IPSASB strategy consultation: Delivering global standards

Financial reporting

Current projects on the work programme include: the development of public sector specific guidance on leases and measurement, guidance on natural resources, and reconsidering the presentation of information in the financial statements.

With a largely complete set of IPSAS, they can shift their attention and resources to activities that maintain the Standards, and support the application thereof.

Their proposals include:

·       Establishing an Application Panel

This Panel will assess application challenges identified by constituents and develop recommendations for the IPSASB to consider.

·       Post-implementation Reviews

This process will evaluate whether individual IPSAS are achieving their objectives (through reporting requirements), as intended by the IPSASB, and whether amendments to existing guidance are necessary.

Sustainability reporting

The IPSASB will develop Public Sector Sustainability Reporting Standards. These Standards will draw on relevant guidance from IFRS^® Sustainability Disclosure Standards, GRI Standards and international statistical guidance, so that:

·       There are consistent principles and disclosures when users’ information needs are the same in the public and private sector.

·       The development process is resource efficient.

·       The Standards can respond to the urgent need for public sector guidance.

The IPSASB started its first sustainability project to develop a Standard on Climate-related Disclosures. Stakeholders will be consulted to determine which projects should be undertaken thereafter when resources become available.