international public sector accounting standards board (ipsasb) oecd – public private partnerships...

International Public Sector Accounting International Public Sector Accounting Standards Board (IPSASB)Standards Board (IPSASB)

OECD – Public Private PartnershipsJuly 2006

Philippe Adhémar – IPSASB Chair

IFAC IPSASBIFAC IPSASBIFAC IPSASBIFAC IPSASB

June 2006 2IPSASB

OverviewOverview

• Current Status of IPSASB ProjectCurrent Status of IPSASB Project

• Update on discussions at last IPSASB meeting Update on discussions at last IPSASB meeting – Paris July 3-6 – Paris July 3-6

• Likely future actionsLikely future actions• See attachment for IPSASBSee attachment for IPSASB

– MembershipMembership

– IPSASs, EDs, Research ReportsIPSASs, EDs, Research Reports

– Projects under developmentProjects under development

– Download from www.IPSASB.orgDownload from www.IPSASB.org


June 2006 3IPSASB

Service Concessions – Public Private Sector Service Concessions – Public Private Sector PartnershipsPartnerships

• IPSASB has noted importance of project on PPPsIPSASB has noted importance of project on PPPs• Deferred actioning own project pending:Deferred actioning own project pending:

– IFRIC developmentsIFRIC developments– IPSASB staff resource to support projectIPSASB staff resource to support project

• Responded to IFRIC draft Interpretations, Concerns:Responded to IFRIC draft Interpretations, Concerns:– Grantors not dealt withGrantors not dealt with– Narrow range of PPPs being dealt withNarrow range of PPPs being dealt with– Notion of control: implications for public sector Notion of control: implications for public sector – Distinguishing between the accounting models Distinguishing between the accounting models


June 2006 4IPSASB

IPSASB Follow-up ActivityIPSASB Follow-up Activity• IPSASB subcommittee monitoring IFRIC IPSASB subcommittee monitoring IFRIC

developmentsdevelopments– IFRIC responding to certain concernsIFRIC responding to certain concerns

• IPSASB raised potential for collaborative project IPSASB raised potential for collaborative project national standards setters and other bodies (NSS)national standards setters and other bodies (NSS)– Positive responsePositive response– Discuss with NSS in Paris July 5Discuss with NSS in Paris July 5– Consider implications for IPSASB resource Consider implications for IPSASB resource

allocations to projectsallocations to projects


June 2006 5IPSASB

Proposals- Paris July 5, 2006Proposals- Paris July 5, 2006• Collaborative project with NSS

• Research project dealing with grantors– Not focus on application of IFRICs for grantors

– Encompass both grantor and operator

– Include overview of current practice

– Subsequent stage development of an IPSAS• Research/Consultation paper developed by

subcommittee of IPSASB and NSS members– To be issued by IPSASB for comment– May also be issued by NSS in national context

• Action project Nov.06. Develop and issue paper 07


June 2006 6IPSASB

Proposals- Paris July 5, 2006Proposals- Paris July 5, 2006

• Update on outcome of discussions with NSS in Paris

International Federation of AccountantsInternational Federation of Accountants

www.ifac.orgwww.ifac.org


June 2006 8IPSASB

ATTACHMENT: ATTACHMENT: IPSASB IPSASB Members 2006 • Accounting Profession

France (Chair), UK (Deputy Chair), Australia, Argentina, Canada, India, Israel, Japan, Malaysia, Mexico, New Zealand, Netherlands, Norway, South Africa, USAPublic MembersProf A Bergman (Switzerland), Prof S. Pozzoli (Italy), Mr J. Peace (USA)

• IPSASB ObserversADB, EU, IASB, IMF, INTOSAI, OECD, World Bank, UN, UNDP


June 2006 9IPSASB

ATTACHMENT – IPSASB Due ProcessATTACHMENT – IPSASB Due Process

• Exposure Drafts – at least 4 months commentExposure Drafts – at least 4 months comment

• Open meetings, agenda materials on webOpen meetings, agenda materials on web

• Steering Committees (SC) – ITCs for commentSteering Committees (SC) – ITCs for comment

• Project Advisory Panels (PAP) – input to Project Advisory Panels (PAP) – input to IPSASBIPSASB

• Consultative Group (CG) Consultative Group (CG)

• Regional Seminars/round table discussions in Regional Seminars/round table discussions in conjunction with each IPSASB meetingconjunction with each IPSASB meeting


June 2006 10IPSASB

Recent EDs – Draft IPSASsRecent EDs – Draft IPSASs

ED 24“ED 24“Cash Basis External Assistance”-comments 15 June 05Cash Basis External Assistance”-comments 15 June 05ED 25 “Amendment to the Preface to IPSASs” (by 31 Jan 06)ED 25 “Amendment to the Preface to IPSASs” (by 31 Jan 06)ED 26 “Improvements to IPSASs (by 31 Jan 06)ED 26 “Improvements to IPSASs (by 31 Jan 06)ED 27 “Presentation of Budget Information in Financial ED 27 “Presentation of Budget Information in Financial

Statements” (by 10 Feb 06)Statements” (by 10 Feb 06)ED 28 “Disclosure of Financial Information About the ED 28 “Disclosure of Financial Information About the

General Government Sector” (by 10 Feb 06)General Government Sector” (by 10 Feb 06)ED 29 “Revenue from Non Exchange Transactions”ED 29 “Revenue from Non Exchange Transactions”

(including Taxes and Transfers) (by 30 June 06)(including Taxes and Transfers) (by 30 June 06)


June 2006 11IPSASB

ATTACHMENT – Other Active Projects on ATTACHMENT – Other Active Projects on IPSASB AgendaIPSASB Agenda

Social Policy Obligations (Pensions, Non-Pensions)Social Policy Obligations (Pensions, Non-Pensions)Government Employee Benefits (Pensions and other)Government Employee Benefits (Pensions and other)Heritage AssetsHeritage AssetsPresentation of Budget Information in Financial StatementsPresentation of Budget Information in Financial StatementsDisclosure of Information: General Government SectorDisclosure of Information: General Government SectorImpairment of Cash Generating AssetsImpairment of Cash Generating AssetsConceptual FrameworkConceptual FrameworkReview implementation of Cash Basis IPSASReview implementation of Cash Basis IPSASDisclosures by Recipients of External Assistance (Cash basis)Disclosures by Recipients of External Assistance (Cash basis)Ongoing review of applicability of IFRSs to public sectorOngoing review of applicability of IFRSs to public sector


June 2006 12IPSASB

ATTACHMENTATTACHMENT–– IPSASs on Issue IPSASs on IssueCash Basis IPSASCash Basis IPSAS

Cash Basis IPSAS, “Financial Reporting Under the Cash Basis IPSAS, “Financial Reporting Under the Cash Basis of Accounting” Cash Basis of Accounting”

Comprehensive IPSAS which includes:Comprehensive IPSAS which includes:

a wide range of key cash basis a wide range of key cash basis requirementsrequirements and and encourages encourages additional disclosuresadditional disclosures


June 2006 13IPSASB

ATTACHMENT – Accrual IPSASsATTACHMENT – Accrual IPSASs

(* Identifies IPSASs currently being improved)(* Identifies IPSASs currently being improved)

**IPSAS 1, “Presentation of Financial Statements”IPSAS 1, “Presentation of Financial Statements”

IPSAS 2, “Cash Flow Statements”IPSAS 2, “Cash Flow Statements”

**IPSAS 3, “Net Surplus or Deficit for the Period, IPSAS 3, “Net Surplus or Deficit for the Period, Fundamental Errors and Changes in Fundamental Errors and Changes in Accounting Policies”Accounting Policies”

**IPSAS 4, “The Effects of Changes in Foreign IPSAS 4, “The Effects of Changes in Foreign Exchange Rates”Exchange Rates”

IPSAS 5, “Borrowing Costs”IPSAS 5, “Borrowing Costs”

**IPSAS 6, “Consolidated Financial Statements and IPSAS 6, “Consolidated Financial Statements and Accounting for Controlled Entities” Accounting for Controlled Entities”


June 2006 14IPSASB

ATTACHMENT ATTACHMENT –– Accrual IPSASs (cont.) Accrual IPSASs (cont.)

**IPSAS 7, “Accounting for Investments in AssociatesIPSAS 7, “Accounting for Investments in Associates””

**IPSAS 8, “Financial Reporting of Interests in Joint IPSAS 8, “Financial Reporting of Interests in Joint VenturesVentures””

IPSAS 9, “Revenue from Exchange Transactions”IPSAS 9, “Revenue from Exchange Transactions”

IPSAS 10, “Financial Reporting in Hyperinflationary IPSAS 10, “Financial Reporting in Hyperinflationary Economies”Economies”

IPSAS 11, “IPSAS 11, “Construction Construction Contracts”Contracts”

**IPSAS 12, “Inventories”IPSAS 12, “Inventories”


June 2006 15IPSASB


**IPSAS 13, “Leases”IPSAS 13, “Leases”

**IPSAS 14, “Events After the Reporting Date”IPSAS 14, “Events After the Reporting Date”

IPSAS 15, “Financial Instruments: Disclosure and IPSAS 15, “Financial Instruments: Disclosure and Presentation”Presentation”

**IPSAS 16, “Investment Property”IPSAS 16, “Investment Property”

**IPSAS 17, “Property, Plant and Equipment”IPSAS 17, “Property, Plant and Equipment”


June 2006 16IPSASB


IPSAS 18, “Segment Reporting”IPSAS 18, “Segment Reporting”

IPSAS 19, “Provisions, Contingent Liabilities and IPSAS 19, “Provisions, Contingent Liabilities and Contingent Assets”Contingent Assets”

IPSAS 20, “Related Party Disclosures”IPSAS 20, “Related Party Disclosures”

IPSAS 21, “Impairment of Non-cash-generating Assets”IPSAS 21, “Impairment of Non-cash-generating Assets”


June 2006 17IPSASB

ATTACHMENTATTACHMENT–– Recent Research Reports Recent Research Reports

Research ReportResearch Report• Budget Reporting (May 04)Budget Reporting (May 04)• Comparison between GPFS and GFS/SNA Comparison between GPFS and GFS/SNA

(January 05)(January 05)

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