International Public Sector Accounting Standards Board IPSASB Technical Program Update - PowerPoint PPT Presentation

Loading...

PPT – International Public Sector Accounting Standards Board IPSASB Technical Program Update PowerPoint presentation | free to view - id: 20df67-ZDc1Z



Loading


The Adobe Flash plugin is needed to view this content

Get the plugin now

View by Category
About This Presentation
Title:

International Public Sector Accounting Standards Board IPSASB Technical Program Update

Description:

Current Status of IPSAS Program. Likely Future Developments ... Differing views - many concerned ED 24 too onerous. Will donors provide information necessary ... – PowerPoint PPT presentation

Number of Views:81
Avg rating:3.0/5.0
Slides: 23
Provided by: psc46
Category:

less

Write a Comment
User Comments (0)
Transcript and Presenter's Notes

Title: International Public Sector Accounting Standards Board IPSASB Technical Program Update


1
International Public Sector Accounting Standards
Board (IPSASB) Technical Program Update
World Congress of Accountants Istanbul, Turkey,
November 2006 Philippe Adhémar IPSASB Chair
2
Presentation Overview
  • Background
  • Current Status of IPSAS Program
  • Likely Future Developments
  • Update on recent IPSASB meeting (Nov 06)

3
IPSASB - Established November 2004
  • IPSASB established as a Board of IFAC in Nov.
    2004 (previously Public Sector Committee
    established in 1986)
  • IPSASB mandate
  • Issue IPSASs in own right to
  • enhance accountability, transparency and
    relevance of financial reporting
  • Provide resource for national bodies to use
  • Promote adoption/convergence to IPSASs
  • Issue other documents to provide guidance on
    issues

4
IPSASB Members 2006
  • Accounting Profession (15 members)
  • France (Chair), UK (Deputy Chair), Australia,
    Argentina, Canada, India, Israel, Japan,
    Malaysia, Mexico, New Zealand, Netherlands,
    Norway,
  • South Africa, USA
  • Public Members (3 members)
  • From Switzerland, Italy, USA
  • IPSASB Observers
  • ADB, EU, IASB, IMF, INTOSAI, OECD,
  • UN, UNDP, World Bank

5
IPSASB Current Work Program
  • Standards Program established late 1996 by PSC
  • Primary focus on accrual basis, but also
    develop/support Cash Basis IPSAS
  • Current Program has 3 priority categories
  • 1st Public sector specific issues
  • 2nd Convergence with IFRSs where appropriate
  • 3rd Convergence with statistical bases where
    appropriate
  • Progress on priorities subject to resource
    constraints

6
IPSASB Transparent Due Process
  • Consultative documents - for comment
  • Exposure drafts at least 4 months for comment
  • Meetings in public, agenda materials on web
  • Steering Committees and Task Forces
  • Project Advisory Panels (PAP) input to IPSASB
  • Consultative Group (CG)
  • Regional Seminars/round table discussions in
    conjunction with each IPSASB meeting

7
Current Status of ProgramPronouncements
/Publications on Issue
  • 21 accrual IPSASs
  • IPSAS 22 on Disclosure of Fin. Information about
    the General Government Sector (GGS) - approved
    for issue
  • Comprehensive Cash Basis IPSAS
  • A number of Exposure Drafts, Studies, Research
    Reports, Invitations to Comment, etc on issue

8
Recent Exposure Drafts (ED)
  • ED 24 Cash BasisDisclosures about External
    Assistance Received - revised ED approved
  • ED 25 Amendment to the Preface to IPSASs -
    approved
  • ED 26 Improvements to IPSASs - in process
  • ED 27 Presentation of Budget Information in
    Financial Statements-
    anticipate approval Nov. 2006
  • ED 28 Disclosure of Financial Information About
    the
  • General Government Sector - IPSAS approved
  • ED 29 Revenue from Non Exchange Transactions
  • (including Taxes and Transfers)consider
    responses Nov 06

9
Other Recent Publications
  • Accounting for Heritage Assets Under the Accrual
    Basis of Accounting (Issued February 2006)
  • consider responses Nov 06
  • Occasional Paper The Road to Accrual
  • Accounting in the USA (Issued March 2006)
  • Research Report on IPSASs and statistical bases
  • of financial reporting (Issued January 2005)
  • Research Report Budget Reporting (Issued May
    2004)

10
Available on the IPSASB Web Site
  • All IPSASs
  • (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)
  • FREE OF CHARGE AT WWW.IPSASB.ORG

11
Update on status of key EDs and Projects
  • Given time available focus on only key projects
    and some major developments
  • Status of all IPSASB projects available from the
    IPSASB website (WWW.IPSASB.ORG)
  • See IPSASB Updates
  • See IPSASB meeting minutes

12
ED 24 Disclosure of External Assistance(Cash
Basis)
  • Actioned at request of OECD and Multilateral
    Development Banks
  • Comment period closed June 05 - 30 responses
  • Differing views - many concerned ED 24 too
    onerous
  • Will donors provide information necessary
  • IPSASB followed up with Consultative Group, OECD,
    and with donors re field test/additional input
  • Revised ED approved for issue in final quarter
    2006
  • Includes required and encouraged disclosures
  • ED will be field tested during exposure period

13
ED 25 26 Improvements to IPSASs (accrual
basis)
  • ED 25 black and grey letters have equal
    authority - approved and IPSASB will implement
    progressively
  • ED 26 - improve 11 accrual IPSASs (see
    attachment)
  • Based on improved IFRSs as at Dec 03, includes
  • Restructuring of IPSASs, remove some options
  • Elevate hierarchy of guidance
  • Clarify certain requirements
  • Approved IPSAS 1, 3, 4
  • Anticipate approve remainder in Nov 06

14
ED 27 Presentation of budget information in Fin.
Statements (Cash and Accrual Basis)
  • IPSAS in progress - for approval at Nov. 06
    meeting
  • Applies to public sector entities which make
    publicly available their approved budgets
  • To discharge accountability/enhance transparency
  • Disclose original and final budget by major class
  • Disclose actual/execution (on budget basis)
  • Reconcile to key amounts in Fin. St.
  • Explain budget basis, period, scope

15
ED 29 Revenue from Non-Exchange Transactions
(accrual basis)
  • Comments period ended June 30 2006
  • Deals with Taxes, and Transfers including Gifts,
    Donations, and Fines on accrual basis
  • Adopts an assets and liabilities approach
  • Meeting Nov. 06 Consider responses and draft
    IPSAS
  • Major Issues likely to be
  • Conditions on transfers a liability?
  • Tax expenditure and expenses paid through tax
    system
  • Reliable estimate of accrued tax revenue

16
Social Policy Obligations (accrual basis)
  • WIP ED under development
  • Meeting Nov. 06 Consider draft ED
  • Draft ED deal with social security pensions and
    other social benefits (monetary benefits and
    goods and services). Will propose
  • Liability when satisfy eligibility criteria
  • Amount of liability is accrued amount of next
    payment, unless legislation/regulation specifies
    otherwise

17
Other Projects in Process
  • Currently approved for issue in final quarter
    2006
  • ED 30 Impairment of Cash Generating Assets
  • ED 31 Employee Entitlements
  • (These EDs based on IFRSs where appropriate for
    public sector)
  • Consider comments on Consultation Paper Nov 2006
  • Heritage assets
  • Agreed for action in 2007
  • Review of implementation issues re Cash Basis
    IPSAS

18
Significant Developments
  • Additions to the work program for action late
    2006 as collaborative projects with national
    standards setters and similar organizations
  • Conceptual Framework for Public Sector
  • Public-Private Partnerships (Service concession
    arrangements)

19
IPSASB Longer Term Strategy
  • IPSASB reviewing its longer term strategy
  • IPSASB discussions to continue but future
    priorities
  • Conceptual Framework
  • Other public sector specific projects, including
    convergence with statistical basis if appropriate
  • IFRS convergence
  • Other activities - promotions/communications

20
IPSASB Funding and resources
  • Funding developments
  • Canadian government support
  • Other funders - update
  • Staff resources update
  • relocation of IPSASB to Toronto
  • IPSAS adoption
  • UN, OECD, NATO, EC, IFAC, INTERPOL
  • A number of countries in process
  • (see update on IPSASB website)

21
International Federation of Accountantswww.ifac.
org
22
Attachment IPSASs included in ED 26
improvements
  • IPSAS 1, Presentation of Financial 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 6, Consolidated Financial Statements and
    Accounting for Controlled Entities
  • IPSAS 7,Accounting for Investments in
    Associates
  • IPSAS 8,Financial Reporting of Interests in
    Joint Ventures
  • IPSAS 12,Inventories
  • IPSAS 13,Leases
  • IPSAS 14,Events After the Reporting Date
  • IPSAS 16, Investment Property
  • IPSAS 17, Property, Plant and Equipment
About PowerShow.com