IPSASB announces strategy for 2015 forward

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18 Sep, 2015

The International Public Sector Accounting Standards Board (IPSASB) has 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 for public sector standards. The final strategy now published reveals that the proposed single strategic objective for the IPSASB was supported by constituents and has been adopted for the IPSASB activities from 2015 forward:

Strengthening public financial management and knowledge globally through increasing adoption of accrual-based IPSASs by:
  1. developing high-quality public sector financial reporting standards;
  2. developing other publications for the public sector; and
  3. raising awareness of the IPSASs and the benefits of their adoption.

In addition, that IPSASB has approved eight projects to be added to the work plan starting in 2015 and 2016:

  • Public Sector Measurement;
  • Heritage Assets;
  • Infrastructure Assets;
  • Revenue;
  • Non-Exchange Expenses;
  • Limited scope review of the Cash Basis IPSAS
  • Limited scope review of IPSAS 25 Employee Benefits; and
  • Consequential amendments arising from Chapters 1-4 of the IPSASB Conceptual Framework.

The objective of the revenue project is to develop IPSAS dealing with revenue that are consistent with the IPSASB Conceptual Framework, and to the extent appropriate, IFRS 15 Revenue from Contracts with Customers. It will consider the extent to which the performance obligation approach in IFRS 15 is appropriate for transactions in the public sector.

Please click to access the final strategy document Leading through Change on the IPSASB website.

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