1 / 18

IPSASB Update: Recent Progress on IPSAS 40 and Current Work Program

This update presents the recent progress on IPSAS 40 and highlights the key projects in IPSASB's work program. It covers topics such as social benefits, revenue and non-exchange expenditure, heritage items, leases, and financial instruments.

lugod
Download Presentation

IPSASB Update: Recent Progress on IPSAS 40 and Current Work Program

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. IPSASB Update INTOSAI PSC Steering Committee, Brasilia, Brazil Presented by: Stuart BarrJune 9, 2017

  2. IPSASB Recent Progress

  3. IPSAS 40 Public Sector Combinations: Classification Does one party to the public sector combination gain control of operations? • Amalgamation or Acquisition • Control essential for acquisition, but not conclusive • Economic substance • Consideration • Decision Making • Carrying amounts for amalgamations vs fair value for acquisitions No Yes Is the economic substance of the public sector combination that of an amalgamation? Yes No Amalgamation Acquisition

  4. Current IPSASB work programme:Key projects 2016 - 2018

  5. Social Benefits • Social Benefits are “benefits payable to individuals and households, in cash or in kind, to mitigate the effect of social risks.” • Social risks are “events or circumstances that may adversely affect the welfare of individuals and households either by imposing additional demands on their resources or by reducing their income.”

  6. Revenue and Non-Exchange Expenditure

  7. Non-Exchange Expenses

  8. Description of Heritage Items • Items that are intended to be held indefinitely and preserved for the benefit of present and future generations because of their rarity and/or significance in relation, but not limited, to their archeological, architectural, agricultural, artistic, cultural, environmental, historical, natural, scientific or technological features.

  9. Heritage Assets—Consultation Paper proposes: • Heritage items can be assets • Recognize heritage items if they meet recognition criteria: • Asset definition • Able to be measured • Measurement bases: • Historical cost • Replacement cost • Market value • Acknowledge non-recognition and recognition at symbolic/nominal value but question conceptual validity

  10. Heritage Liabilities—Consultation Paper • Do heritage preservation intentions give rise to present obligations and liabilities? • Special characteristics of heritage items do not, of themselves, result in a present obligation • Entity is able to avoid an outflow of resources • Do not recognize a liability based only on intentions

  11. Leases

  12. Financial Instruments Update

  13. Public Sector Specific Financial Instruments

  14. Public Sector Measurement:Conceptual Framework Measurement Bases

  15. Public Sector Measurement Project

  16. 2019-2023 Strategy / Work Plan challenges

  17. Developing the next IPSASB Strategy and Work Plan Stakeholder outreach 2017 Public consultation 2018 CAG input PIC advice • Multi-year Strategy (2019-2023), Work Plan to implement/operationalize Strategy

  18. Questions, discussion & further information • Visit our webpage http://www.ipsasb.org/ • Or contact us by e-mail : • IPSASB Member: Stuart.Barr@oag-bvg.gc.ca • Deputy Technical Director: RossSmith@ipsasb.org

More Related