IPSASB ED 69

  • Public Sector

Public Sector Specific Financial Instruments

The International Public Sector Accounting Standards Board (IPSASB) has published for comment ED 69 Public Sector Specific Financial Instruments: Amendments to IPSAS 41, Financial Instruments.

ED 69 proposes to amend the implementation guidance and illustrative examples that accompany IPSAS 41 to clarify the treatment of the following items.

1. Monetary gold: The IPSASB has decided that monetary gold does not meet the definition of a financial asset. The IPSASB is proposing to add implementation guidance to IPSAS 41 to reflect its views on this asset. 

2. Currency in circulation: The IPSASB is of the view that, depending on the arrangements in a jurisdiction, issuing currency as legal tender may or may not create a financial liability for the issuer. The IPSASB is proposing to add implementation guidance to IPSAS 41 to reflect its views on this matter.

 3. International Monetary Fund (IMF) Special Drawing Rights (SDRs): SDRs are international reserve assets created by the IMF and allocated to members to supplement reserves. ED 69 proposes that SDR holdings are regarded as a financial asset. SDR allocations are a contractual obligation to deliver cash and are therefore regarded as a financial liability.  The IPSASB is proposing to add implementation guidance on SDR holdings and allocations to IPSAS 41. 

4. IMF quota subscriptions: On joining the IMF members are assigned a quota and pay a subscription based on this quota. The IPSASB is of the view that IMF quota subscriptions come under a current illustrative example and is proposing to amend this example to clarify this. 

The XRB’s policy for the ongoing maintenance and enhancement of PBE Standards is set out in the Policy Approach to Developing PBE Standards. This establishes a rebuttable presumption that the NZASB will adopt a new or amended IPSAS.

Prior to adopting any amendments based on ED 69, the NZASB would consult by issuing a domestic exposure draft.


Commenting on the Proposal

Please send your comments to the NZASB by 15 November 2019, using the secure upload form below, or directly to the IPSASB (with a copy to the NZASB) by 31 December 2019.

You can make comments directly to the IPSASB website at www.ifac.org and  http://www.ifac.org/ using the “Submit a Comment” link. First-time users must register with IFAC to submit electronically.


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