July 2007
Contact: Barry Naik, barrynaik@ifac.org
This Meeting Highlights from the International Public Sector Accounting
Standards Board (IPSASB) meeting in Montreal, Canada on July 3-6, 2007 has been prepared for information purposes only.
For more detailed information on individual projects beyond that provided below, please refer to the IPSASB’s project history pages: http://www.ifac.org/PublicSector/Projects.php#InProgress .
The IPSASB discussed key issues on the papers ‘objectives of financial reporting’ and ‘scope of financial reporting’ agreeing to review final drafts in
November 2007 along with a consideration of key issues on the ‘reporting entity’ paper. They agreed that Group 2 and 3 projects should be actioned as soon as possible.
IFAC staff contacts – Technical Director Stephenie Fox: stepheniefox@ifac.org
/or Senior Advisor Paul Sutcliffe: paulsutcliffe@ifac.org
.
The IPSASB reviewed a draft exposure draft (ED) on disclosure of amounts to be transferred to eligible participants. The ED will incorporate a statement on the IPSASB’s strategic approach to accounting for social benefits. The
IPSASB plans to issue a package of material comprising the ED, a
Consultation Paper and a Project Brief on Long-Term Fiscal Sustainability after the November 2007 meeting.
IFAC staff member contact - John Stanford: johnstanford@ifac.org
.

The IPSASB reviewed submissions on exposure draft (ED) 30 Impairment of
Cash Generating Assets. A draft IPSAS is planned for approval in November
2007.
IFAC staff member contact - John Stanford: johnstanford@ifac.org
.
The IPSASB reviewed submissions on ED 31 Employee Benefits.
A draft
IPSAS is planned for approval in November 2007.
IFAC staff member contact - John Stanford: johnstanford@ifac.org
.
The IPSASB considered a first draft exposure draft (ED) converging IPSAS
15, Financial Instruments: Disclosure and Presentation with IAS 32
Financial Instruments: Presentation . It was decided that, for the November meeting, a revised draft ED IPSAS 15 would be considered which:
 converges with IAS 32; and
 proposes issuing a new IPSAS based on IFRS 7, Financial Instruments:
Disclosure .
IFAC staff member contact – Matthew Bohun-Aponte: matthewbohun@ifac.org
.
The IPSASB reviewed updates to three IPSASs:
IPSAS 4, The Effects of Changes in Foreign Exchange Rates : An exposure draft (ED) of proposed changes to IPSAS 4 is planned for IPSASB approval and issuance by the end of Q3 2007.
IPSAS 5, Borrowing Costs : The IPSASB is concerned about convergence with revised IAS 23: Borrowing Costs resulting in elimination of the option to immediately expense borrowing costs directly attributable to the acquisition, construction and production of a qualifying asset. A public sector specific issues paper is to be developed for consideration in November
2007.

IPSAS 18, Segment Reporting : The IPSASB considered whether IPSAS 18 should be converged with IFRS 8: Operating Segments but was concerned about the relevance to the public sector of the changes that would be
required. As such, for the time being, IPSAS 18 is to be retained unchanged.
IFAC staff member contact – Juan Zhang: juanzhang@ifac.org
.
The IPSASB considered a research paper and progress to date in the development of a Consultation Paper for approval at the IPSASB’s November
2007 meeting.
IFAC staff member contact - Barry Naik: barrynaik@ifac.org
.
The IPSASB reviewed submissions on ED 32, Financial Reporting Under the Cash Basis of Accounting ― Disclosure Requirements for Recipients of
External Assistance , as well as field test results. A draft IPSAS is planned for approval in November 2007.
IFAC Senior Advisor contact - Paul Sutcliffe: paulsutcliffe@ifac.org
.
The next IPSASB meeting will be held in Beijing, China on November 27-
30, 2007.