The IAASB’s public report summarizing the board’s achievements from January 1, 2016 to June 30, 2019, has been released. This period, chaired by Professor Arnold Schilder, was one of great productivity for the board.
In addition to issuing International Education Standards, the IAESB also developes implementation support materials, including videos, webcasts and presentations, and guidance documents. These resources support accounting education and are for use by academics, training providers, professional accounting organization, and employers.
The IAESB Personal Perspectives Series shares insights from board members, technical advisors and other key stakeholders on some of the challenges affecting aspiring professional accountants and the importance of effective accountancy learning and development.
The IAESB Personal Perspectives Series shares insights from board members, technical advisors and other key stakeholders on some of the challenges affecting aspiring professional accountants and the importance of effective accountancy learning and development.
This Perspective, A Growing Demand for Public Sector Accounting Education, is from Rania Mardini, IAESB Member.
The proposed new Standard will augment existing guidance in IPSAS 41, Financial Instruments, and improves that Standard’s requirements by introducing guidance on:
Monetary gold;
Currency in circulation;
IMF quota subscriptions; and
Special Drawing Rights.
“The topics addressed in this Exposure Draft are unique to the public sector and have a significant impact on government finances,” said IPSASB Chair Ian Carruthers. “The final guidance will ensure users of IPSAS-based financial statements have the information they need about these important items for accountability and decision-making purposes.”
How to Comment
To access the Exposure Draft and its summary At-a-Glance document, or to submit a comment, visit the IPSASB website, www.ipsasb.org. Comments on the Consultation Paper are requested by December 31, 2019. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of this Consultation Paper to their members and employees.
About the IPSASB
The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards® (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.
Stakeholder comment on Exposure Draft 69 sought by December 31, 2019
Exposure Draft 69, Public Sector Specific Financial Instruments, Amendments to IPSAS 41, Financial Instruments provides guidance on how to account for a number of important categories of financial instruments that are unique to the public sector.
The proposed new Standard will augment existing guidance in IPSAS 41, Financial Instruments, and improves that Standard’s requirements by introducing guidance on:
The IAESB has developed this guidance to illustrate how the International Education Standards implementation may be adapted to create curricula that cater to the needs of professional accountants in the public sector.
It is grounded in the Learning Outcomes approach that “embodies the idea that learning and development experiences are most effective when based on what the individual needs to demonstrate." It uses IES 2, Initial Professional Competence – Technical Competence, as a base as that helps establish the common ground.
IFAC submitted a comment letter to further highlight the importance of the issues covered in the IAASB’s Discussion Paper, Audits of Less Complex Entities.
Notwithstanding significant efforts by many stakeholders, including the IAASB and IFAC, concerns remain about the application of International Standards on Auditing (ISAs) to less complex entities (LCEs). IFAC applauds the IAASB’s initiative to consider the situation holistically and chart the best way forward, and believes that these challenges will be best resolved through thoughtful and constructive input and engagement from the largest possible number of diverse global stakeholders.
IFAC strongly encourages all stakeholders to respond directly to the Discussion Paper or to participate in IFAC’s Audits of Less Complex Entities Surveyby September 12, 2019. The survey is available in English, French and Spanish.
