IPSASB proposes public sector accounting alterations

The International Public Sector Accounting Standards Board (IPSASB) has revealed four proposals to improve various aspects of global government accounting.

The exposure drafts (EDs) aim to address conceptual challenges and practical implementation issues by the public sector community by introducing a number of principles.

These include proposing straight-forward measurement principles in the form of a measurement hierarchy, enhanced guidance clarifying the recognition of infrastructure and heritage assets, and a standard that fills a gap for assets held for sale and discontinued operations.

Specifically, ED 76 streamlines the measurement principles in the conceptual framework by ridding of unused measurement bases in favour of commonly used bases.


ED 77 proposes new guidance in a single standard to address how commonly used measurement bases are applied in practice.

ED 78 updates ISPAS 17 “property, plant, and equipment”, while ED 79 is in line with IFRS 5 “non-current assets held for sale and discontinued operations”. 

Ian Carruthers, chair of the IPSASB, said: “This package of EDs addresses a range of conceptual challenges and practical concerns identified by our constituents.

“In particular, it provides guidance for the first time on how to address the problems arising from the unique characteristics of heritage and infrastructure assets.” 

He added: “The underlying concepts and guidance proposed in this suite of EDs will underpin the IPSASB’s approach to measurement for many years. 

“It is therefore essential the IPSASB hears the views of respondents on the guidance proposed in these EDs.”

Read More:IPSASB proposes public sector accounting alterations