The International Public Sector Accounting Standards Board (IPSASB) started an IPSAS Application Group. The aim of the group is to help public sector entities understand and implement IPSAS effectively. The group will focus on practical application issues and determine whether any guidance should be issued or changes to IPSAS be recommended to the IPSASB in response to these issues. The work of the group is important for ensuring that IPSAS are adopted and implemented consistently and effectively across the public sector globally.
At the March 2025 meeting, the IPSASB discussed the operating procedures of the group and its work plan for the year. The operating procedures were finalised. The webpage will be established next.
Other maintenance activities:
The IPSASB considered other maintenance activities at the March meeting. These included amendments to the financial instruments IPSAS Standards, such as guidance on supplier finance arrangements, the classification and measurement of financial instruments, contracts referencing nature-dependent electricity and other editorial changes. Stakeholders will be consulted on these amendments, together with other minor amendments, early 2026.
Local impact:
The IPSAS Application Group does not have any impact on the local environment. Entities applying the Standards of GRAP should submit their queries on the GRAP Knowledge Hub.
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.