 2016

Nov 18, 2016

On November 18, 2016, the Public Sector Accounting Board (PSAB) released a message from the board Chair, Rod Monette, where he highlights discussions held at the Board’s September 2016 meeting and other topics.

The following are addressed in this message:

  • Asset Retirement Obligations
  • Concepts Underlying Financial Performance
  • Employment Benefits
  • Financial Instruments Standard
  • Public Private Partnerships
  • Revenue
  • Standards for Not-for-Profit Organizations
  • International Public Sector Accounting Standards
  • Rate-regulated Activities

Review the message from the chair on the PSAB's website.

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