International Public Sector Accounting Standards Board has published ED 68 on improvements to IPSAS, 2019

The objective of ED 68, Improvements to IPSAS, 2019 is to propose some improvements to existing IPSAS to provide solutions to issues raised by stakeholders. The table below summarizes the proposed improvements:

Amendments to Other IPSAS resulting from IPSAS 41, Financial Instruments

IPSAS

Summary of Proposed Change in ED 68

IPSAS 5, Borrowing Costs.

The amendments seek to update the guidance relating to the components of borrowing costs which were unintentionally omitted when IPSAS 41 was issued.

IPSAS 30, Financial Instruments: Disclosures

The amendments to IPSAS 30 are with regards to illustrative examples on hedging and credit risk unintentionally omitted when IPSAS 41 was issued.

IPSAS 30, Financial Instruments: Disclosures.

The proposed amendments to IPSAS 30 intend to update the guidance for accounting for financial guarantee contracts which were unintentionally omitted when IPSAS 41 was issued.

IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs)

The proposed amendments to IPSAS 33 intend to update the guidance on classifying financial instruments on initial adoption of accrual basis IPSAS unintentionally omitted when IPSAS 41 was issued

 

Other Improvements to IPSAS

IPSAS

Summary of Proposed Change in ED 68

IPSAS 13, Leases

The proposed amendments cover appropriate reference to IPSAS in IPSAS 13 regarding impairment, in current references to other international and/ or national accounting frameworks.

IPSAS 13, Leases and IPSAS 17, Property, Plant and Equipment

The proposed amendments intend to remove transitional provisions supposed to be deleted when IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs) was approved.

IPSAS 21, Impairment of Non-Cash Generating Assets  and IPSAS 26, Impairment of Cash Generating Assets

The proposed amendments aim at ensuring consistency of impairment guidance when accounting for revalued assets under IPSAS 17, Property, Plant and Equipment and IPSAS 31, Intangible Assets.

IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards (IPSASs)

The proposed amendments to the implementation guidance on deemed cost in IPSAS 33 intends to ensure consistency with the core principles in the Standard.

IPSAS 40, Public Sector Combinations

The proposed amendments aim at including the effective date paragraph which was unintentionally omitted when IPSAS 40 was issued.

 

 

Kindly note that comments are requested by 30 September 2019.
 
For details on the exposure draft, see ED 68, Improvements to IPSAS, 2019.