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IPSASB issues four new Exposure Drafts on how to measure assets and liabilities in the public sector

  • PSAS - IPSASB Image
  • PSAS - PSAB Image

Aug 06, 2021

The International Public Sector Accounting Standards Board (IPSASB) released four new Exposure Drafts on how to measure assets and liabilities in the public sector. The Public Sector Accounting Board (PSAB) encourages stakeholders to send comments directly to the IPSASB by October 25, 2021.

All four Exposure Drafts are focused on the measurement of assets and liabilities in the public sector and therefore should be read in conjunction with each other. 

  • Exposure Draft 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements. This Exposure Draft streamlines the measurement guidance in the Conceptual Framework by eliminating measurement bases that have not been used in the development of standards, inserting new or revised measurement bases, and focusing on bases that are commonly used.
  • Exposure Draft 77, Measurement. This Exposure Draft proposes new guidance in a single standard, which addresses how commonly used measurement bases are applied in practice. The Exposure Draft brings in generic guidance on fair value for the first time. It also proposes a current value measurement basis that is specific to the public sector. This guidance is in response to stakeholder views that a new measurement basis is required as an alternative to fair value for assets held for their operational capacity.
  • Exposure Draft 78, Property, Plant, and Equipment. This Exposure Draft 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 heritage and infrastructure assets, and proposing new guidance on how these important types of public sector assets should be recognized and measured.
  • Exposure Draft 79, Non-Current Assets Held for Sale and Discontinued Operations. This Exposure Draft is aligned with IFRS 5, Non-Current Assets Held for Sale and Discontinued Operations. It proposes new guidance on how to account for non-current assets that are classified as held for sale, when they meet specific criteria.

If you would like the PSAB to consider your feedback during the development of their response, please reply to PSAB by October 11, 2021.

Review the press release on the PSAB's website.

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