Comments are requested by May 31, 2024
The International Public Sector Accounting Standards Board (IPSASB) has today released for comment Exposure Draft (ED) 88, Arrangements Conveying Rights over Assets (Amendments to IPSAS 47 and IPSAS 48).
The proposed amendments to IPSAS 47, Revenue are consistent with the principles already exposed in ED 84, Concessionary Leases and Right-of-Use Assets In-kind (Amendments to IPSAS 43 and IPSAS 23), published in January 2023, that were strongly supported by stakeholders. Additionally, ED 88 proposes illustrative examples to accompany IPSAS 47 and IPSAS 48, Transfer Expenses on other types of arrangements conveying rights over assets that are common in the public sector.
Feedback to both ED 88 and ED 84 will inform the final pronouncement on other lease-type arrangements.
“In light of its new standards on Revenue and Transfer Expenses, the IPSASB is proposing to update the guidance on common public sector arrangements that convey rights over assets,” said IPSASB Chair Ian Carruthers. “The proposals in ED 88 provide new guidance to enhance accountability and decision-making in the public sector that addresses the remaining arrangements identified in the Request for Information, Concessionary Leases and Other Arrangements Similar to Leases not already covered in ED 84.”
How to Comment
To access the Exposure Draft, its summary At-a-Glance document, Webcast, or to submit a comment, visit the IPSASB website. Comments are requested by May 31, 2024. The IPSASB encourages IFAC members, associates, and regional accountancy organizations to promote the availability of this Exposure Draft to their members and employees.
About the IPSASB
The International Public Sector Accounting Standards Board® (IPSASB®) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards™ (IPSAS®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the government of Canada. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.
About the Public Interest Committee
The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information.