• Register
Return to: Home > News > Professional Bodies > IPSASB releases two exposure drafts for consultation

IPSASB releases two exposure drafts for consultation

The International Public Sector Accounting Standards Board (IPSASB) has published two exposure drafts, one on financial instruments, and one on non-exchange expenses.

Exposure draft 62 Financial Instruments is based on International Financial Reporting Standard (IFRS) 9 Financial Instruments, developed by the International Accounting Standards Board (IASB).

The proposed new standard will replace IPSAS 29 Financial Instruments: Recognition and Measurement through simplified financial asset classification and measurements, as well as updated impairment and hedge accounting models. The draft also includes appropriate public sector specific modifications and guidance. IPSASB intends to provide a three year implementation period for the new standard and early adoption will be permitted. Stakeholders should comment by 31 December 2017.

IPSASB has also published a consultation paper on accounting for revenue and non-exchange expenses, calling for comment by 18 January 2018. The paper addresses key IPSAS implementation issues such as maintaining IFRS convergence and gaps identified in accounting for non-exchange expenses. These issues relate to the recognition of revenue from capital grants and services in-kind, including the initial and subsequent measurement of non-contractual receivables; and subsequent measurement of non-contractual payables.

IPSASB chair Ian Carruthers said:  “This consultation paper provides an opportunity to address gaps in literature that have been identified in accounting for non-exchange expenses and the measurement of non-contractual receivables and non-contractual payables—such as taxes, fines and licenses.”

Top Content

    2018 Digital Accountancy forum and awards: Digital transformation

    The Accountant presents highlights from The Digital Accountancy Forum & Awards 2018 panel discussions

    read more

    2018 Digital Accountancy Forum and Awards: Tech deep dive

    The second panel session of the day saw experts discuss how new technologies should not just be seen as a threat, and could be used to improve accounting.

    read more

    Digital Accountancy Forum and Awards: The power of data

    The third panel discussion of the day saw panellists discuss some of the worries their clients have had, how to overcome them, and how data and technology are providing real business opportunities.

    read more

    Digital Accountancy Forum and Awards: The next generation

    With young people more mobile, and technology changing the industry rapidly, the final panel session of the Digital Accountancy Forum looked at how firms would need to adapt to the new reality

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.