Date posted: 19/02/2024

Joint submission on IPSASB Strategy and Work Program

Consultation on IPSASB Strategy and Work Program 2024–2028

The joint submission from CA ANZ and CPA Australia supports the IPSASB’s proposed strategic objective to shift the focus of the work program away from the development of new accounting standards towards maintenance activities, and the development of International Public Sector Sustainability Reporting Standards.

Preparers are calling for a period of calm to allow for implementation of recently issued standards, so we support the proposal of not adding new major financial reporting standard setting projects to the work program.

With respect to maintenance activities we support, in principle, the proposal to establish an Application Panel to assess IPSAS application challenges, and the proposal to establish a post-implementation review process.

We recommend that the IPSASB prioritises the revision of the guidance on the recognition of liabilities in Chapter 6 (Recognition in Financial Statements) of the Conceptual Framework to clarify that when the likelihood of a transfer of resources is low, an item may meet the definition of a liability but might not meet the criteria for recognition.

We also recommend a coordinated approach to the development of private and public sector sustainability reporting standards to achieve international harmonisation and avoid potential future fragmentation.

Strategy and work program 2024-2028: consultation

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