IPSASB Mid-period Work Program Consultation
The International Public Sector Accounting Standards Board (IPSASB) has recently issued for comment Consultation Paper (CP) Mid-period Work Program Consultation which seeks feedback to assist with the prioritisation of new projects to be added to the Work Program in 2022 and 2023 when it is expected that the IPSASB’s current Revenue and Leases projects will have been completed.
The IPSASB CP proposes to add two major and four minor projects as described below:
- The Presentation of Financial Statements project will revise overall presentation requirements for the primary financial statements and address any public sector specific issues.
- The Differential Reporting project will explore introducing reporting requirements for less complex public sector entities.
- The projects which will propose to amend IPSAS 21 and IPSAS 31 to address public sector specific issues in these areas. These projects are considered narrow in scope and do not include a holistic review of existing principles and requirements.
- The Practice Statement (PS) project will introduce guidance from the IASB’s Making Materiality Judgements PS and seek to maintain alignment with IFRS.
- The IPSAS 33 project is only for jurisdictions adopting accrual-based IPSAS for the first time. It does not form part of the PBE Standards in New Zealand.
The proposals in the CP are relevant for Tier 1 and Tier 2 public benefit entities (PBEs)—both not-for-profit and public sector entities. The future Work Plan on the IPSASB will impact the future development of PBE Standards in New Zealand.
Commenting on the Proposals
Send your comments—both formal and informal—to the NZASB by 1 October 2021, using the secure upload form below.
We also encourage you to send comments directly to the IPSASB by 30 November 2021, with a copy to the NZASB.
We intend on publishing all comments on the XRB website, unless they may be defamatory. If you have any objection to this, we will not publish them. However, they will remain subject to the Official Information Act 1982 and, therefore, may be released in part or in full. The Privacy Act 1993 also applies.