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News

PSAS - IPSASB Image

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.

PSAS - IPSASB Image

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.

PSAS - PSAB Image

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.

PSAS - PSAB Image

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.

PSAS - PSAB Image

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.

PSAS - PSAB Image

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.

IFRS - IASB Image

IASB proposes revisions to the Conceptual Framework

May 28, 2015

On May 28, 2015, the International Accounting Standards Board (IASB) published a comprehensive Exposure Draft (ED) containing proposals for topical areas where it considers a revision and amendment of the existing Conceptual Framework necessary. Included in the ED are proposals to revise the definitions of an asset and a liability, to introduce guidance on measurement and derecognition, and to set a framework for presentation and disclosure. The main ED is accompanied by an ED containing proposals regarding references to the Conceptual Framework in other IASB pronouncements. Comments on both EDs are due October 26, 2015.

ED/2015/3 Conceptual Framework for Financial Reporting explains that the Conceptual Framework's primary purpose is to assist the IASB in developing and revising IFRSs (even though it may be useful to parties other than the IASB) and that the framework does not override any specific IFRS. Should the IASB decide to issue a new or revised pronouncement that is in conflict with the framework, the IASB will highlight the fact and explain the reasons for the departure going forward.

ED/2015/4 Updating References to the Conceptual Framework contains proposed amendments to IFRS 2, IFRS 3, IFRS 4, IFRS 6, IAS 1, IAS 8, IAS 34, SIC-27 and SIC-32 in order to update those pronouncements with regard to references to and quotes from the framework so that they refer to the revised Conceptual Framework. As the Conceptual Framework will mainly affect the IASB and its work while the proposals regarding the other pronouncements could also affect preparers, the IASB considers granting a transition period of approximately 18 months for the amendments proposed in ED/2015/4 in order to give preparers time to identify, understand and adjust to possible implications.

The IASB allows constituents an extended six months period to work their way through the document and to respond to the questions raised; hence, comment letters are to be submitted by October 26, 2015. The IASB will consider the comments received when developing the final version of the revised Conceptual Framework. The IASB aims to finalize the revised Conceptual Framework in 2016.

Download:

PSAS - IPSASB Image

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.

PSAS - PSAB Image

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.

IAASB - Assurance Image

IAASB Project Update - Enhancing Audit Quality Focusing on Group Audit

Oct 04, 2014

On October 4, 2017, the International Auditing and Assurance Standards Board (IAASB) released a publication prepared by the IAASB Group Audits Task Force to update the issues under consideration in the revision of ISA 600, Special Considerations‒Audits of Group Financial Statements, and other projects that address other international standards, including ISA 220, Quality Control for an Audit of Financial Statements, and ISQC 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements.

This publication also explains the linkages between these projects as they relate to group audit issues.

Review the publication on the IAASB's website.

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