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IPSASB publishes guidance on the applicability of IPSASs

  • IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

22 Apr 2016

The International Public Sector Accounting Standards Board (IPSASB) has published 'The Applicability of IPSASs' and a revised 'Preface to International Public Sector Accounting Standards', which change how the IPSASB communicates the type of public sector entities that it considers when developing its guidance.

Until now, the IPSASB guidance included a definition of a Government Business Enterprise (GBE) and a statement that GBEs apply International Financial Reporting Standards (IFRS). The definition of a GBE has proved ambiguous in places and difficult for preparers to interpret. The guidance now published

  • provides the characteristics of public sector entities for which IPSAS are designed,
  • replaces the term GBE with the term “commercial public sector entities”,
  • removes the definition of a GBE from IPSAS 1 Presentation of Financial Statements, and
  • amends the scope section of each existing pronouncement by removing the paragraph that states that the pronouncement does not apply to GBEs.

Please click for a press release with access to the new guidance on the IPSASB website.

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