This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

IPSASB - Social Benefits [ED]

Proposed changes:

The proposed new standard (or standards) will specify the recognition and measurement of social benefits provided to beneficiaries in non-exchange transactions. It will also cover cash transfers and the provision of individual goods and services.

Next steps:

Comments on the Consultation Paper are requested by January 31, 2016.

Last updated:

July 2015

Overview

Governments and public sector entities provide constituents with social benefits in non-exchange transactions, which for many of them is a highly significant part of their operations. The objective of the project is to identify the circumstances and manner in which expenses and liabilities of certain social benefits of governments arise.  Hence, the proposed new standard (or standards) will specify the recognition and measurement of such benefits provided to beneficiaries in non-exchange transactions. It will also cover cash transfers and the provision of individual goods and services.

Issues the project intends to consider include (but are not necessarily limited to):

  1. defining social benefits and their sub-categories;
  2. determining the conceptual approach or approaches to be applied;
  3. determining when a liability and an expense should be recognized; and
  4. measurement of liabilities.

Recent activities

July 2015

On July 29, 2015, the IPSASB released for comment a Consultation Paper (CP), Recognition and Measurement of Social BenefitsThe CP identifies three broad options to account for social benefits: (i) the obligating event approach; (ii) the social contract approach; and (iii) the insurance approach. A summary of the proposals is set out in the At-a-Glance document. Comments on the Consultation Paper are requested by January 31, 2016.

March 2015

At its meeting on March 10-13, 2015, the IPSASB discussed this project including confirming three alternative approaches for recognizing social benefits, namely: (i) the obligating event approach; (ii) the social contract approach; and (iii) the insurance approach. The IPSASB expects to approve a Consultation Paper for public comment at its June 2015 meeting.

September 2013

The IPSASB agreed to restart this project in 2013 and approved the project brief in September 2013.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.