IPSAS IFRS Alignment Dashboard - IFAC
Agenda Item 13.3.2IPSASB Meeting (June 2018)IPSAS–IFRS Alignment DashboardTable 1 – IPSAS and Equivalent IFRS1, Presentation of FinancialStatementsIAS 117, Property, Plant, and EquipmentIAS 1630, Financial Instruments: DisclosuresIFRS 72, Cash Flow StatementsIAS 718, Segment ReportingIAS 1431, Intangible AssetsIAS 383, Accounting Policies, Changes inAccounting Estimates and ErrorsIAS 819, Provisions, Contingent Liabilitiesand Contingent AssetsIAS 3732, Service ConcessionArrangements: GrantorIFRIC124, The Effects of Changes inForeign Exchange RatesIAS 2120, Related Party DisclosuresIAS 2433, First-time Adoption of AccrualBasis IPSASsIFRS 15, Borrowing CostsIAS 2321, Impairment of Non-CashGenerating AssetsIAS 3634, Separate Financial StatementsIAS 279, Revenue from ExchangeTransactionsIAS 1822, Disclosure of Financial Informationabout the General Government Sector 35, Consolidated Financial Statements10, Financial Reporting inHyperinflationary EconomiesIAS 2923, Revenue from Non-ExchangeTransactions (Taxes and Transfers) 36, Investments in Associates andJoint Ventures11, Construction ContractsIAS 1124, Presentation of Budget Informationin Financial Statements 37, Joint ArrangementsIFRS 1112, InventoriesIAS 226, Impairment of Cash-GeneratingAssetsIAS 3638, Disclosure of Interests in OtherEntitiesIFRS 1213, LeasesIAS 1727, AgricultureIAS 4139, Employee BenefitsIAS 1914, Events after the ReportingDateIAS 1028, Financial Instruments:PresentationIAS 3240, Public Sector CombinationsIFRS 316, Investment PropertyIAS 4029, Financial Instruments: Recognitionand MeasurementIAS 39StatusIFRS 10IAS 28* Staff assessmentLegend of Alignment Status:Degree of Public Sector SpecificityUpdatedDegreeupdatedRelevant IFRSforamendments notrelevantyet consideredIFRSchanges Superseded IFRSDegree of public sectorspecificityPrepared by: João Fonseca (May 2018)Step in Process for Reviewingand Modifying IASBDocumentsIPSAS with minor public sector guidance added (public sector terminology and minor modifications)4IPSAS with public sector guidance added (public sector terminology and modifications)3Public sector specific IPSAS with some IFRS guidance5Public sector specific IPSASN/APage 1 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 2 – IFRS with no Equivalent IPSAS1 2IFRSStatusCommentsIFRS (IAS)StatusCommentsIFRS 2 Share-based PaymentEntities reporting on IPSAS basisgenerally do not give share-basedpayment compensation.IAS 12 Income TaxesEntities reporting on IPSASbasis generally do not payincome taxes.IFRS 5 Non-current Assets Held for Sale andDiscontinued OperationsNot a prioritized project. The IPSASBis considering some issues in theMeasurement project.IAS 20 Accounting for Government Grants andDisclosure of Government AssistanceBeing considered throughIPSASB Revenue project.IFRS 6 Exploration for and Evaluation ofMineral ResourcesPotential connections with prioritizedproject on Natural Resources. Couldconsider inclusion in scoping phase ifthat project taken forward.IAS 26 Accounting and Reporting by RetirementBenefit PlansThe IPSASB has notconsidered the applicabilityof IAS 26 to public sectorentities.IFRS 8 Operating SegmentsPrioritized project Update of IPSAS 18,Segment ReportingIAS 33 Earnings per SharePublic sector entitiesgenerally do not issueequity.IAS 34 Interim Financial ReportingNot a prioritized project –limited interest given currentpriority to get governmentsonto accrual-based end yearreporting.IFRS 9 Financial InstrumentsIPSASB Financial Instruments projectIFRS 13 Fair Value MeasurementIPSASB Measurement projectIFRS 14 Regulatory Deferral AccountsMonitoring development of ongoingIASB project, so not currentlyprioritised.IFRS 15 Revenue from Contracts withCustomersIPSASB Revenue projectIFRS 16 LeasesIPSASB Leases projectIFRS 17 Insurance ContractsNot a prioritized project. Option to useStandard directly included in ED 63,Social Benefits.1Staff assessment2Any IFRS in this table and consequential amendments will only be considered if the IPSASB undertakes the project.Alignment Status:Being addressed through current IPSASB project.Project prioritised in IPSASB Strategy & Work Plan 2019-2023 Consultation.No IPSASB project currently proposed.Not relevant to the entities reporting on IPSAS basis.Page 2 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredPresentation of Financial StatementsIPSAS 1IAS 1 (RevisedDecember2006)(RevisedDecember2003)IPSAS 1 requires the presentation of a statement showing all changes innet assets/equity. IPSAS 1 does not explicitly preclude the presentation of items ofrevenue and expense as extraordinary items, either on the face of thestatement of financial performance or in the notes. IPSAS 1 uses different terminology.Current Work PlanConsequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, IFRS 15 Revenue from Contracts with Customers,and IFRS 16 Leases.Proposed Work Plan 2019-2023During the development of the Conceptual Framework the IPSASB decidednot to include “other resources” and “other obligations” as elements offinancial statements (see paragraphs BC5.48–BC5.56 of the ConceptualFramework). Therefore, transactions where the IASB uses the term “othercomprehensive income” in IPSASB literature is presented in netassets/equity.N/AMarch 2007 – Consequential amendments from Revised IAS 23 BorrowingCostsSeptember 2007 – IAS 1 Presentation of Financial Statements – Revisedversion of IAS 1 which includes the notion of comprehensive income was notadopted in IPSAS 1.May 2010 – Improvements to IFRSsJune 2011 – Presentation of Items of Other Comprehensive Income(Amendments to IAS 1)June 2014 – Consequential amendments from Agriculture: Bearer Plants(Amendments to IAS 16 and IAS 41)December 2014 – Disclosure Initiative (Amendments to IAS 1)January 2016 – Consequential amendments from Disclosure Initiative(Amendments to IAS 7)Page 3 of 16Other Amendments not yet PlannedThe IPSASB considered but not prioritized for addition to the Work Plan2019-2023 to update IPSAS 1 with the most recent version of IAS 1.
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredCash Flow StatementsIPSAS 2IAS 7 IPSAS 2 contains a different set of definitions.(May 2000)(December1992) IPSAS 2 encourages disclosure of a reconciliation of surplus or deficit tooperating cash flows in the notes to the financial statements. IPSAS 2 uses different terminology.Current Work PlanJanuary 2016 – Disclosure Initiative (Amendments to IAS 7)Consequential amendments from IFRS 16 Leases.Proposed Work Plan 2019-2023March 2007 – Consequential amendments from Revised IAS 23 BorrowingCostsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsConsequential amendments from IFRS 8 Operating Segments.Other Amendments not yet PlannedN/AAccounting Policies, Changes in Accounting Estimates and ErrorsIPSAS 3IAS 8(RevisedDecember2006)(RevisedDecember2003) IPSAS 3 does not require disclosures about adjustments to basic ordiluted earnings per share.IPSAS 2 uses different terminology.Current Work PlanConsequential amendments from IFRS 9 Financial Instruments and IFRS 13Fair Value Measurement.Proposed Work Plan 2019-2023March 2007 – Consequential amendments from Revised IAS 23 BorrowingCostsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsN/AOther Amendments not yet PlannedN/AThe Effects of Changes in Foreign Exchange RatesIPSAS 4IAS 21(RevisedApril 2008)(Revised2003 adamended in2005)IPSAS 4 uses different terminology.Current Work PlanSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsJune 2011 – Consequential amendments from Presentation of Items ofOther Comprehensive Income (Amendments to IAS 1)December 2016 – IFRIC 22 Foreign Currency Transactions and AdvanceConsiderationConsequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/APage 4 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredBorrowing CostsIPSAS 5IAS 23(May 2000)(RevisedDecember1993)IPSAS 5 uses different terminology.Current Work PlanMarch 2007 – Revised IAS 23 Borrowing Costs that eliminated the option ofimmediate recognition of borrowing costs as an expense.May 2008 – Improvements to IFRSsJune 2014 – Consequential amendments from Agriculture: Bearer Plants(Amendments to IAS 16 and IAS 41)December 2017 – Annual Improvements to IFRS Standards 2015–2017CycleConsequential amendments from IFRS 9 Financial Instruments and IFRS 16Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/ARevenue from Exchange TransactionsIPSAS 9IAS 18 The title of IPSAS 9 refers exchange transactions.(July 2001)(RevisedDecember1993) IPSAS 9 uses different terminology.Current Work PlanMay 2014 – IFRS 15 Revenue from Contracts with Customers replaces 18Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/AFinancial Reporting in Hyperinflationary EconomiesIPSAS 10IAS 29 (July 2001)(Reformatted 1994)IPSAS 10 does not include guidance on the restatement of currentfinancial statements. IPSAS 10 uses different terminology.September 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsMay 2008 – Improvements to IFRSsPage 5 of 16Fully updated.
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredConstruction ContractsIPSAS 11IAS 11 (July 2001)(RevisedDecember1993)IPSAS 11 includes binding arrangements that do not take the form of alegal contract. IPSAS 11 includes non-cost and noncommercial contracts within thescope of the Standard. IPSAS 11 uses different terminology.Current Work PlanMay 2014 – IFRS 15 Revenue from Contracts with Customers replaces IAS18Proposed Work Plan 2019-2023N/AMarch 2007 – Consequential amendments from IAS 23 Borrowing CostsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsOther Amendments not yet PlannedN/AInventoriesIPSAS 12IAS 2(RevisedDecember2006)(RevisedDecember2003) IPSAS 12 requires that where inventories are acquired through a nonexchange transaction, their cost is their fair value as at the date ofacquisition.IPSAS 12 requires that where inventories are provided at no charge orfor a nominal charge, they are to be valued at the lower of cost andcurrent replacement cost.Current Work PlanConsequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, IFRS 15 Revenue from Contracts with Customers,and IFRS 16 Leases.Proposed Work Plan 2019-2023Consequential amendments from IFRS 8 Operating SegmentsIPSAS 12 uses different terminology.Other Amendments not yet PlannedN/ALeasesIPSAS 13IAS 17(RevisedDecember2006)(RevisedDecember2003) IPSAS 13 has additional implementation guidance that illustrates theclassification of a lease, the treatment of a finance lease by a lessee, thetreatment of a finance lease by a lessor, and the calculation of theinterest rate implicit in a finance lease.Current Work PlanJanuary 2016 – IFRS 16 Leases replaces IAS 17IPSAS 13 uses different terminology.N/AProposed Work Plan 2019-2023Other Amendments not yet PlannedN/APage 6 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredEvents After the Reporting DateIPSAS 14IAS 10 IPSAS 14 uses different terminology and different title.(RevisedDecember2006)(RevisedDecember2003) IPSAS 14 notes that where the going concern assumption is no longerappropriate, judgment is required in determining the impact of thischange on the carrying value of assets and liabilities recognized in thefinancial statements (paragraph 22).Current Work PlanConsequential amendments from IFRS 9 Financial Instruments and IFRS 13Fair Value Measurement.Proposed Work Plan 2019-2023N/ASeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsOther Amendments not yet PlannedN/AInvestment PropertyIPSAS 16IAS 40(RevisedDecember2006)(RevisedDecember2003) IPSAS 16 requires that investment property initially be measured at costand specifies that where an asset is acquired for no cost or for a nominalcost, its cost is its fair value as at the date of acquisition.IPSAS 16 uses different terminology.September 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsCurrent Work PlanDecember 2013 – Improvements to IFRSs 2011-2013 CycleDecember 2016 – Transfers of Investment Property (Amendments to IAS40)Consequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, IFRS 15 Revenue from Contracts with Customers,and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/APage 7 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredCurrent Work PlanProperty, Plant, and EquipmentIPSAS 17IAS 16 (RevisedDecember2006)(RevisedDecember2003)Under IPSAS 17 revaluation increases and decreases are offset on aclass of assets basis. IPSAS 17 states that where an item is acquired at no cost, or for anominal cost, its cost is its fair value as at the date it is acquired. IPSAS 17 uses different terminology.Consequential amendments from IFRS 13 Fair Value Measurement, IFRS15 Revenue from Contracts with Customers, and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AMarch 2007 – Consequential amendments from IAS 23 Borrowing CostsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsOther Amendments not yet PlannedN/ASegment ReportingIPSAS 18IAS 14 IPSAS 18 defines segments differently from IAS 14.(June 2002)(Revised1997) IPSAS 18 does not require the disclosure of segment result. IPSAS 18encourages, but does not require, the disclosure of significant non-cashrevenues that are included in segment revenue, segment depreciation,and other non-cash expenses or segment cash flows as required byIPSAS 2, Cash Flow Statements. Current Work PlanN/AProposed Work Plan 2019-2023November 2006 – IFRS 8 Operating Segments replaces IAS 14 SegmentReportingIPSAS 18 uses different terminology.Other Amendments not yet PlannedSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsPage 8 of 16N/A
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredProvisions, Contingent Liabilities and Contingent AssetsIPSAS 19IAS 37 IPSAS 19 uses different terminology.(October2002)(September1998) The scope of IPSAS 19 clarifies that it does not apply to provisions andcontingent liabilities arising from social benefits provided by an entity forwhich it does not receive consideration that is approximately equal to thevalue of the goods and services provided directly in return fromrecipients of those benefits. However, if the entity elects to recognizeprovisions for social benefits, IPSAS 19 requires certain disclosures inthis respect.Current Work PlanConsequential amendments from IFRS 9 Financial Instruments, IFRS 15Revenue from Contracts with Customers, and IFRS 16 LeasesProposed Work Plan 2019-2023IFRIC 21 Levies.September 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsOther Amendments not yet PlannedN/ARelated Party DisclosuresIPSAS 20IAS 24(October2002)(Reformatted 1994) IPSAS 20 uses different terminology, and has a different scope andstructure.Current Work PlanN/AProposed Work Plan 2019-2023September 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsN/AOther Amendments not yet PlannedNovember 2009 – Revised IAS 24 Related Party DisclosuresThe IPSASB considered but not prioritized for addition to the Work Plan2019-2023 to update IPSAS 20 with the most recent version of IAS 24.Page 9 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredImpairment of Non-Cash-Generating AssetsIPSAS 21IAS 36 IPSAS 19 uses different terminology.(December2004)(RevisedMarch 2004) IPSAS 21 deals with the impairment of non-cash-generating assets ofpublic sector entities, while IAS 36 deals with the impairment of cashgenerating assets of profit-oriented entities. IPSAS 26 deals with theimpairment of cash-generating assets of public sector entities.Current Work PlanConsequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, and IFRS 15 Revenue from Contracts withCustomers.Proposed Work Plan 2019-2023IFRS 8 Operating SegmentsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsOther Amendments not yet PlannedN/ADisclosure of Financial Information about the General Government SectorIPSAS 22 Not applicable.Not applicable.(December2006)Revenue from Non-Exchange Transactions (Taxes and Transfers)IPSAS 23 Not applicable.Not applicable.(December2006)Presentation of Budget Information in Financial StatementsIPSAS 24 Not applicable.Not applicable.(December2006)Page 10 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredImpairment of Cash-Generating AssetsIPSAS 26IAS 36 IPSAS 26 uses different terminology.(February2008)(RevisedMarch 2004) In IPSAS 26, a forced sale is not a reflection of fair value less costs tosell. IPSAS 26 includes requirements and guidance dealing with theredesignation of assets from cash-generating to non-cash-generatingand non-cash-generating to cash-generating.Current Work PlanConsequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, and IFRS 15 Revenue from Contracts withCustomers.Proposed Work Plan 2019-2023IFRS 8 Operating SegmentsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsOther Amendments not yet PlannedN/AAgricultureIPSAS 27IAS 41 IPSAS 27 uses different terminology.(December2009)(AmendedDecember2008) The definition of “agricultural activity includes transactions for thedistribution of biological assets at no charge or for nominal amount. The scope section clarifies that biological assets held for the provision orsupply of services are not addressed in this Standard. Current Work PlanIPSAS 27 contains requirements for the measurement at initialrecognition, and at each reporting date, of biological assets acquiredthrough a non-exchange transaction.Page 11 of 16Consequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/A
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredFinancial Instruments: PresentationIPSAS 28IAS 32 IPSAS 28 uses different terminology.(January2010)(Amendedup toDecember2008) IPSAS 28 contains additional Application Guidance on when assets andliabilities arising from non-exchange revenue transactions are financialassets or financial liabilities. IPSAS 28 contains additional Application Guidance dealing with theidentification of arrangements that are, in substance, contractual.Current Work PlanSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsJune 2011 – Consequential amendments Presentation of Items of OtherComprehensive Income (Amendments to IAS 1)October 2009 – IFRS Classification of Rights Issues: Amendments to IAS32.December 2011 – Offsetting Financial Assets and Financial Liabilities(Amendments to IAS 32)Consequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, IFRS 15 Revenue from Contracts with Customers,and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/AFinancial Instruments: Recognition and MeasurementIPSAS 29IAS 39 IPSAS 29 uses different terminology.(January2010)(Amendedup toDecember2008) IPSAS 29 contains additional application guidance to deal withconcessionary loans and financial guarantee contracts entered into at nilor nominal consideration.April 2009 – Improvements to IFRSsPrinciples from IFRIC 9, Reassessment of Embedded Derivatives andIFRIC 16 Hedges of a Net Investment in a Foreign Operation have beenincluded as authoritative appendices to IPSAS 29.Consequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, IFRS 15 Revenue from Contracts with Customers,and IFRS 16 Leases. Current Work PlanJune 2013 – Novation of Derivatives and Continuation of Hedge Accounting(Amendments to IAS 39)September 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsProposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/APage 12 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredFinancial Instruments: DisclosureIPSAS 30IFRS 7 IPSAS 30 uses different terminology.(January2010)(Amendedup to April2009) IPSAS 30 contains requirements related to concessionary loans.Current Work PlanSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsJune 2011 – Consequential amendments from Presentation of Items ofOther Comprehensive Income (Amendments to IAS 1)December 2014 – Consequential amendments from Disclosure Initiative(Amendments to IAS 1)May 2010 – Improvements to IFRSsOctober 2010 – Disclosures—Transfers of Financial Assets (Amendment toIFRS 7)September 2014 – Improvements to IFRSs 2012–2014 CycleDecember 2011 – Disclosures–Offsetting Financial Assets and FinancialLiabilities (Amendments to IFRS 7)Consequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/AIntangible AssetsIPSAS 31IAS 38 IPSAS 31 uses different terminology.(January2010)(Amendedup toDecember2008) IPSAS 31 includes a scope exclusion for the powers and rightsconferred by legislation, a constitution, or by equivalent means. IPSAS 31 does not require or prohibit the recognition of intangibleheritage assets.Current Work PlanConsequential amendments from IFRS 13 Fair Value Measurement, IFRS15 Revenue from Contracts with Customers, and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AMarch 2007 – Consequential amendments from Revised IAS 23 BorrowingCostsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsPage 13 of 16Other Amendments not yet PlannedN/A
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredService Concession Arrangements: GrantorIPSAS 32IFRIC 12(October2011) IPSAS 33 uses different terminology. IPSAS 32 is applied to the grantor and IFRIC 12 Service ConcessionArrangements is applied to the operator.Current Work PlanConsequential amendments from IFRS 9 Financial Instruments, IFRS 13Fair Value Measurement, IFRS 15 Revenue from Contracts with Customers,and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/AFirst-time Adoption of Accrual Basis IPSASsIPSAS 33IFRS 1 IPSAS 33 uses different terminology.(January2015)(Amendedup to June2017) IPSAS 33 has different structure and requirements compared to IFRS 1.Current Work PlanMarch 2007 – Consequential amendments from Revised IAS 23 BorrowingCostsSeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsJune 2011 – Consequential amendments from Presentation of Items ofOther Comprehensive Income (Amendments to IAS 1)December 2016 – IFRIC 22 Foreign Currency Transactions and AdvanceConsiderationConsequential amendments from IFRS 9 Financial Instruments, IFRS 15Revenue from Contracts with Customers, and IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/ASeparate Financial StatementsIPSAS 34IAS 27 IPSAS 34 uses different terminology.(January2015)(Amendedup toDecember2014) IPSAS 34 contains specific requirements for a controlling entity that isnot itself an investment entity but which has an investment in acontrolled investment entity.Fully updated.Page 14 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredConsolidated Financial StatementsIPSAS 35IFRS 10 IPSAS 35 uses different terminology.(January2015)(Amendedup toDecember2014) IPSAS 35 defines the term “binding arrangement”. IPSAS 35 contains more guidance on non-financial benefits. IPSAS 35 does not require that a controlling entity, that is not itself aninvestment entity, shall consolidate all controlled entities.Fully updated.Investments in Associates and Joint VenturesIPSAS 36IAS 28 IPSAS 36 uses different terminology.(January2015)(Amendedup toDecember2014) IPSAS 36 applies to all investments where the investor has aquantifiable ownership interest. IAS 28 (Amended in 2011) does notcontain a similar requirement. Where an entity is precluded by IPSAS 29 from measuring the retainedinterest in a former associate or joint venture at fair value, IPSAS 36permits an entity to use carrying amount as the cost on initial recognitionof the financial asset.Current Work PlanDecember 2016 – Annual Improvements to IFRS Standards 2014–2016CycleOctober 2017 – Long-term Interests in Associates and Joint Ventures(Amendments to IAS 28).Proposed Work Plan 2019-2023N/ASeptember 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsDecember 2016 – Annual Improvements to IFRS Standards 2014–2016CycleOther Amendments not yet PlannedN/AJoint ArrangementsIPSAS 37IFRS 11 IPSAS 37 uses different terminology.(January2015)(AmendedupDecember2014) IPSAS 35 defines the term “binding arrangement”. IPSAS 37 contains additional illustrative examples that reflect the publicsector context.Current Work PlanDecember 2017 – Annual Improvements to IFRS Standards 2015–2017Cycle.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/APage 15 of 16
IPSAS/IFRS Alignment DashboardIPSASB Meeting (June 2018)Table 3 – IPSAS and Equivalent IFRS—DetailIPSASIFRSStatusMain Public Sector DifferencesRelevant IFRS Amendments not yet ConsideredDisclosure of Interests in Other EntitiesIPSAS 38IFRS 12 IPSAS 38 uses different terminology.(January2015)(AmendedupDecember2014) The definition of a structured entity in IPSAS 38 acknowledges thediffering ways in which control may be obtained in the public sector. IPSAS 38 requires that a controlling entity that controls an investmententity, and is not itself an investment entity, disclose information inrespect of unconsolidated investment entities.Fully updated.Employee BenefitsIPSAS 39IAS 19 IPSAS 39 uses different terminology.(July 2016)(AmendedupDecember2015) IPSAS 39 contains additional guidance on public sector bonus plans. In IPSAS 39 entities apply a rate that reflects the time value of money.Current Work PlanFebruary 2018 – Plan Amendment, Curtailment or Settlement (Amendmentsto IAS 19).Proposed Work Plan 2019-2023September 2007 – Consequential amendments from IAS 1 Presentation ofFinancial StatementsN/AOther Amendments not yet PlannedN/APublic Sector CombinationsIPSAS 40IFRS 3 (January2017)(Amendedup toDecember2015)IPSAS 40 uses different terminology and has a different structure andscope. IPSAS 40 classifies certain combinations as amalgamations. IPSAS 40 contains additional guidance on public sector specifictransactions, for example tax forgiveness.Current Work PlanDecember 2017 – Annual Improvements to IFRS Standards 2015–2017CycleConsequential amendments from IFRS 16 Leases.Proposed Work Plan 2019-2023N/AOther Amendments not yet PlannedN/APage 16 of 16
IPSASB Meeting (June 2018) Agenda Item 13.3.2 Prepared by: João Fonseca (May 2018) Page 1 of 16 IPSAS–IFRS Alignment Dashboard Table 1 – IPSAS and Equivalent IFRS—Summary* IPSAS IFRS Status IPSAS IFRS Status IPSAS IFRS Status 1, Presentation of Financial Statements IAS 1 17, Property, Plant, and Equip
IPSAS–IFRS Alignment Dashboard IPSASB Meeting (March 2021) Page 2 of 18 Note: The IPSASB views the Cash Basis IPSAS as an important steppingstone on the journey to full accrual accounting rather than an end in itself. Table 1 – IPSAS/RPG and Equivalent IFRS/PS—Summary IPSAS/RPG IFRS/PS Status IPSAS/RPG IFRS/PS Status IPSAS/RPG IFRS/PS Status
IPSAS 16 Investment Property IAS 40 IPSAS 17 Property, Plant and Equipment IAS 16 IPSAS 18 Segment Reporting IAS 14 IPSAS 19 Provisions, Contingent Liabilities and Contingent Assets IAS 37 IPSAS 20 Related Party Disclosures IAS 24 IPSAS 21 Impair
(a) IFRS 9 Financial Instruments (Part A); and (b) IFRS 15 Revenue from Contracts with Customers (Part B). Introduction 2 IFRS 17 is effective from 1 January 2021. An insurer can choose to apply IFRS 17 before that date but only if it also applies IFRS 9. 3 The paper considers components of IFRS 9 and IFRS 15 that are relevant to the
IMPAIRMENT OF CASH-GENERATING ASSETS IPSAS 26 914 10. This Standard does not require the application of an impairment test to an investment property that is carried at fair value in accordance with IPSAS 16. Under the fair value model in IPSAS 16, an investment property is carried at
This publication provides an illustrative set of entity financial statements prepared in accordance with International Public Sector Accounting Standards (IPSAS) based on the requirements of IPSAS for the financial year ended 31 December 2015. Public Sector Entity (PSE) is an existing preparer of IPSAS financial statements.
Project based IPSAS implementation with appropriate funding ensures that adequate structures and resources are put in place; that project scope is clearly defined and that there is a dedicated project team whose mandate is to deliver IPSAS. It is the responsibility of the IPSAS professional project manager to ensure that the
The measurement principles in GFS and IPSAS provide scope for the majority of assets and liabilities to be valued on the same basis, that is at current market values, except where IPSAS require the use of historic cost or some other measurement basis GFSM 2014 / MGDD (ESA 2010) IPSAS Current market prices are used for all flows
The book has evolved as the textbook for a course taught to a mostly undergraduate audience over a number of years in the Department of Linguistics at UCLA. The course meets in lecture for four hours per week, with a one hour problem-solving session, during a ten-week term. The ideal audience for this book is a student who has studied some linguistics before (and thus has some idea of what .
