In a joint submission, CA ANZ and CPA Australia support the IPSASB’s proposed additional work program projects. However, we emphasise the need for it to complete its current projects within an acceptable timeframe before commencing any new projects.
Given the limited resources at the IPSASB’s disposal, we urge the IPSASB to leverage existing accounting literature, for example, the work of the IASB for its proposed project on impairment, and the work of the NZASB for its proposed project on differential reporting, and only commence new major projects where:
- there is a clear identified need for it across global public sector constituents
- a feasibility exercise has been undertaken at the outset to identify potential challenges, and
- a cost/benefit exercise is undertaken.
We see an opportunity for its proposed intangible assets project to consider emerging technology with no physical substance. Finally, we recommend that the IPSASB closely monitors and seeks to foster the resourcing agility needed to be able to respond to the evolving impacts of COVID-19 and other mega-trends including climate change.
IPSASB mid-period work program
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