International Public Sector Accounting
Standards Board (IPSASB)
OECD – Public Private Partnerships
July 2006
Philippe Adhémar – IPSASB Chair
IFAC IPSASB
Overview
• Current Status of IPSASB Project
• Update on discussions at last IPSASB meeting
– Paris July 3-6
• Likely future actions
• See attachment for IPSASB
– Membership
– IPSASs, EDs, Research Reports
– Projects under development
– Download from www.IPSASB.org
June 2006
IPSASB
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IFAC IPSASB
Service Concessions – Public Private Sector
Partnerships
• IPSASB has noted importance of project on PPPs
• Deferred actioning own project pending:
– IFRIC developments
– IPSASB staff resource to support project
• Responded to IFRIC draft Interpretations, Concerns:
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Grantors not dealt with
Narrow range of PPPs being dealt with
Notion of control: implications for public sector
Distinguishing between the accounting models
June 2006
IPSASB
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IFAC IPSASB
IPSASB Follow-up Activity
• IPSASB subcommittee monitoring IFRIC
developments
– IFRIC responding to certain concerns
• IPSASB raised potential for collaborative project
national standards setters and other bodies (NSS)
– Positive response
– Discuss with NSS in Paris July 5
– Consider implications for IPSASB resource
allocations to projects
June 2006
IPSASB
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IFAC IPSASB
Proposals- Paris July 5, 2006
• Collaborative project with NSS
• Research project dealing with grantors
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Not focus on application of IFRICs for grantors
Encompass both grantor and operator
Include overview of current practice
Subsequent stage development of an IPSAS
• Research/Consultation paper developed by
subcommittee of IPSASB and NSS members
– To be issued by IPSASB for comment
– May also be issued by NSS in national context
• Action project Nov.06. Develop and issue paper 07
June 2006
IPSASB
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IFAC IPSASB
Proposals- Paris July 5, 2006
• Update on outcome of discussions with NSS in
Paris
June 2006
IPSASB
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International Federation of Accountants
www.ifac.org
IFAC IPSASB
ATTACHMENT: IPSASB Members 2006
• Accounting Profession
France (Chair), UK (Deputy Chair), Australia,
Argentina, Canada, India, Israel, Japan, Malaysia,
Mexico, New Zealand, Netherlands, Norway,
South Africa, USA
Public Members
Prof A Bergman (Switzerland), Prof S. Pozzoli (Italy),
Mr J. Peace (USA)
• IPSASB Observers
ADB, EU, IASB, IMF, INTOSAI, OECD,
World Bank, UN, UNDP
June 2006
IPSASB
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IFAC IPSASB
ATTACHMENT – IPSASB Due Process
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Exposure Drafts – at least 4 months comment
Open meetings, agenda materials on web
Steering Committees (SC) – ITCs for comment
Project Advisory Panels (PAP) – input to
IPSASB
• Consultative Group (CG)
• Regional Seminars/round table discussions in
conjunction with each IPSASB meeting
June 2006
IPSASB
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Recent EDs – Draft IPSASs
IFAC IPSASB
ED 24“Cash Basis External Assistance”-comments 15 June 05
ED 25 “Amendment to the Preface to IPSASs” (by 31 Jan 06)
ED 26 “Improvements to IPSASs (by 31 Jan 06)
ED 27 “Presentation of Budget Information in Financial
Statements” (by 10 Feb 06)
ED 28 “Disclosure of Financial Information About the
General Government Sector” (by 10 Feb 06)
ED 29 “Revenue from Non Exchange Transactions”
(including Taxes and Transfers) (by 30 June 06)
June 2006
IPSASB
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IFAC IPSASB
ATTACHMENT – Other Active Projects on
IPSASB Agenda
Social Policy Obligations (Pensions, Non-Pensions)
Government Employee Benefits (Pensions and other)
Heritage Assets
Presentation of Budget Information in Financial Statements
Disclosure of Information: General Government Sector
Impairment of Cash Generating Assets
Conceptual Framework
Review implementation of Cash Basis IPSAS
Disclosures by Recipients of External Assistance (Cash basis)
Ongoing review of applicability of IFRSs to public sector
June 2006
IPSASB
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IFAC IPSASB
ATTACHMENT– IPSASs on Issue
Cash Basis IPSAS
Cash Basis IPSAS, “Financial Reporting Under the
Cash Basis of Accounting”
Comprehensive IPSAS which includes:
a wide range of key cash basis requirements and
encourages additional disclosures
June 2006
IPSASB
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IFAC IPSASB
ATTACHMENT – Accrual IPSASs
(* Identifies IPSASs currently being improved)
*IPSAS 1, “Presentation of Financial Statements”
IPSAS 2, “Cash Flow Statements”
*IPSAS 3, “Net Surplus or Deficit for the Period,
Fundamental Errors and Changes in
Accounting Policies”
*IPSAS 4, “The Effects of Changes in Foreign
Exchange Rates”
IPSAS 5, “Borrowing Costs”
*IPSAS 6, “Consolidated Financial Statements and
Accounting for Controlled Entities”
June 2006
IPSASB
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IFAC IPSASB
ATTACHMENT – Accrual IPSASs (cont.)
*IPSAS 7, “Accounting for Investments in Associates”
*IPSAS 8, “Financial Reporting of Interests in Joint
Ventures”
IPSAS 9, “Revenue from Exchange Transactions”
IPSAS 10, “Financial Reporting in Hyperinflationary
Economies”
IPSAS 11, “Construction Contracts”
*IPSAS 12, “Inventories”
June 2006
IPSASB
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IFAC IPSASB
ATTACHMENT – Accrual IPSASs (cont.)
*IPSAS 13, “Leases”
*IPSAS 14, “Events After the Reporting Date”
IPSAS 15, “Financial Instruments: Disclosure and
Presentation”
*IPSAS 16, “Investment Property”
*IPSAS 17, “Property, Plant and Equipment”
June 2006
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IFAC IPSASB
ATTACHMENT – Accrual IPSASs (cont.)
IPSAS 18, “Segment Reporting”
IPSAS 19, “Provisions, Contingent Liabilities and
Contingent Assets”
IPSAS 20, “Related Party Disclosures”
IPSAS 21, “Impairment of Non-cash-generating Assets”
June 2006
IPSASB
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IFAC IPSASB
ATTACHMENT– Recent Research Reports
Research Report
• Budget Reporting (May 04)
• Comparison between GPFS and GFS/SNA
(January 05)
June 2006
IPSASB
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