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February 6, 2018

News brief: accrual accounting for the public sector developments

The International Public Sector Accounting Standards Board (IPSASB) has published a consultation on its proposed strategic objectives, supporting themes and work plan priorities from 2019 to 2023.

IPSASB proposed strategic objective of strengthening public financial management (PFM) globally through increasing adoption of accrual-based IPSAS is axed around two sets of activity. First the development of IPSAS and other high-quality financial reporting guidance for the public sector. Second, to raise awareness of IPSAS and the benefits of accrual accounting for the public sector.

In addition, IPSASB plans to take on three new projects: accounting for natural resources, discount rates and differential reporting.

Comments are requested by 15 June 2018.

Meanwhile the International Arab Society of Certified Accountants (IASCA) in Jordan has issued the Arabic version of the International Public Sector Accounting Standards (IPSAS) 2016 handbook.

In January 2017 IASCA outlined its commitment to IPSAS adoption in the region and for the Arab accounting institutes to obtain IFAC membership.  Currently, only the Jordanian Association of Certified Public Accountants (JACPA) and IASCA are members.

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