IPSASB issues Exposure Draft 84 Concessionary Leases and Right-of-Use Assets In-kind

Feb 06, 2023

On February 6, 2023, the Public Sector Accounting Board (PSAB) encouraged stakeholders to respond to the International Public Sector Accounting Standards Board’s (IPSASB) recently released Exposure Draft 84, Concessionary Leases and Right-of-Use Assets In-kind.

Respond directly to IPSASB by May 17, 2023, to ensure Canadian-specific issues and perspectives related to concessionary leases and right-of-use assets in-kind are considered.

Review the exposure draft on the IPSASB's website.

IPSASB issues non-authoritative public sector guidance to report on sustainability program information

May 10, 2023

On May 10, 2023, the International Public Sector Accounting Standards Board (IPSASB) has issued 'Reporting Sustainability Program Information — Amendments to RPGs 1 and 3: Additional Non-Authoritative Guidance'.

Ahead of a decision by the IPSASB on the potential development of a framework for public sector specific sustainability reporting guidance, the additional non-authoritative guidance included in Recommended Practice Guideline (RPG) 1, Reporting on the Long-Term Sustainability of an Entity’s Finances, and RPG 3, Reporting Service Performance Information, can be immediately applied by governments and public sector entities to report on sustainability program information.

Review the guidance on the IPSASB website .


IPSASB will develop climate-related disclosures standard

Jun 14, 2023

On June 14, 2023, the International Public Sector Accounting Standards Board (IPSASB) has announced that, in view of the responses to its May 2022 consultation paper on public sector sustainability reporting, it will move ahead with the development of the first sustainability reporting standard for the public sector as respondents had agreed that the public sector urgently needs its own sustainability reporting standards.

Following a scoping and research phase, the IPSASB has now published a project brief as a first step in this major new project. The new guidance will build on international guidance by the ISSB and GRI. In addition, the IPSASB staff will monitor the IASB’s work programme relating to any climate-related financial reporting projects and engage with IASB staff as appropriate. An exposure draft of the proposed guidance is currently expected in June 2024, final guidance in H2 2025.

Review the news release on the IPSASB website .

IPSASB: Public Sector needs a holistic approach to sustainability

Apr 26, 2023

On April 26, 2023, the In­ter­na­tional Pub­lic Sec­tor Ac­count­ing Stan­dards Board (IP­SASB) has made available a recording of “Equipping the Public Sector for Sustainability Action”. The recording relates to the discussions at a conference held in Brussels earlier this month at which the IPSASB teamed up with the International Federation of Accountants and Accountancy Europe to host a forum on how to help governments measure and report on their contributions to addressing global climate change and other sustainability challenges.

As noted in a recent article in Accountancy Europe, this move comes as sustainability reporting has taken on greater urgency around the world as extreme weather events become an almost daily occurrence. The International Sustainability Standards Board, the Securities and Exchange Commission and the European Commission have all unveiled or proposed climate-related disclosures for companies to make over the past year, but governments also need to report on their progress, not only in terms of meeting the United Nations' 17 Sustainable Development Goals.

Watch the recording which is avail­able on the IP­SASB's web­site.

On-Demand Workshop: Introduction to International Public Sector Accounting Standards

Jan 11, 2023

On January 11, 2023, the Public Sector Accounting Board (PSAB) released videos to learn about the International Public Sector Accounting Standards Board (IPSASB) and its accounting standards for public sector entities, related to routine transactions of assets, liabilities, revenues and expenses.

PSA Discussion Group Meeting – June 8, 2023 (Public Sector)

Jun 08, 2023

On June 8, 2023, the Public Sector Accounting Discussion Group discussed the impacts of rising inflation and economic environment on financial reporting, public sector considerations for the Auditor’s reporting on Going Concern, and more.

An introductory overview was provided by CPA Canada’s Chief Economist on economic trends and considerations of potential impacts to the Canadian public sector to support discussions for the two agenda topics, which were:

  • Impacts of Rising Inflation and Economic Environment on Financial Reporting
  • Auditor Reporting on Going Concern: Public Sector Considerations

Access the meeting recording on the FRAS Canada website.

PSAB's new reporting model issued

Oct 02, 2023

On October 2, 2023, the Public Sector Accounting Board (PSAB) issued a new reporting model under Financial Statement Presentation, Section PS 1202 in the CPA Canada Public Sector Accounting (PSA) Handbook.

The new model is intended to make financial statements more understandable and provide improved accountability information for users. Some of the key changes include the restructuring of the statement of financial position, the addition of a statement of changes in net assets or net liabilities, and the amendment of the statement of cash flow.

The new model will be effective for fiscal years beginning on or after April 1, 2026.

Access the news release on the PSAB website and the reporting model on the CPA Canada website.

Updated IPSAS-IFRS alignment dashboard

May 17, 2023

On May 17, 2023, The International Public Sector Accounting Standards Board (IPSASB), which develops the International Public Sector Accounting Standards (IPSAS) for financial reporting by governments and other public sector entities, released an updated IPSAS-IFRS alignment dashboard showing how far individual IPSAS are aligned with corresponding IFRSs.

Access the updated alignment dashboard, which was prepared for the June 2023 IPSASB meeting, on the IPSASB website.

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