Ipsasb

July 22, 2008

Thank you for signing up to receive eNews from the International Public Sector Accounting Standards Board (IPSASB). We welcome your comments.

In This Issue:

  1. Outcomes of June 2008 IPSASB Meeting
  2. Public Sector Conceptual Framework Project Advances
  3. Still Time to Comment on Service Concessions Paper
  4. Outreach Initiatives
  5. Request for Updates on National Developments
  6. IPSASB Staff Changes
  7. Share IPSASB eNews with Your Colleagues

1. Outcomes of June 2008 IPSASB Meeting

Meeting Highlights from the IPSASB's most recent meeting in Moscow, Russia are now available in English, French and Spanish. At the June meeting, the IPSASB discussed the following topics:

  • Public Sector Conceptual Framework (see below);
  • Financial instruments;
  • Convergence of International Financial Reporting Standards (IFRSs) with the IPSASB's International Public Sector Accounting Standards (IPSASs) and the status of interpretation statements (IFRICs) from the International Financial Reporting Interpretations Committee of the International Accounting Standards Board;
  • Entity combinations;
  • Updating IPSAS 5, Borrowing Costs; and
  • Intangible assets.

Highlights and background papers for all past IPSASB meetings can be viewed at http://www.ifac.org/PublicSector/Meetings.php.

2. Public Sector Conceptual Framework Project Advances

At its June 2008 meeting, the IPSASB neared completion of a consultation paper on the Conceptual Framework dealing with the objectives and scope of public sector general purpose financial reporting, qualitative characteristics of financial information included in general purpose financial reports and the definition of the reporting entity. Publication of the consultation paper is planned for September 2008, with a six-month consultation period. Further information is available on the Conceptual Framework project page.

Phase 2 of the Conceptual Framework project has commenced. At its recent meeting, the IPSASB discussed some initial issues and provided direction on the definition and recognition of various elements. The IPSASB plans to review a first draft of a consultation paper on the second phase of the project at its October 2008 meeting.

3. Still Time to Comment on Service Concessions Paper

The IPSASB is seeking comments by August 1, 2008 on its consultation paper, Accounting and Financial Reporting for Service Concession Arrangements. The paper explores accounting and financial reporting issues related to service concession arrangements from the perspective of the grantor (typically a public sector entity). It provides proposals for the IPSASB to consider in developing any authoritative international public sector requirements for accounting and reporting on these arrangements. Comments may be emailed to edcomments@ifac.org.

4. Outreach Initiatives

The IPSASB continues its strong program of outreach to constituents. IPSASB Chair Mike Hathorn has participated or is scheduled to participate in the following events:

  • Meeting of the International Federation of Accountants Developing Nations Committee on July 15-16;
  • Liaison meeting with the International Accounting Standard Board on July 21, 2008; and
  • Joint meeting of the New Zealand and Australian Accounting Standards Boards on July 31, 2008.

In addition, Stephenie Fox, IPSASB Technical Director, is making a presentation on IPSASs to the Konferensi Sektor Publik in Jakarta, Indonesia on July 23-24. Further information is available at http://www.iaiglobal.or.id.

5. Request for Updates on National Developments

If your jurisdiction is currently engaged in a program to implement IPSASs, please send any relevant information regarding the implementation process and timetable to the IPSASB Technical Director at stepheniefox@ifac.org.

6. IPSASB Staff Changes

John Stanford, who has worked with the IPSASB since April 2005, has been promoted to Deputy Director of the IPSASB. John is responsible for a number of key projects, including social benefits and long-term fiscal sustainability. Most recently, John has taken on the overall coordination and management of the IFRS convergence project. A number of other staffing changes are also underway. The IPSASB bids farewell, thanks and best wishes to Technical Manager Don Geiger, who has returned to a position with the United States Treasury in Washington, D.C.   A new Senior Technical Manager has been recruited and will join the Toronto office in August 2008.  Also in August, new Technical Manager Qi Chang will join the Toronto office on secondment from and funded by, the Ministry of Finance of the People's Republic of China. Qi's arrival is the third such secondment in what has been a steadfast and gratefully received commitment of support to the work of the IPSASB by the People's Republic of China.

7. Share IPSASB eNews with Your Colleagues

The IPSASB issues regular eNews updates to keep you current on its activities and recent publications. Please forward this eNews to any interested colleagues and advise them that they can subscribe to receive this eNews by following these simple steps:

  1. Go to the eNews sign-up page at http://www.ifac.org/E-news/index.tmpl.
  2. Enter their email address, name and country.
  3. Select "Public Sector eNews" from the checklist, as well as any other eNews alerts that you would like to receive.

You will receive the next issue of the IPSASB eNews directly into your inbox.

For more information about any of the items mentioned above or other information about the IPSASB, please contact: pr@ifac.org or visit the IPSASB's home page at http://www.ipsasb.org.

About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 157 members and associates in 123 countries, representing more than 2.5 million accountants in public practice, education, government service, industry and commerce. In addition to setting international public sector financial reporting standards through the IPSASB, IFAC, through its independent standard-setting boards, sets ethics, auditing and assurance, and education standards. It also issues guidance to encourage high quality performance by professional accountants in business.