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International Public Sector Accounting Standards Board IPSASB Update on Activities

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Rolling secondment from Chinese Ministry of Finance. IFAC IPSASB. 4. IPSASB UPDATE. IPSASB Process ... Spanish and French translations) All current Exposure ... – PowerPoint PPT presentation

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Title: International Public Sector Accounting Standards Board IPSASB Update on Activities


1
International Public Sector Accounting Standards
Board (IPSASB)Update on Activities
Mike Hathorn Chair IPSASB
2
Overview
  • Background
  • IPSASB Strategic Themes
  • Project Updates Present and Future

3
IPSASB
  • Standing Board within IFAC
  • Develops International Public Sector Accounting
    Standards (IPSASs) accrual and cash
  • Supported by the Canadian Government and CICA, NZ
    and Swiss Governments, World Bank, UN Group ,
    ADB.
  • Technical Director and 3 staff Toronto based, 1
    New York, 1 Melbourne and 1 UK
  • Rolling secondment from Chinese Ministry of
    Finance

4
IPSASB Process
  • 18 Members (3 Public Members)
  • Meets 3 times per year
  • 4 day meetings which may include a regional
    seminar and/or a consultative group meeting.
  • Open to the public
  • All materials publicly available posted on
    internet

5
Developing Standards
  • Accrual based standards
  • Convergence with IFRSs unless public sector
    specific reason for departure Rules of the
    Road
  • Public sector specific standards
  • Current hierarchy where no IPSAS exists
    consider IASB standards or national standards
  • Task Force to review Cash-basis IPSAS

6
Transparent Due Process
  • Exposure drafts at least 4 months for comment
  • Analyses of submissions
  • Sub Committees, Task Forces, Project Advisory
    Panels (PAP)
  • Consultative Group

7
Available on the IPSASB Web Site
  • All IPSASs (26 accrual plus 1 cash basis)
  • (including Spanish and French translations)
  • All current Exposure Drafts and other
    publications
  • IPSASB Updates on most recent IPSASB meetings
  • IPSASB meeting papers (before each meeting)
  • Project histories
  • FREE OF CHARGE AT WWW.IFAC.ORG/PublicSector

8
Strong Evidence of Progress
  • UN System (28 bodies)
  • OECD, NATO (21 bodies), EC, IFAC, INTERPOL
  • Almost 70 countries have agreed processes or have
    a project in place to adopt IPSASs or align with
    IPSASs

9
Disclosures by recipients of external assistance
  • Aims to harmonize/reduce compliance costs
  • Requested by OECD/multi-laterals/bi-laterals
  • Approved at Beijing meeting and incorporated into
    cash basis IPSAS in early 2008

10
Strategic Themes
  • Conceptual framework for public sector
  • Public sector specific issues including
    convergence with statistical bases where
    appropriate
  • IFRS convergence Rules of the Road
  • Promotion communication

11
Conceptual Framework
  • Group 1 Consultative Document topics to be
    considered in March 2008 as one document
    Objectives, Reporting Entity, Scope and
    Qualitative Characteristics
  • Final review June 2008
  • Group 2 topics to be considered in June 2008.

12
Social Benefits Current Approach
  • ED 34 Disclosure of Cash Transfers to
    Individuals or Households
  • requires disclosure of amounts expected to be
    transferred to eligible individuals or households
    (not recognition and measurement)
  • ED 34 approved in principle at Beijing meeting
  • Consultation Paper on Social Benefits Key
    Issues in Recognition and Measurement
  • approved in late February
  • Initiation of project on long-term fiscal
    sustainability
  • project brief will be made publicly available

13
Service Concessions
  • IFRIC 12 Service Concession Arrangements issued
    November 2006
  • Operators only not grantors so limited direct
    applicability in public sector
  • Based on control
  • IPSASB Project
  • Sub Committee supported by US GASB Staff
  • Not constrained by existing accounting
    guidance/approaches
  • Consultation Paper for approval in March 2008
  • Possible accounting approaches
  • Control
  • Risks and rewards
  • Reversion of asset

14
IFRS Convergence
  • Convergence strategy to update to IASB Standards
    as at December 2008 by December 2009
  • IPSAS 25, Employee Benefits
  • IPSAS 26, Impairment of Cash-Generating Assets

15
Rules of the Road Purpose (1)
  • Codify when divergence from IFRS is appropriate
  • Clear statement of how IPSASB decides whether to
    depart from IFRS and when to initiate public
    sector specific project
  • Approved at Beijing meeting
  • Test during 2008 before going on website

16
Rules of the Road Key Steps(2)
  • Step One Are there public sector issues that
    warrant departure?
  • Step Two Are the departures so significant that
    a public sector specific project should be
    initiated?
  • Step Three Modify IASB documents.
  • Step Four Issue IPSAS

17
Other IFRS Convergence Topics
  • Financial Instruments
  • Update IPSAS 15 on presentation to converge with
    IAS 32
  • Develop IPSAS on disclosure based on IFRS 7
  • Issues Paper to be considered at March 2008
    meeting
  • Aim to issue ED later in 2008
  • Foreign Exchange
  • Update IPSAS 4 (ED 33 released July 2007)
  • Borrowing Costs
  • Update IPSAS 5

18
Topics in work plan for 2008 and 2009
  • Entity combinations
  • Intangible assets
  • Financial instruments recognition and
    measurement
  • Fair Value
  • Managements Discussion Analysis
    (MDA)/Narrative Reporting
  • Performance Reporting
  • Further consideration of work plan at March 2008
    meeting

19
International Federation of Accountantswww.ifac.
org
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