IPSASB approves project brief on IPSAS 1 Presentation of Financial Statements

At its June 2023 meeting, the International Public Sector Accounting Standards Board (IPSASB) reviewed the draft project brief on IPSAS 1 Presentation of Financial Statements. In the September 2023 meeting, the staff explained how the IPSASB’s decisions and instructions from the June 2023 meeting were actioned in the draft project brief.

The IPSASB staff recommended the draft project brief on IPSAS 1 Presentation of Financial Statements to the board for approval.

Status of project

The IPSASB approved the project brief for the IPSAS 1 Presentation of Financial Statements project.

What is next?

The project will be completed in the following three distinct stages of development:

• Stage 1 is the development of a comprehensive Consultation Paper (CP) that will provide the IPSASB’s Preliminary Views on the key issues to be addressed in the replacement for IPSAS 1 Presentation of Financial Statements.
• Stage 2 will build on the work done in Stage 1 to develop a formal Exposure Draft (ED) and proposed consequential amendments to other IPSAS, considering constituents’ feedback to the CP and on the illustrative ED.
• Stage 3 will be the development of the Final Pronouncement based on constituents’ feedback to the ED and the finalisation of consequential amendments to other IPSAS.

The project will be developed within the context of the Conceptual Framework, with a focus on public sector-specific users’ information needs for accountability and decision-making purposes. The IPSASB will approve the Consultation Paper (Stage 1) in June 2025.

What is the impact locally?

There are no immediate changes to the requirements of the Standards of GRAP because the IPSASB’s project on IPSAS 1 Presentation of Financial Statements will not be completed for a number of years. The Secretariat of the ASB will continue to inform stakeholders of the status of IPSASB projects and guidance.

Access the full IPSASB’s news alert from 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.