International Public Sector Accounting Standards Board (IPSASB)

1
International Public Sector Accounting Standards
Board (IPSASB)
OECD Public Private Partnerships July
2006 Philippe Adhémar IPSASB Chair
2
Overview

• Current Status of IPSASB Project
• Update on discussions at last IPSASB meeting
  Paris July 3-6
• Likely future actions
• See attachment for IPSASB
• Membership
• IPSASs, EDs, Research Reports
• Projects under development
• Download from www.IPSASB.org

3
Service Concessions Public Private Sector
Partnerships

• IPSASB has noted importance of project on PPPs
• Deferred actioning own project pending
• IFRIC developments
• IPSASB staff resource to support project
• Responded to IFRIC draft Interpretations,
  Concerns
• Grantors not dealt with
• Narrow range of PPPs being dealt with
• Notion of control implications for public sector
  
• Distinguishing between the accounting models

4
IPSASB Follow-up Activity

• IPSASB subcommittee monitoring IFRIC developments
• IFRIC responding to certain concerns
• IPSASB raised potential for collaborative project
  national standards setters and other bodies (NSS)
• Positive response
• Discuss with NSS in Paris July 5
• Consider implications for IPSASB resource
  allocations to projects

5
Proposals- Paris July 5, 2006

• Collaborative project with NSS
• Research project dealing with grantors
• Not focus on application of IFRICs for grantors
• Encompass both grantor and operator
• Include overview of current practice
• Subsequent stage development of an IPSAS
• Research/Consultation paper developed by
  subcommittee of IPSASB and NSS members
• To be issued by IPSASB for comment
• May also be issued by NSS in national context
• Action project Nov.06. Develop and issue paper 07

6
Proposals- Paris July 5, 2006

• Update on outcome of discussions with NSS in
  Paris

7
International Federation of Accountantswww.ifac.
org
8
ATTACHMENT IPSASB Members 2006

• Accounting Profession
• France (Chair), UK (Deputy Chair), Australia,
  Argentina, Canada, India, Israel, Japan,
  Malaysia, Mexico, New Zealand, Netherlands,
  Norway,
• South Africa, USAPublic Members
• Prof A Bergman (Switzerland), Prof S. Pozzoli
  (Italy),
• Mr J. Peace (USA)
• IPSASB Observers
• ADB, EU, IASB, IMF, INTOSAI, OECD,
• World Bank, UN, UNDP

9
ATTACHMENT IPSASB Due Process

• Exposure Drafts at least 4 months comment
• Open meetings, agenda materials on web
• Steering Committees (SC) ITCs for comment
• Project Advisory Panels (PAP) input to IPSASB
• Consultative Group (CG)
• Regional Seminars/round table discussions in
  conjunction with each IPSASB meeting

10
Recent EDs Draft IPSASs

• ED 24Cash Basis External Assistance-comments 15
  June 05
• ED 25 Amendment to the Preface to IPSASs (by 31
  Jan 06)
• ED 26 Improvements to IPSASs (by 31 Jan 06)
• ED 27 Presentation of Budget Information in
  Financial Statements (by 10 Feb 06)
• ED 28 Disclosure of Financial Information About
  the
• General Government Sector (by 10 Feb 06)
• ED 29 Revenue from Non Exchange Transactions
• (including Taxes and Transfers) (by 30 June
  06)

11
ATTACHMENT Other Active Projects on IPSASB
Agenda

• Social Policy Obligations (Pensions,
  Non-Pensions)
• Government Employee Benefits (Pensions and other)
• Heritage Assets
• Presentation of Budget Information in Financial
  Statements
• Disclosure of Information General Government
  Sector
• Impairment of Cash Generating Assets
• Conceptual Framework
• Review implementation of Cash Basis IPSAS
• Disclosures by Recipients of External Assistance
  (Cash basis)
• Ongoing review of applicability of IFRSs to
  public sector

12
ATTACHMENT IPSASs on IssueCash Basis IPSAS

• Cash Basis IPSAS, Financial Reporting Under the
  Cash Basis of Accounting
• Comprehensive IPSAS which includes
• a wide range of key cash basis requirements and
  encourages additional disclosures

13
ATTACHMENT Accrual IPSASs

• ( Identifies IPSASs currently being improved)
• IPSAS 1, Presentation of Financial Statements
• IPSAS 2, Cash Flow Statements
• IPSAS 3, Net Surplus or Deficit for the Period,
  Fundamental Errors and Changes in
  Accounting Policies
• IPSAS 4, The Effects of Changes in Foreign
  Exchange Rates
• IPSAS 5, Borrowing Costs
• IPSAS 6, Consolidated Financial Statements and
  Accounting for Controlled Entities

14
ATTACHMENT Accrual IPSASs (cont.)

• IPSAS 7, Accounting for Investments in
  Associates
• IPSAS 8, Financial Reporting of Interests in
  Joint Ventures
• IPSAS 9, Revenue from Exchange Transactions
• IPSAS 10, Financial Reporting in
  Hyperinflationary Economies
• IPSAS 11, Construction Contracts
• IPSAS 12, Inventories

15
ATTACHMENT Accrual IPSASs (cont.)

• IPSAS 13, Leases
• IPSAS 14, Events After the Reporting Date
• IPSAS 15, Financial Instruments Disclosure
  and Presentation
• IPSAS 16, Investment Property
• IPSAS 17, Property, Plant and Equipment

16
ATTACHMENT Accrual IPSASs (cont.)

• IPSAS 18, Segment Reporting
• IPSAS 19, Provisions, Contingent Liabilities
  and Contingent Assets
• IPSAS 20, Related Party Disclosures
• IPSAS 21, Impairment of Non-cash-generating
  Assets

17
ATTACHMENT Recent Research Reports

• Research Report
• Budget Reporting (May 04)
• Comparison between GPFS and GFS/SNA (January 05)