The International Public Sector Accounting Standards Board (IPSASB) has opened a consultation to hear stakeholder feedback on its proposed strategy and work program for the next five years.
IPSASB said in a news release that it proposes to put a post-implementation review process in place and to establish an application panel to support users and stakeholders.
The new strategy includes IPSASB moving ahead to develop international public sector sustainability reporting standards, the release said.
IPSASB intends to deliver on its strategic objectives across four areas: financial reporting, sustainability reporting, promoting adoption and implementation, and advocating benefits of financial and sustainability reporting information.
IPSASB aims to help equip governments and other public-sector entities to provide better transparency, accountability, and comparability of their efforts to combat the climate crisis and other sustainability challenges, the release said.
The proposed strategic plan of 2024–2028 is “strengthening public financial management and sustainable development globally”, the release said.
Comments on the consultation are due by 15 February 2024. Comments can be submitted online.
IASB proposes changes to 2023 taxonomy
The IASB proposed updates to the IFRS Accounting Taxonomy 2023 to reflect recent standard amendments. They reflect the new and amended disclosure requirements introduced by these amendments, and will cover:
- International Tax Reform—Pillar Two Model Rules, which amended IAS 12, Income Taxes, issued in May, and the amended Section 29 of the IFRS for SMEs, issued in September.
- Supplier Finance Arrangements, which amended IAS 7, Statement of Cash Flows, and IFRS 7, Financial Instruments: Disclosures, issued in May; and
- Lack of Exchangeability, which amended IAS 21, The Effects of Changes in Foreign Exchange Rates, issued in August.
The deadline for submitting comments is 4 December, a news release said. Comments can be submitted online or emailed to commentletters@ifrs.org.
FRC sets out reporting expectations, revises ISA
After a review of hundreds of company reports, the UK Financial Reporting Council (FRC) published reporting expectations of companies amidst a period of high interest rates, persistent inflation, and ongoing economic uncertainty.
A news release said that the regulator reviewed 263 company reports and found discrepancies relating to impairments, judgements and estimates, and cash flow statements. In its Annual Review of Corporate Reporting, the FRC reported findings from its monitoring activities, together with its expectations for the coming reporting season, the release said.
In another release, the regulator announced its revisions to International Standard on Auditing (ISA) 505, External Confirmations, to reflect recent enforcement findings. The revised ISA will be effective for audits of financial statements for periods beginning on or after 15 December 2024.
The revisions are to ensure that “modern approaches to obtaining external confirmations are considered, with additional material in respect of digital means of confirmation, enhanced requirements in relation to investigating exceptions, and a prohibition on the use of negative confirmations”, the release said.
— To comment on this article or to suggest an idea for another article, contact Steph Brown at Stephanie.Brown@aicpa-cima.com.
