The International Public Sector Accounting Standards Board (IPSASB) has published its Biennial Review, Delivering for the Future, which summarizes the Board’s successes, challenges, and key outputs during 2017 and 2018. The IPSASB has also 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.
The majority of the IPSASB’s projects during the biennial review period were public sector-specific in nature and aimed at closing perceived gaps in the IPSASB’s suite of standards, while maintaining alignment with International Financial Reporting Standards, when appropriate.
During 2017 and 2018, the IPSASB finalized IPSAS 40, Public Sector Combinations; IPSAS 41, Financial Instruments; and the landmark standard, IPSAS 42, Social Benefits. In addition, the Board approved two major Exposure Drafts (ED) 64, Leases, and ED 67, Collective and Individuals Services and Emergency Relief (Amendments to IPSAS 19).
The new exposure draft does not include proposed amendments that aim at convergence with recent IASB amendments. 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. Comments on the exposure draft are requested by 30 September 2019.