The IPSASB discussed proposals for their 2024 to 2028 strategy

The International Public Sector Accounting Standards Board (IPSASB) met on 27 July 2023 to progress the development of a consultation document on their 2024 to 2028 strategy and work programme. The key proposals for the strategy are as follows.

Maintenance

With the suite of IPSAS substantially complete, the focus of the strategy will shift from developing new IPSAS to maintaining existing IPSAS. The activities that the IPSASB proposes to include in maintaining existing IPSAS are conducting post-implementation reviews and establishing an interpretations group. The IPSASB has not undertaken post-implementation reviews before and would need to establish a process. Constituent feedback would be needed on the areas that these reviews should focus.

Sustainability standards

The IPSASB will start developing sustainability reporting standards in this work programme period. Funding is secured for the development of a standard on climate related disclosures. Further sustainability standards will be developed as funding becomes available. The establishment of structures to support the IPSASB in the development of these standards would be key in this new area of reporting.

Inspiring implementation

As the move towards accrual accounting continues, the IPSASB aims to inspire adoption and implementation of IPSAS. This activity will be equally important for the financial and sustainability reporting standards. Proposed activities in this area include raising awareness, building alliances and supporting initiatives in jurisdictions. These activities would also advocate the benefits of accrual financial reporting and sustainability reporting information in general purpose financial reports.

Next steps for the IPSASB

The IPSASB intends to approve the strategy consultation at the September 2023 meeting. They plan to have roundtable discussions within jurisdictions during the comment period. Follow the ASB to be informed of upcoming discussions with South African stakeholders.

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.