News from the IPSASB
Upcoming meetings
The COVID-19 crisis is affecting standard-setting globally. While standard-setters are committed to ensuring that their work continues, this must be done in a way that ensures the integrity and robustness of the standard-setting process. To this end, the IPSASB has decided to have its next meeting virtually and to focus on key issues on its agenda. Due to time differences of members’ locations that need to be accommodated, the meeting will be held over more days, but for shorter periods of time. The upcoming agenda can be accessed by following this link: https://www.ifac.org/system/files/meetings/files/Final-Agenda-June-2020_for-website.pdf.
Accounting implications of COVID-19
The Secretariat of the ASB published guidance on the accounting implications of COVID-19 in April 2020 (https://www.asb.co.za/covid-19/). Similarly, the staff of the IPSASB has issued a Questions and Answers on COVID-19. The IPSASB’s publication, along with other relevant resources, can be accessed by following this link: https://www.ipsasb.org/focus-areas/covid-public-sector.
Comment deadline extended for Exposure Drafts
The IPSASB decided to extend the comment deadline on its Exposure Drafts on revenue and transfer expenses to 1 November 2020. The effect is that the comment deadlines on the following documents have been extended: Revenue with Performance Obligations (ED 70) Revenue without Performance Obligations (ED 71) Transfer Expenses (ED 72) These Exposure Drafts have been published for comment locally by the ASB. The comment deadline has been extended to 1 October 2020 locally. This allows the Secretariat more time to prepare and consult on the comment letter to the IPSASB. Access the documents by following this link: https://www.asb.co.za/comment-on-proposals/
Attend the IPSASB Research Forum
The IPSASB will be hosting its 2nd Research Forum virtually in on the 17th of June 2020. The Research Forum provides scope for academics to engage in discussions with standard setters and IPSASB representatives. Academics involved in researching public sector accounting topics and representatives from standard-setting bodies responsible for public sector accounting standards are encouraged to attend.
The following research papers will be discussed at the Forum: Presentation of Financial Statements in the Public Sector Differential Reporting (Financial Reporting for Small and Medium Sized Public Sector Entities) Contextual Factors and Imprudent Discount Rate Assumptions: An Empirical Examination Disclosure of Tax Expenditures: Advances and Challenges in the Brazilian Experience Follow this link to access more information: https://www.ipsasb.org/news-events/2020-05/registration-now-open-ipsasb-research-forum-grants-announced
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