At the December 2024 meeting, the International Public Sector Accounting Standards Board (IPSASB) discussed the contents of the Consultation Paper (CP) on Presentation of Financial Statements for the statement of financial performance. Here are the key highlights:

🏁Next Steps

The IPSASB will continue to develop the CP and Illustrative Exposure Draft (IED), specifically focusing on the following, for further discussions planned for March 2025:

1. Consider how the IASB decided on items recognised outside profit or loss, informing the IPSASB’s decisions on revenue and expense items outside surplus or deficit.
2. Assess benefits and drawbacks of retaining and enhancing IPSAS 1, Presentation of Financial Statements requirements to improve communications.
3. Evaluate alignment with IFRS 18 requirements with proposed terminology to describe revenue and expenses outside of surplus or deficit to improve transparency.

Stay tuned for more updates as the IPSASB progresses toward enhancing financial transparency and accountability in the public sector!

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.