Accounting Standards Board Newsletter #4 - March 2023
In this edition of the Newsletter:
IPSASB approves landmark Standards on revenue, transfer expenses and measurement
IPSASB approves landmark Standards on revenue, transfer expenses and measurement
The IPSASB had a bumper meeting last week! The IPSASB approved five new and revised IPSAS, notably:
A single IPSAS on Revenue was issued and will replace the three existing IPSAS – revenue from exchange transactions, revenue from non-exchange transactions and construction contracts. The move to a single IPSAS was in part driven by alignment with IFRS 15 on Revenue from Contracts with Customers. The new IPSAS will be effective for period beginning on or after 1 January 2026.
A new IPSAS on Transfer Expenses. This Standard outlines principles on how to account for key government expenditure including inter-governmental and other inter-entity transfers. The IPSAS will be effective for reporting periods beginning on or after 1 January 2026.
A new IPSAS on Measurement. Most often we hear from stakeholders locally about the complexity of measuring public sector assets and liabilities. The new IPSAS establishes how to measure assets and liabilities in the public sector including the use of fair value, current and operational value.
The IPSASB approved two revisions:
Changes to the qualitative characteristics in the Conceptual Framework on materiality and faithful representation.
Updates to the Recommended Practice Guidelines (RPGs) to provide guidance and examples on the application of the IPSASs and RPGs to sustainability matters.
The IPSASB discussed other important topics including sustainability reporting in the public sector and natural resources.
For a comprehensive update, read the IPSASB’s news.
Contact us Telephone : 011 697 0660 E-mail : info@asb.co.za
The article has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved, or otherwise acted on by the Board.
