Consultation paper on IPSASB governance
24 Jan, 2014
The Review Group for the governance and oversight arrangements of the International Public Sector Accounting Standards Board (IPSASB) has issued a public consultation paper on the future governance and oversight of the IPSASB and IPSASs as earlier consultations found that concerns about the governance and oversight of the IPSASB are some of the reasons cited by national authorities for not adopting IPSASs. One of the possibilities mentioned is giving monitoring and oversight of the IPSASB to the IFRS Foundation's Monitoring Board and Trustees.
The consultation paper focuses on governance and oversight processes in the setting of accounting standards for the public sector and proposes changes to strengthen the position of the IPSASB and IPSASs. The consultation paper includes:
- Background of the IPSASB.
- Existing standard setting models.
- The oversight and governance of the IPSASB.
- Proposal for strengthening the IPSASB’s governance.
- Specific questions to consider.
Among the specific questions is the following:
- Monitoring and oversight of the IPSASB by the IFRS Foundation’s Monitoring Board and Trustees?
- Separate monitoring and oversight boards for the IPSASB, while it remains under the auspices of the IFAC?
- Reestablishing the IPSASB outside of IFAC with its own monitoring and oversight bodies?
- Another approach, including some combination or sequenced implementation (e.g., short-term/long-term approaches) of the above options?
The Governance Review Group consists of members from the World Bank, International Monetary Fund (IMF), Organization for Economic Cooperation and Development (OECD), Financial Stability Board (FSB), the International Organization of Securities Commissions (IOSCO) and the International Organization of Supreme Audit Institutions (INTOSAI).
Comments are due by 30 April 2014. The Review Group will meet in spring of 2014 to discuss the feedback received and will finalise the recommendations by the end of 2014.
For more information, see the press release and consultation paper on the OECD website.
