IPSASB consults on 2019-2023 strategy

Feb 07, 2018
The International Public Sector Accounting Standards Board (IPSASB) has published a Consultation Document on its proposed strategy and work plan for 2019-2023.

The draft strategy emphasises the importance of International Public Sector Accounting Standards (IPSAS) to public financial management reforms and proposes the following strategic objective: strengthening public financial management globally through increasing adoption of accrual-based IPSAS.

This will be delivered through two main areas of activity, both of which have a public interest focus: developing IPSAS and other high-quality financial reporting guidance for the public sector; and 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 – accounting for natural resources, discount rates and differential reporting. The IPSASB will also continue to maintain convergence with International Financial Reporting Standards, where appropriate, and to work with others to promote IPSAS adoption and emphasise the importance of accrual-based information for strengthening public financial management.

"The IPSASB will continue to focus on developing standards addressing public sector specific financial reporting issues," said IPSASB Chair, Ian Carruthers. "However, the proposed strategy also emphasises the importance of the IPSASB working with others to ensure that the great benefits of IPSAS implementation are more widely understood and that the power of accrual reporting in supporting public financial management reforms is fully recognised."

This consultation provides an opportunity for constituents to comment on the IPSASB's strategic objective, supporting themes and work plan priorities for the period 2019-2023. Interested parties can submit responses via www.ipsasb.org up to 25 June 2018.

Source: The International Public Sector Accounting Standards Board.