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IPSASB - Public Sector Specific Financial Instruments [Research]

Proposed changes:

The objective of this project is to focus on issues related to public sector specific financial instruments which are outside the scope of those covered under current IPSAS 28–30.

Next steps:

The initial research phase is anticipated to be completed by the end of 2014 and to culminate with the issuance of a Consultation Paper (CP) and a revised project brief.

Last updated:

December 2014

Overview

The IPSASB considered the scope of the project. It was agreed to address the following issues: (i) monetary gold; (ii) currency and coin in circulation; (iii) IMF Special Drawing Rights (SDRs) and reserve position in the IMF; (iv) statutory receivables; and (v) statutory payables

The IPSASB specifically considered whether to include concessionary loans and financial guarantees issued in non-exchange transactions in the scope of the project. It was agreed by the IPSASB that these issues should not be in the scope, because there are requirements and guidance in IPSAS 28–30, and the implementation date for those standards was January 1, 2013. Further, it was agreed that this project would remain separate from any work related to maintaining alignment with International Financial Reporting Standards in, IPSAS 28–30.

Recent activities

December 2014

Most recently, at its meetings on December 8-11, 2014 and March 10-13, 2015, the IPSAB continued its discussions in respect of the CP, including discussing the accounting for (i) monetary gold and other reserve instruments held by public sector entities; and (ii) currency and notes in circulation. 

March 2014

At its meeting on March 11-14, 2014, the IPSASB considered an issues paper relating to the following items: (i) monetary gold; (ii) currency and coin in circulation; and (iii) IMF quota subscriptions and SDRs.  Following the discussion, the IPSASB instructed staff to carry out further research. The IPSASB also discussed the outputs of the project and agreed that the goal is to develop one or more IPSASs.

December 2013

In December 2013, the IPSASB approved a new project relating to Public Sector Specific Financial Instruments which are outside the scope of those covered under current IPSAS 28–30.

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