IPSASB consults on their 2024-2028 strategy and work programme: A shift towards maintenance and sustainability reporting

The IPSASB nears the end of their 2019-2023 strategy and work programme. In this period, they published major pronouncements, which:

• filled gaps in IPSAS, e.g. IPSAS 45 on Property, Plant and Equipment now includes guidance on heritage assets and infrastructure assets, and IPSAS 48 on Transfer Expenses filled a gap for non-exchange expenses; and

• kept alignment with IFRS Accounting Standards, e.g. IPSAS 43 on Leases, IPSAS 46 on Measurement and IPSAS 47 on Revenue.

Consulting on their next strategy and work programme

The IPSASB approved their proposed strategy and work programme 2024-2028 for consultation at the September 2023 meeting.

As the IPSAS matures and is a substantially complete suite of financial reporting standards, the IPSASB proposes to move from developing to maintaining IPSAS. There is a strong call globally for guidance on reporting sustainability information. The proposed strategy reflects the IPSASB’s previous decision to develop public sector sustainability reporting standards.

Strategic objective for 2024-2028

The strategy proposes the following strategic objective to reflect the IPSASB’s focus for the period:

“Strengthening Public Financial Management globally through increasing adoption and implementation of accrual IPSAS and public sector sustainability reporting standards”

Upcoming articles will discuss how the IPSASB proposes to deliver on its strategic objective through two main activities – delivering global standards, and inspiring implementation.

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.