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News

PSAS - IPSASB Image

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.

PSAS - IPSASB Image

Overview of the IPSASB's consultation paper on social benefits

Oct 12, 2015

On October 12, 2015, the International Public Sector Accounting Standards Board (IPSASB) released a multimedia presentation on its consultation paper on recognition and measurement requirements for social benefits.

The paper was published in July 2015; comments are due by January 31, 2016. The 30-minute presentation highlighting the key issues raised in the consultation paper is available on the IPSASB website.

PSAS - IPSASB Image

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.

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.

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