International Public Sector Accounting Standards Board (IPSASB)

In 2025 and beyond: We're advancing more accountability, transparency, and sustainability in public sector reporting. With our IPSAS and IPSASB SRS Standards and other guidance, governments and other public sector entities can make better decisions with their resources and address pressing challenges like climate change. We're equipping the public sector to lead with integrity.

At our last meeting, we progressed several projects that will make our IPSAS Standards, which are cornerstones of strong public financial management, easier to use and more effective. Read all the updates from our projects in eNews: https://lnkd.in/e9qFJr4y

APPROVED: A number of projects advanced at our meeting last week resulting in three approvals. - An Exposure Draft for your feedback: IPSAS ED 93, Definition of Material (Amendments to IPSAS 1, IPSAS 3, and Chapter 3 of the Conceptual Framework) seeks to clarify materiality guidance across our literature. - The Making Materiality Judgements project brief was approved allowing the IPSASB to begin its work on clarifying the application of materiality in practice. - We approved a project brief on Strengthening Linkages between IPSAS Standards and the GFSM, continuing the work of more than 20 years of improving the alignment of financial information across the frameworks. More details to come in eNews this week.

Informed decision-making matters. Reliable financial information supports sound policymaking, enabling governments to allocate resources effectively to achieve their goals.   At our meeting this week, we progressed on a number of projects that will make our IPSAS Standards, which are cornerstones of strong public financial management, easier to use and more effective. Hear more from Director Dave Warren on this meeting's achievements.   Thanks again to The World Bank Group for hosting us in Washington, DC, and for your continued support.

We made significant progress during our meeting today on our Presentation of Financial Statements project, which will help governments and public sector entities make their financial information clearer and easier to understand. We expect to issue a consultation for your feedback later this year.   At our meeting tomorrow, we'll hear an update about outreach efforts related to our forthcoming inaugural IPSASB SRS Standard, Climate-related Disclosures, before we wrap up for the week.   Thanks to all who have given their time and attention this week towards improving public sector financial reporting worldwide with us.

Today, a big focus of our meeting was how to make our standards easier to adopt and implement. We reviewed responses to our limited scope update of our first time adoption of IPSAS Standards pronouncement, discussed post-implementation reviews, and reviewed responses related to the application phase of the Measurement project.   Thank you to Rayan Alafif, who shared the Kingdom of Saudi Arabia's experience applying IPSAS 33, First-Time Adoption of Accrual Basis IPSAS, for sharing your experience. We learned a lot from your journey to accrual that will help us make our standard easier to apply in the future.   Tomorrow, our discussions will focus on presentation of financial statements, to improve how governments and public sector entities present financial information, making it clearer, more consistent, and easier to understand, and our next work program consultation.

We kicked off our first board meeting of 2025 today in Washington DC. Thank you to Serdar Yilmaz and The World Bank for hosting us at your headquarters. Serdar set the scene with opening remarks thanking us for our participation in the 2025 Public Finance, Accounting, and Sustainability Forum, where we were happy to collaborate across sectors, setting the scene for our meeting. We then moved into discussions on our work program, strengthening linkages between IPSAS and GFSM, Making Materiality Judgements, and how to make IPSAS Standards easier to apply. Tomorrow, we'll review responses to a limited scope update of IPSAS 33, discuss implementation reviews, hear an education session from the IASB on targeted improvements they're making, and review responses related to the application phase of the Measurement project. 📸 Ian Carruthers, Serdar Yilmaz Photo by Srinivas Gurazada

At our meeting this week, we'll be joined by three new board members who will help us shape the future of public sector financial and sustainability reporting: Yun Huang - China Sung-Jin Park - Korea Karen Sanderson - United Kingdom We look forward to your contributions over the next three years! Tomorrow, we'll begin our meeting with updates on GFSM and IFRS alignment, how to make IPSAS easier to apply, and other projects. Thanks to The World Bank for hosting us. Look for the recording to be posted on YouTube.

Next week, we're meeting in Washington, D.C. (March 18–21) to advance projects that will help governments and public sector entities make informed decisions, manage resources effectively, and tackle pressing challenges.   Some highlights: 🔹 Presenting outreach related to our draft of our inaugural IPSASB SRS Standard, Climate-Related Disclosures, a historic step toward sustainability reporting in the public sector 🔹 Strengthening linkages between IPSAS Standards and GFSM to enhance alignment in government reporting 🔹 Advancing guidance on materiality judgments to support better financial disclosures 🔹 Reviewing responses to the Measurement project for consistency in public sector financial statements Meeting recordings will be made public so you can follow our work as we shape the future of public sector financial and sustainability reporting.

Papers have been posted for our meeting March 18-21 in Washington D.C., where we'll discuss the latest from our projects including Sustainability Reporting, the Presentation of Financial Statements, and more. 📃 https://lnkd.in/gunA-5Ew 📺Watch the recordings on YouTube: https://lnkd.in/edxQs9EV