News
New Exposure Draft to Clarify Requirements for First-time Adoption of Accrual Basis IPSAS
26-Aug-2024
NEW YORK - The International Public Sector Accounting Standards Board (IPSASB) released Exposure Draft (ED) 91, Limited-scope Updates to First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS) (Amendments to IPSAS 33) for public comment.
“The IPSASB encourages public-sector entities and jurisdictions around the world to apply the accrual basis of accounting through the adoption and implementation of accrual basis IPSAS. The successful application of IPSAS 33 is often a cornerstone of IPSAS adoption and implementation” said IPSASB Chair Ian Carruthers. “This ED aims to clarify the requirements of IPSAS 33 to assist entities and jurisdictions in successfully completing their IPSAS transition journey.”
IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSAS), was issued in 2015 and has been applied by a number of public sector entities during their transition to accrual basis IPSAS. The IPSASB heard from these stakeholders that:
- IPSAS 33 should be more user-friendly when applied as part of the entity’s broader transition journey;
- Reliefs should be more clearly set in the entire transition process to accrual basis IPSAS; and
- Reliefs should be designed to encourage the recognition and measurement of items, contributing to compliance as early as possible.
The proposals in the Limited Scope Update Project do not propose to change the objective, scope, or available exemptions in IPSAS 33. Rather, the amendments to IPSAS 33 are aimed at making it easier to apply and to encourage first-time adopters to comply with IPSAS in a planned way as soon as possible. Feedback received from this ED will help shape the final amendments to IPSAS 33.
How to Comment
Access the ED, supplementary material, and the summary At-a-Glance documents, or to submit a comment. Comments on the ED are requested by December 4, 2024. The IPSASB encourages IFAC® members, associates, and regional accountancy organizations to promote the availability of these ED to their members and employees.
Source: www.ifac.org