APPROVALS

• Amendments to IPSAS Standards: Specific IFRIC Interpretations with an effective date of 1 January 2026.

NEW PROJECTS

The IPSASB agreed to add the following two projects to the work programme:

1. Making materiality judgements

The project will be conducted in three phases:

• Phase 1: Review consistency of the definition of “materiality” across the IPSASB financial reporting guidance and propose changes to achieve this.
• Phase 2: Materiality in Financial Reporting: Develop non-authoritative guidance aligned with IFRS^® Practice Statement 2 Making Materiality Judgments (narrow scope project).
• Phase 3: Materiality in Sustainability Reporting: Develop guidance on making materiality judgments when preparing sustainability reporting in accordance with IPSASB SRS.

2. Strengthening linkages between IPSAS and the Government Finance Statistics Manual (GFSM) 2014

The project will be conducted in two phases:

• Phase 1: Clarify the areas where there is already alignment between IPSAS and GFSM 2014 or there is an aligned option available within IPSAS.
• Phase 2: Identify opportunities to increase alignment between IPSAS and GFSM 2014 as a result of the GFSM 2014 update process, which is currently ongoing.

SUSTAINABILITY REPORTING – RESEARCH AND SCOPING

The IPSASB considered potential future research and scoping projects to inform the IPSASB’s future sustainability work program priorities. Further research will be conducted on sources that could be considered to develop general sustainability-related guidance, including IFRS S1 on General Requirements for Disclosure of Sustainability-related Financial Information, and the IPSASB’s Recommended Practice Guidelines on Reporting on the Long-Term Sustainability of an Entity’s Finances (RPG 1) and Reporting Service Performance Information (RPG 3).

The IPSASB recognised that stakeholder feedback on Exposure Drafts out for comment – IPSASB SRS ED 1, Climate-related Disclosures and IPSAS ED 92, Tangible Natural Resources – may impact priorities and will be considered before moving forward with research and scoping on developing general sustainability-related guidance.

PROJECTS IN PROGRESS

Presentation of financial statements

Categorisation – The IPSASB decided that categorising revenue and expense items in surplus or deficit can be useful to help users of financial statements better understand, analyse and compare financial performance information. Ways in which the statement of financial performance can be categorised will be explored further at future meetings.

Items recognised outside of surplus / deficit – The benefits and drawbacks of retaining IPSAS 1 on Presentation of Financial Statements requirements (with enhancements) or aligning with IFRS 18 on Presentation and Disclosure in Financial Statements requirements (with proposed terminology to describe revenue and expenses outside of surplus or deficit) will be considered at a future meeting.

MAINTENANCE ACTIVITIES

The IPSASB will roll out their post-implementation review process and the IPSASB Application Group in 2025. The operating procedures for both these activities were finalised at the meeting.

Read more about the meeting here.

Disclaimer

The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.