Mostly notably, the IPSASB approved a project brief for the development of a public sector specific Climate-related Disclosures standard. Read the full announcement here.

The IPSASB approved the updated Chapter 3 Qualitative Characteristics of the IPSASB’s Conceptual Framework. The updates include clarifying the role of prudence in the public sector and adding obscuring information as a materiality consideration.

Natural resources: The IPSASB agreed two Exposure Drafts will be developed:

·       Proposed IPSAS guidance on natural resources.

·       A proposed aligned IPSAS with IFRS 6 Exploration for an Evaluation of Mineral Resources.

Measurement application phase: The project continues to assess the potential application of current operational value (COV) to IPSAS. The IPSASB agreed areas where COV would not apply at this meeting.

Retirement Benefit Plans: The IPSASB agreed to clarify the scope and definitions for the IPSAS under development, to resolve uncertainties with the application of this IPSAS and IPSAS 39 on Employee Benefits as well as for consolidation purposes.

Presentation of financial statements: The IPSASB is developing the project brief and considered the scope at this meeting. It was agreed that the project will consider IPSAS 1 Presentation of Financial Statements. A consultation paper will be developed first.

Differential reporting: The IPSASB considered the most appropriate mechanisms to address the needs identified that the project responds to. It was agreed that the project should develop other forms of guidance and not a standard-setting solution.