| IPSASB issues proposed guidance on reporting by retirement benefit plans |
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Governments operate retirement benefit plans for its employees. Examples locally include the Government Employees’ Pension Fund (GEPF), Joint Municipal Pension Fund, and pension funds established by individual municipalities for their employees.
The International Public Sector Accounting Standards Board (IPSASB) issued a proposed IPSAS on Retirement Benefit Plans. The proposed IPSAS is based on IAS 26 on Accounting and Reporting by Retirement Benefit Plans and has been modified to suit the public sector as well as current accounting concepts. The proposed IPSAS outlines principles for how retirement benefit plans should report in their financial statements. More information can be accessed here.
Retirement benefit plans here are regulated by the Financial Sector Conduct Authority (FSCA). This includes regulating how plans prepare their financial statements. As a result, there is no need for separate accounting guidance to be issued by the ASB. While this is not a project that the ASB will specifically address as part of its work programme, any interested or affected parties should provide comments to the IPSASB by 1 August 2022. |
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