This presentation was made by Andreas Bergman, IPSASB, at the 15th Annual OECD Public Sector Accruals Symposium held in Paris on 26-27 February 2015.

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IPSASB Update
Andreas Bergmann, Chair IPSASB
26 February 2015
15th OECD Accruals Symposium
Paris

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IPSASB Strategic Themes 2010-2014
• Development of Public Sector Conceptual Framework
• Public Sector Critical Projects (public sector specific,
maintenance of alignment with IFRS, alignment with
statistical accounting)
• Communications and promotion including adoption and
implementation
Governance not a strategic theme, but an area for
discussion, consultation and change

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Public Sector Conceptual Framework
Purpose:
– Establishes the concepts that are to be applied in
developing IPSASs
– Provides guidance for preparers of general purpose
financial reports (GPFRs) of public sector entities
where no IPSAS exists
• Project initiated in 2006; accelerated in 2010
• Completion 2014

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Conceptual Framework
Public Sector Conceptual Framework
Preface – Key Characteristics of Public Sector
Phase 2
• Elements
and
Recognition
Phase 3
• Measure-
ment
Phase 4
• Presenta-
tion
Phase 1
• Role
• Objectives
and Users
• QCs
• Rep Entity

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Key Characteristics of Public Sector
• Volume and Financial Significance of Non-Exchange
Transactions
• Importance of Approved Budget
• Nature of Public Sector Programs and the Longevity of the
Public Sector
• Nature and Purpose of Assets and Liabilities
• Regulatory Role of Public Sector Entities
• Relationship to Statistical Reporting

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New and revised standards 2014/15
• IPSAS 33 – First-time Adoption of Accrual Basis IPSASs‘
• IPSAS 34 to 38 – Interests in other entities
(replacing IPSAS 6-8)
• RPG 3 – Service Performance Information (March 2015)

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Current workplan
• Social Benefits: CP 2015 ( separate agenda item)
• GBE Definition: Consultation completed  ED 2015
• Financial Instruments:
– Public Sector Specific Financial Instruments  CP 2015/6
– Recognition and Measurement (based on IFRS 9, update of
IPSAS 29)  ED 2015/16
• Public Sector Combinations  CP 2015
• Emission Trading Schemes (jointly with IASB)  CP 2016

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IPSASB Strategy and Work Program 2015+
First ever Strategy Consultation, second Workplan
Consultation in 2014
Strategic Objective
Strengthening public financial management and knowledge globally
through increasing adoption of accrual based IPSASs by:
• Developing high quality public sector financial reporting
standards;
• Developing other publications for the public sector; and
• Raising awareness of the IPSASs and the benefits of their
adoption.

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IPSASB Strategy and Work Program 2015+
• “Must-do” Projects 2015-19
– Non-exchange expenses;
– Revenues exchange and non-exchange (update IPSAS 9, 11, 23)
– Measurement (based on CF) and – possibly linked -;
– Heritage and Infrastructure Assets
• Maintenance of existing IPSAS:
– Employee benefits;
– Presentation of Financial Statements, and
– Leases

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Adoption and implementation
Completion of projects:
- A number of implementation projects reached milestones or
were fully completed in 2013 (e.g. Austria, Spain, Kazakhstan)
- UN System has now completed all but two entities
Good progress on others, aiming for completion within the
next 2 to 3 years:
- Strong development in Latin America (e.g. Chile, Colombia,
Brazil, Panama, Costa Rica …)
- … and South-East Asia (e.g. Indonesia, Malaysia, PR of China
– rollout beyond pilot entities …)
EPSAS development in the EU
- Separate agenda item

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Governance
• Separate Agenda Item
• IPSASB would like to thank the Governance Review
Group for their work and the very significant progress
made
• IPSASB is fully supportive of the recommendations and
pleased to assist in their implementation

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Questions Discussion & Further Information
• Visit our webpage http://www.ipsasb.org/
• Or contact us by e-mail :
Chair IPSASB: andreasbergmann@ipsasb.org
Technical Director: stepheniefox@ipsasb.org
Deputy Technical Director: johnstanford@ipsasb.org