The IPSASB met in December 2022 and progressed key issues affecting public sector accounting. Importantly, the IPSASB:

• Approved amendments to IPSAS 16 on Property, Plant and Equipment. The amendments add guidance on heritage and infrastructure assets.
• Approved the updated chapter on measurement in the IPSASB’s Conceptual Framework. The revised chapter now includes fair value and refines the other public sector specific measurement bases for assets and liabilities.
• Published an Exposure Draft on Concessionary Leases and Right-of-Use Assets In-kind for comment. The proposals deal with public sector specific issues, for example, non-exchange elements included in leases or arrangements to use assets.

The full meeting highlights are available on the IPSASB’s website.