The three exposure drafts are published together to highlight the linkages between the accounting for revenue and transfer expenses.

• ED 70 is aligned with IFRS 15 Revenue from Contracts with Customers, while extending the income recognition approach in IFRS 15 to address common public sector transactions which include performance obligations, including those where the ultimate beneficiary is a third party.
• ED 71 is an update of IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers) that addresses some of the issues encountered in its application. ED 71 also provides public sector-specific guidance on capital transfers for the first time.
• ED 72 proposes guidance for transfer expenses, where a transfer provider provides resources to another entity without receiving anything directly in return.

The comment period for the EDs has been extended and comments are now requested by 1 November 2020.

Please click to access the following additional information on the IPSASB website:

• Press release
• Access to the individual exposure draft, a short introductory webinar and an At a Glance introduction
  
  • ED 70
  • ED 71
  • ED 72