The International Public Sector Accounting Standards Board (IPSASB) is consulting on its proposed strategy and work plan for 2019-2023, with a focus on increasing adoption of accruals-based standards as a way of strengthening public financial management globally
The standards-setter says it will be developing IPSAS and other high-quality financial reporting guidance for the public sector, and also raising awareness of IPSAS and the benefits of accrual adoption.
To develop standards on critical areas in public sector accounting, the IPSASB proposes to take on three new major public sector specific projects. These are accounting for natural resources, discount rates and differential reporting.
The IPSASB will also continue to maintain convergence with International Financial Reporting Standards (IFRS), where appropriate, and to work with others to promote IPSAS adoption and emphasize the importance of accrual-based information for strengthening public financial management.
Ian Carruthers, IPSASB chair, said: ‘The IPSASB will continue to focus on developing standards addressing public sector specific financial reporting issues.
‘However, the proposed strategy also emphasizes the importance of the IPSASB working with others to ensure that the great benefits of IPSAS implementation are more widely understood.’
The consultation closes on 15 June.
IPSASB Proposed Strategy and Work Plan 2019-2023 is here.
Report by Pat Sweet
