| IPSASB issues four new Exposure Drafts |
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The IPSASB issued a package of Exposure Drafts for comment in late April 2021. The comment deadline is 25 October 2021.
As the ASB uses the IPSASs to develop Standards of GRAP, it is important to provide inputs to the IPSASB on South African specific issues so that these are considered when finalising the IPSASs.
The ASB will issue the Exposure Drafts locally for comment during the course of the month, and will arrange sessions to discuss the proposals in August and September.
The table below provides a list of the Exposure Drafts along with an overview of their contents.
| Exposure Draft | Overview | | ED 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements | Changes made to the Chapter on Measurement in the Conceptual Framework based on the introduction of fair value in ED 77 along with revising or refining other concepts related to measurement. | | ED 77, Measurement | New IPSAS to deal with the valuation approaches and methodologies related to the measurement of assets and liabilities. Includes guidance on determining fair value based on IFRS 13, and includes guidance on other bases such as “current operational value” and “cost of fulfilment”. | | ED 78, Property, Plant and Equipment | Revisions to IPSAS 17 were made to respond to concerns raised about the application of the Standard to infrastructure assets.
After deliberations the IPSASB agreed that separate guidance is not needed for heritage assets and that IPSAS 17 should be used. Application and implementation guidance has been added to address heritage assets.
Changes are also proposed to IPSAS 17 as a result of the principles in ED 77. | | ED 79, Non-current Assets Held for Sale and Discontinued Operations | New IPSAS based on IFRS 5 on Non-current Assets Held for Sale and Discontinued Operations. |
The Exposure Drafts can be accessed on the IPSASB’s website. Supporting materials such as summaries and videos have also been published by the IPSASB. The links are as follows:
ED 76 on Conceptual Framework - Amendments to Chapter 7
ED 77 on Measurement
ED 78 on Property, Plant and Equipment
ED 79 on Non-current Assets Held for Sale and Discontinued Operations |
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