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International Federation of Accountants

International Federation of Accountants. International Public Sector Accounting Standards Board (IPSASB) Stuart Barr (Technical Advisor to Sheila Fraser - INTOSAI).

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International Federation of Accountants

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  1. International Federation of Accountants International Public Sector Accounting Standards Board (IPSASB) Stuart Barr (Technical Advisor to Sheila Fraser - INTOSAI) INTOSAI PSC October 2008

  2. To serve the public interest by developing high quality accounting standards for use by public sector entities around the world, including international organisations, in the preparation of general purpose financial statements. IFAC IPSASB is providing the benchmark The IFAC IPSASB Mission INTOSAI PSC October 2008

  3. IPSASB • 3 meetings per year • Open to the public • All materials publicly available – posted on internet • Transparent due process –you can get involved • 18 members -15 from member bodies; 3 public members INTOSAI PSC October 2008

  4. UN System (28 bodies) OECD, NATO (21 bodies), EC, IFAC, INTERPOL Over 70 countries have agreed processes or have a project in place to adopt IPSASs or align with IPSASs Strong Evidence of Progress INTOSAI PSC October 2008

  5. What’s been issued….2006 • IPSAS 1, “Presentation of Financial Statements” (Revised) • IPSAS 3, “Accounting Policies, Changes in Accounting Estimates and Errors” (Revised) • IPSAS 6, “Consolidated and Separate Financial Statements” (Revised) • IPSAS 7, “Investments in Associates” (Revised) • IPSAS 8, “Interests in Joint Ventures” (Revised) INTOSAI PSC October 2008

  6. What’s been issued….2006 • IPSAS 12, “Inventories” (Revised) • IPSAS 13, “Leases” (Revised) • IPSAS 14, “Events After the Reporting Date” (Revised) • IPSAS 16, “Investment Property” (Revised) • IPSAS 17, “Property, Plant and Equipment” (Revised) INTOSAI PSC October 2008

  7. What’s been issued….2006 • IPSAS 22, “Disclosure of Information about the General Government Sector” • IPSAS 23, “Revenue from Non-Exchange Transactions (Taxes and Transfers)” • IPSAS 24, “Presentation of Budget Information in Financial Statements” INTOSAI PSC October 2008

  8. What’s been issued….2008 • IPSAS 4, “The Effects of Changes in Foreign Exchange Rates” (Revised) • IPSAS 21, “Impairment of Non-Cash-Generating Assets” (Revised) • IPSAS 25, “Employee Benefits” • IPSAS 26, “Impairment of Cash-Generating Assets” • Cash Basis IPSAS, “Financial Reporting Under the Cash Basis of Accounting” (Revised) INTOSAI PSC October 2008

  9. Today… next year… 5 years on…. • Adopted/Adopting–Switzerland, South Africa, Ghana, Philippines, Armenia, United Nations • We need to provide support • Benchmark – Canada, US, Australia, NZ, UK • We must collaborate to encourage convergence • Leadership and Promotion – India, China • We need to promote to encourage adoption INTOSAI PSC October 2008

  10. IPSASB Strategic Themes • Public sector conceptual framework • Public sector specific projects • IFRS Convergence • Promotion and communications INTOSAI PSC October 2008

  11. Public Sector Conceptual Framework • Group 1 - Objectives, Scope, Qualitative Characteristics, and Reporting Entity • Group 2 - Elements of Financial Statements and wider GPFRs • Group 3– Measurement, presentation and disclosure • Group 4- Consequences for Cash Basis INTOSAI PSC October 2008

  12. Public Sector Conceptual Framework • Group 1- Consultation paper issued September 2008 • Group 2 – Definition & recognition of elements – Consultation Paper early 2009 INTOSAI PSC October 2008

  13. Public Sector Specific Projects • Social benefits • Long-term fiscal sustainability • Service concession arrangements INTOSAI PSC October 2008

  14. Social Benefits • Limited scope • ED on disclosures of cash transfers to individuals/households issued February 2008 • Consultation paper explaining position • Link to initiating long-term fiscal sustainability project INTOSAI PSC October 2008

  15. Long Term Fiscal Sustainability • Early days • Task force met in early September • Initial discussion October 2008 • Consultation paper to be considered February 2009 INTOSAI PSC October 2008

  16. Service Concession Arrangements • Consultation paper issued March 2008 • Positive feedback on potential for global solution • Control approach • Measure asset/liability at fair value of property • Disclosures INTOSAI PSC October 2008

  17. IFRS Convergence • Target date December 31, 2009 of IFRS @ December 31, 2008 • “Rules of the Road” – guidelines for modifying and documenting departures • Relationship with IASB renewed focus INTOSAI PSC October 2008

  18. IFRS (Private Sector) IPSASs (Public sector) Development process… • Terminologies • Public sector guideline • Public sector issues 1 2 INTOSAI PSC October 2008

  19. Financial Instruments Financial Instruments • Plan: 3 IPSASs in 2009 based on: • IAS 32 Financial Instruments – Presentation • IAS 39 FI: Recognition & Measurement • IFRS 7 FI: Disclosure • IPSASs will also address public sector specific instruments and issues • IPSAS 15 to be withdrawn when new IPSASs issued INTOSAI PSC October 2008

  20. Intangible Assets • Agreed to a convergence project based on IAS 38 • Rights granted by statute – are they assets? • Exposure draft to be considered October 2008 INTOSAI PSC October 2008

  21. Entity Combinations • 2 separate IPSASs to be developed : • IPSAS converged with IFRS 3 – exchange (non common control) • Public sector specific IPSAS – non-exchange (non common control and common control) • Converged ED and issues paper - February 2009 INTOSAI PSC October 2008

  22. IPSASB over next few years • IFRS convergence - notably • FI • Entity combinations • Intangible assets • Agriculture • Annual improvements INTOSAI PSC October 2008

  23. IPSASB over next few years • Conceptual framework • Social benefits & long term fiscal sustainability • Service concession arrangements • Performance reporting – potential audit issues INTOSAI PSC October 2008

  24. Partnerships Working • World Bank and Development Banks – External Assistance Standard • IMF – PPP Standard • IFAC – DNC – External Assistance Standard • IASB – PPP Standard and Conceptual Framework • National Standard Setters - PPP Standard and Conceptual Framework • INTOSAI – all of the above! INTOSAI PSC October 2008

  25. Keep up to date on IPSASB projects • IPSASB Project Pages – all IPSASB projects http://www.ifac.org/PublicSector/ • IFAC eNews – Free electronic newsletter • Enroll at www.ifac.org INTOSAI PSC October 2008

  26. International Federation of Accountants www.ifac.org INTOSAI PSC October 2008

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