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IPSASB publishes proposed 'Improvements to IPSAS, 2019'

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

05 Aug 2019

The International Public Sector Accounting Standards Board (IPSASB) has published an exposure draft 'Improvements to IPSAS, 2018', which sets out proposed amendments to International Public Sector Accounting Standards (IPSAS) to address issues raised by stakeholders.

This year, the exposure draft does not include proposed amendments that aim at convergence with recent IASB amendments.

Candidates for such amendments would have the the IASB's Definition of Material (Amendments to IAS 1 and IAS 8) and Definition of Business (Amendments to IFRS 3), both issued in October 2018. However, on the definition of material the IPSASB decided not to amend the definition IPSAS 1 and IPSAS 3. Before making standards-level amendments the IPSASB will review the guidance on materiality in its own framework and in doing so will take account of the IASB’s amendments.

On the definition of a business the IPSASB decided not to amend the definition of an operation in IPSAS 40 (which draws on the definition of a business in IFRS 3) as the definition in IPSAS 40 applies to amalgamations as well as to acquisitions while some of the additional guidance in IFRS 3 would only be relevant to acquisitions. The modifications that would be needed to ensure that this guidance does not apply to amalgamations would go beyond the remit of the improvements project. A separate narrow scope project to evaluate the potential impact of the IASB’s revised definition of business on IPSAS 40 may be considered in the future.

Please click to access the exposure draft Improvements to IPSAS, 2019 on the IPSASB website. Comments are requested by 30 September 2019.

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