Exposure Draft (ED) 89, Amendments to Consider IFRIC Interpretations

The International Public Sector Accounting Standards Board (IPSASB) issued ED 89, which proposes narrow-scope amendments to clarify the application of existing principles in certain International Public Sector Accounting Standards (IPSAS), by adding guidance on specific topics.

This proposed guidance is aligned with certain interpretation standards developed by the IFRS Interpretations Committee (IFRIC) and issued by the International Accounting Standards Board over the past few years. Topics covered include accounting for liabilities to decommission or restore property, plant and equipment assets; defined benefit plans; hyperinflation, and; levies payable by the reporting entities. 

Please note that in New Zealand, some of the guidance proposed in IPSASB ED 89 is already included in PBE Standards. Specifically, guidance based on IFRIC 1 Changes in existing Decommissioning, Restoration and Similar Liabilities and IFRIC 5 Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds is included in PBE IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets.

Once the IPSASB finalise the amendments proposed in the Exposure Draft, we will consult with you again before making amendments to PBE Standards.

Accessing the Exposure Draft

IPSASB ED 89: Amendments to Consider IFRIC Interpretations

You may also want to read the IPSASB’s At a Glance document of the Exposure Draft Proposal. 

How to provide feedback

Please send us your feedback by 27 May 2024, by emailing accounting@xrb.govt.nz – or you can submit your feedback directly to the IPSASB by 17 June 2024. We encourage you to also send a copy of your submission to the IPSASB.