Local stakeholders support amendments to IPSAS based five IFRIC Interpretations

The International Public Sector Accounting Standards Board (IPSASB) recently issued an Exposure Draft (ED) proposing amendments to IPSAS based on five IFRIC Interpretations deemed to be relevant to the public sector.

The Interpretations were not previously considered by the IPSASB because there was no established process to determine their applicability to the public sector. The IPSASB intends to consider the applicability of future IFRIC Interpretations as they are issued by the IFRS Interpretations Committee. The interpretations included in the ED are:

• IFRIC 1, Changes in Existing Decommissioning Restoration and Similar Liabilities
  
• IFRIC 5, Rights to Interests Arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

• IFRIC 7, Applying the Restatement Approach under IAS 29 on Financial Reporting in Hyperinflationary Economies

• IFRIC 14, IAS 29 The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

• IFRIC 21, Levies

Local stakeholders expressed support for these proposed amendments to IPSAS, highlighting their relevance and applicability within the public sector. Additionally, stakeholders agree with the IPSASB’s decision to not propose amendments based on IFRIC 6, Liabilities Arising from Participating in a Specific Market  – Waste Electrical and Electronic Equipment, and SIC 7 Introduction to the Euro, citing their limited relevance to the public sector.

The Secretariat appreciates the contributions of all stakeholders who provided valuable insights. Access the full comment letter submitted to IPSASB 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.