IPSASB releases new strategy and work program

The International Public Sector Accounting Standards Board issued its updated five-year strategy and work program.

The 2024-2028 Strategy and Work Program builds on the foundation of the group’s 2019-2023 Strategy and Work Program while adding sustainability components.

“The hard work during the 2019-2023 Strategic period to close gaps in the suite of IPSAS has allowed the IPSASB to shift resources towards ensuring the consistent application of IPSAS in the 2024-2028 Strategic period,” said IPSASB chair Ian Carruthers in a statement last week. “Thank you to all our stakeholders who either responded to the consultation or participated at our regional roundtables that supported the proposals to add an application panel and post-implementation review process to help address the different resource capacities of stakeholders at various levels of accrual adoption and application of PFM. We’ve now also made the landmark change for the public sector of adding sustainability reporting standards to the high-quality global standards we deliver.”

The IPSASB’s strategic objective for 2024-2028 of strengthening public financial management and sustainable development globally through increasing adoption and implementation of accrual IPSAS and international public sector sustainability reporting standards, will be achieved through a number of activities. Those include addressing constituents’ needs, collaborating internationally, clarifying principles, raising awareness, building alliances and supporting jurisdictional, regional and international objectives.

Separately, on Monday, the IPSASB issued its final pronouncement on Concessionary Leases and Other Arrangements Conveying Rights Over Assets. The guidance deals with public sector issues specific to concessionary leases (that is, leases at below-market terms) and other arrangements conveying rights over assets that are not leases that are prevalent in the public sector. It reflects the feedback received by the IPSASB from constituents to an earlier Request for Information, Concessionary Leases and Other Arrangements Similar to Leases, while building on earlier standards, such as the principles in IPSAS 43, Leases, IPSAS 47, Revenue, and IPSAS 48, Transfer Expenses, and thus complements those Standards.

“Concessionary Leases and Other Arrangements Conveying Rights over Assets will enhance accountability and decision-making in the public sector by providing new guidance to make the financial reporting of these specific arrangements more consistent and transparent,” said Carruthers in a statement. “This final pronouncement completes the Leases project and equips public sector entities with a complete set of guidance to address their broad-ranging needs.”

The amendments to IPSAS 43 and IPSAS 47 have an effective date of Jan. 1, 2027, but earlier application is allowed.