24 April 2017

IFAC: IPSASB publishes 2015-2016 Biennial Review – Sustaining the Momentum

One of the major milestones during this period was the establishment of a new single-layer governance and advisory framework—the Public Interest Committee (PIC)* and Consultative Advisory Group (CAG)**—a landmark achievement for the IPSASB and its global stakeholders.

2015 and 2016 also saw IPSASB members sustain an ambitious stakeholder outreach program in support of one of the strands of the Board’s strategic objective—raising awareness of IPSAS and their benefits. The Public Sector Standard Setters Forum in particular elevated IPSASB’s outreach.

The Forum, jointly held in March 2016 by the IPSASB and the US Governmental Accounting Standards Board (GASB), was the first-ever global event for public sector standard setters and involved more than 70 participants from more than 30 countries and 22 organizations with standard-setting responsibilities, including ministries of finance with standard-setting responsibilities. The event created an environment to build a dialogue, exchange ideas, and discuss critical issues in standard setting.

This period also included substantial progress on the IPSASB’s work plan, including completion of eight new or replacement IPSAS and a number of limited scope projects.

Key continuing projects on which substantial progress was made include:

• Social benefits;
• Revenue and Non-Exchange Expenses;
• Heritage;
• Financial Instruments (both core standards and public sector specific); and
• Leases.

The Biennial Review provides detail on completed and ongoing projects.

Full press release

Full review

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