Update on IFAC International Public Sector Accounting Standards Board Liz Cannon, Assistant Director Technical and International, CIPFA
Agenda • A reminder of what IPSASB is and the role it plays • Recent activity – EDs issued • Current ongoing projects
IPSASB • IPSASB was the IFAC Public Sector Committee – was renamed in 2004 • Its role is unchanged • Part of IFAC – 163 member bodies from 119 countries • Current resource constraints limit progress • Issues cash and accrual IPSASs
IPSASB • IPSASB Members 2005 France (Chair), UK (Deputy Chair), Australia, Argentina, Canada, Germany, India, Israel, Japan, Malaysia, Mexico, New Zealand, Norway, South Africa, USA • In 2006, two public members to be added • IPSASB Observers ADB, EU, IASB, IMF, INTOSAI, OECD, World Bank, UNDP
IPSASB processes • • Transparent due process Meetings in public and papers on the web Exposure drafts – 4 months to comment Consultative Group Regional Seminars Project Advisory panels Exposure drafts: at least 4 months for comment
IPSASB Recent Activity Exposure Drafts • ED 24 External Assistance • ED 25 Equal authority of paragraphs in IPSASs • ED 26 Amendments to 11 IPSASs • ED 27 Budget Reporting • ED 28 General Government Disclosures
ED 24 External Assistance • • Cash basis – comment period closed in June 2005 Encouraged by OECD and multilateral banks Harmonise requirements, reduce compliance costs 30 responses – still coming in Concerns – disclosures too onerous Concerns – donors not providing information Before moving forward – further field tests by donors and recipients
ED 25 Equal Authority • All IPSAS paragraphs have the same authority • Black letter paragraphs set out matters of principle
ED 26 Amendments to IPSASs • Part of convergence project with IASs issued by the IASB at December 2003 as part of its general improvements project • Resources preclude continuation of this project any further for now
ED 27 Budget reporting • Applies to public sector entities which are required (by legislation, other authority) to disclose budgets • To discharge accountability/enhance transparency • Disclose original and final budget by major class • Disclose actual outcome and compare to budget for which held accountable • Reconciliation to General Purpose Financial Statements
ED 28 General Government Disclosures • Issued as part of programme to support convergence of IPSASs and statistical bases of reporting • Many similarities but also differences between accounts • The ED tries to explain the differences so as to make them clearer for users • Disclosure not required - “rules” for governments that elect to disclose information about GGS
IPSASB Project: Non-Exchange Revenue • Invitation to Comment: 2003 • Assets and Liabilities Approach • Issues include recognition of in-kind services and liabilities arising from conditions • Includes transfers (e. g. grants, fines, donations, debt forgiveness) and taxes
IPSASB Project: Non-Exchange Revenue • Extensive analysis of stipulations and liabilities, and distinction between ‘conditions’ & ‘restrictions’ • Focus on ‘sacrifice of resources’ • Differs from UK focus on ‘control of the condition’
IPSASB Project: Non-Exchange Revenue • In-Kind Services – Recognition permitted but not required – Differs from UK ASB So. P draft which considers whether services would otherwise be purchased • Differentiation of tax expenditures and tax expenses and prohibition of offsetting of tax expenses • Exposure Draft likely late 2005/early 2006
IPSASB Projects: Social Policy Obligations & Pensions • Invitation to Comment : 2003 • Sub-projects for general social policies and pensions • Employee benefits outside primary scope: applicability of IAS 19 to public sector to be considered in November 2005
IPSASB Project: Social Policy Obligations When do present obligations arise for social benefits? • Cash Transfers: On satisfaction of all key eligibility criteria • Individual Goods/Services: - - - ditto - - • Collective Goods/Services: On delivery • Staying Alive/Continuing Existence will often be a key recognition criteria but not a measurement attribute • Draft ED to be considered in November
IPSASB Project: Pensions • Preliminary distinction between pensions where contributions are relevant to benefits paid and those where there is no relationship • Similar approach as social policy obligations re recognition criteria and liabilities • Further consideration to be given in November
International Public Sector Accounting Standards Board Any Questions? Liz Cannon, Assistant Director Technical and International, CIPFA
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