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International Public Sector Accounting Standards Board (IPSASB) OECD – Public Private Partnerships July 2006 Philippe Adhémar – IPSASB Chair.

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Presentation on theme: "International Public Sector Accounting Standards Board (IPSASB) OECD – Public Private Partnerships July 2006 Philippe Adhémar – IPSASB Chair."— Presentation transcript:

1 International Public Sector Accounting Standards Board (IPSASB) OECD – Public Private Partnerships July 2006 Philippe Adhémar – IPSASB Chair

2 IFAC IPSASB June 20062IPSASB Overview Current Status of IPSASB ProjectCurrent Status of IPSASB Project Update on discussions at last IPSASB meeting – Paris July 3-6Update on discussions at last IPSASB meeting – Paris July 3-6 Likely future actionsLikely future actions See attachment for IPSASBSee attachment for IPSASB –Membership –IPSASs, EDs, Research Reports –Projects under development –Download from

3 IFAC IPSASB June 20063IPSASB Service Concessions – Public Private Sector Partnerships IPSASB has noted importance of project on PPPsIPSASB has noted importance of project on PPPs Deferred actioning own project pending:Deferred actioning own project pending: –IFRIC developments –IPSASB staff resource to support project Responded to IFRIC draft Interpretations, Concerns:Responded to IFRIC draft Interpretations, Concerns: –Grantors not dealt with –Narrow range of PPPs being dealt with –Notion of control: implications for public sector –Distinguishing between the accounting models

4 IFAC IPSASB June 20064IPSASB IPSASB Follow-up Activity IPSASB subcommittee monitoring IFRIC developmentsIPSASB subcommittee monitoring IFRIC developments –IFRIC responding to certain concerns IPSASB raised potential for collaborative project national standards setters and other bodies (NSS)IPSASB raised potential for collaborative project national standards setters and other bodies (NSS) –Positive response –Discuss with NSS in Paris July 5 –Consider implications for IPSASB resource allocations to projects

5 IFAC IPSASB June 20065IPSASB Proposals- Paris July 5, 2006 Collaborative project with NSS Research project dealing with grantors – –Not focus on application of IFRICs for grantors – –Encompass both grantor and operator – –Include overview of current practice – –Subsequent stage development of an IPSAS Research/Consultation paper developed by subcommittee of IPSASB and NSS members – –To be issued by IPSASB for comment – –May also be issued by NSS in national context Action project Nov.06. Develop and issue paper 07

6 IFAC IPSASB June 20066IPSASB Proposals- Paris July 5, 2006 Update on outcome of discussions with NSS in Paris

7 International Federation of Accountants

8 IFAC IPSASB June 20068IPSASB ATTACHMENT: IPSASB ATTACHMENT: IPSASB Members 2006 Accounting Profession France (Chair), UK (Deputy Chair), Australia, Argentina, Canada, India, Israel, Japan, Malaysia, Mexico, New Zealand, Netherlands, Norway, South Africa, USA Public Members Prof A Bergman (Switzerland), Prof S. Pozzoli (Italy), Mr J. Peace (USA) IPSASB Observers ADB, EU, IASB, IMF, INTOSAI, OECD, World Bank, UN, UNDP

9 IFAC IPSASB June 20069IPSASB ATTACHMENT – IPSASB Due Process Exposure Drafts – at least 4 months commentExposure Drafts – at least 4 months comment Open meetings, agenda materials on webOpen meetings, agenda materials on web Steering Committees (SC) – ITCs for commentSteering Committees (SC) – ITCs for comment Project Advisory Panels (PAP) – input to IPSASBProject Advisory Panels (PAP) – input to IPSASB Consultative Group (CG)Consultative Group (CG) Regional Seminars/round table discussions in conjunction with each IPSASB meetingRegional Seminars/round table discussions in conjunction with each IPSASB meeting

10 IFAC IPSASB June IPSASB Recent EDs – Draft IPSASs ED 24Cash Basis External Assistance-comments 15 June 05 ED 25 Amendment to the Preface to IPSASs (by 31 Jan 06) ED 26 Improvements to IPSASs (by 31 Jan 06) ED 27 Presentation of Budget Information in Financial Statements (by 10 Feb 06) ED 28 Disclosure of Financial Information About the General Government Sector (by 10 Feb 06) General Government Sector (by 10 Feb 06) ED 29 Revenue from Non Exchange Transactions (including Taxes and Transfers) (by 30 June 06) (including Taxes and Transfers) (by 30 June 06)

11 IFAC IPSASB June IPSASB ATTACHMENT – Other Active Projects on IPSASB Agenda Social Policy Obligations (Pensions, Non-Pensions) Government Employee Benefits (Pensions and other) Heritage Assets Presentation of Budget Information in Financial Statements Disclosure of Information: General Government Sector Impairment of Cash Generating Assets Conceptual Framework Review implementation of Cash Basis IPSAS Disclosures by Recipients of External Assistance (Cash basis) Ongoing review of applicability of IFRSs to public sector

12 IFAC IPSASB June IPSASB ATTACHMENT – IPSASs on Issue Cash Basis IPSAS Cash Basis IPSAS, Financial Reporting Under the Cash Basis of Accounting Comprehensive IPSAS which includes: a wide range of key cash basis requirements and encourages additional disclosures a wide range of key cash basis requirements and encourages additional disclosures

13 IFAC IPSASB June IPSASB ATTACHMENT – Accrual IPSASs (* Identifies IPSASs currently being improved) *IPSAS 1, Presentation of Financial Statements IPSAS 2, Cash Flow Statements IPSAS 2, Cash Flow Statements *IPSAS 3, Net Surplus or Deficit for the Period, Fundamental Errors and Changes in Accounting Policies *IPSAS 4, The Effects of Changes in Foreign Exchange Rates IPSAS 5, Borrowing Costs IPSAS 5, Borrowing Costs *IPSAS 6, Consolidated Financial Statements and Accounting for Controlled Entities

14 IFAC IPSASB June IPSASB ATTACHMENT – Accrual IPSASs (cont.) *IPSAS 7, Accounting for Investments in Associates *IPSAS 8, Financial Reporting of Interests in Joint Ventures IPSAS 9, Revenue from Exchange Transactions IPSAS 9, Revenue from Exchange Transactions IPSAS 10, Financial Reporting in Hyperinflationary Economies IPSAS 10, Financial Reporting in Hyperinflationary Economies IPSAS 11, Construction Contracts IPSAS 11, Construction Contracts *IPSAS 12, Inventories

15 IFAC IPSASB June IPSASB ATTACHMENT – Accrual IPSASs (cont.) *IPSAS 13, Leases *IPSAS 14, Events After the Reporting Date IPSAS 15, Financial Instruments: Disclosure and Presentation IPSAS 15, Financial Instruments: Disclosure and Presentation *IPSAS 16, Investment Property *IPSAS 17, Property, Plant and Equipment

16 IFAC IPSASB June IPSASB ATTACHMENT – Accrual IPSASs (cont.) IPSAS 18, Segment Reporting IPSAS 19, Provisions, Contingent Liabilities and Contingent Assets IPSAS 20, Related Party Disclosures IPSAS 21, Impairment of Non-cash-generating Assets

17 IFAC IPSASB June IPSASB ATTACHMENT– Recent Research Reports Research Report Budget Reporting (May 04)Budget Reporting (May 04) Comparison between GPFS and GFS/SNA (January 05)Comparison between GPFS and GFS/SNA (January 05)


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