IFRS Foundation responds to the IPSASB governance review

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

30 Apr 2014

In a response to the Organisation for Economic Co-operation and Development’s public consultation paper “The Future Governance of the International Public Sector Accounting Standards Board (IPSASB),” the IFRS Foundation (IFRSF) agreed that there are challenges for the IPSASB in achieving the acceptance of national authorities and that the governance of the IPSASB should be strengthened to overcome those challenges.

Of the options provided in the public consultation paper, the IFRSF believe that the practical option is to have a single monitoring and oversight board, while the IPSASB remains under the auspices of the IFAC. To gain greater acceptance, the IFRSF stated the monitoring and oversight be “provided by the international treaty and other organisations represented on the IPSASB Governance Review Group, with the possible addition of the United Nations.” Another advantage to this option is that the current funding could be maintained. Also, the IFRSF suggested that the monitoring and oversight board should be responsible for creating operating procedures, consultative arrangements and due process.

The IFRS Foundation plans to conduct its next strategic review in 2015, when it may consider whether to expand its scope of activities to include the IPSASB.

For more information, see the full response on the IASB website.

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