IPSASB meeting 25 to 28 June 2024

Approvals:

• Exposure Draft on Amendments to IPSAS as a result of the application of IPSAS 46 Measurement
• Exposure Draft on Proposed amendments to IPSAS 33, First-Time Adoption of Accrual Basis IPSAS
• Final Pronouncement – Concessionary Leases and Other Arrangements
• Final Strategy and Workplan 2024 to 2028

Projects in progress:

• Presentation of Financial Statements: The IPSASB progressed the development of a Consultation Paper and Exposure Draft on Presentation of Financial Statements by discussing the statement of financial position. They agreed that the statement of financial position should be aligned to the private sector and require a current/non-current presentation approach. An option to present the items as financial/non-financial was considered but will not be proposed as there are different existing definitions applied across jurisdictions and in existing literature.
• Natural Resources: The topics for non-authoritative guidance to be included in the Exposure Draft were considered. The IPSASB agreed that a clearer distinction between natural resources held for conservation (in the scope of this project) and heritage assets (in the scope of IPSAS 45 on Property, Plant and Equipment) is needed. The IPSASB also agreed that natural resources in the scope of the project would be used for service delivery purposes rather than their economic benefits. Therefore guidance on assets held for financial capacity and cash-generating assets will not be included.
• Sustainability – Climate Related Disclosures: The IPSASB agreed that a clear distinction should be made between an entity’s own activities and its climate-related public policy programmes. The Exposure Draft will clearly distinguish the guidance between these two activities. The IPSASB considered whether public sector entities would be able to reliably measure scope 3 GHG emissions, including for the outcomes of its public policy programmes. They agreed that entities should be required to provide this information as it would be important to enable users to assess the effectiveness of these policies.

Access more information about the meeting here.