The objectives of IPSAS ED 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22) are to propose additional non-authoritative guidance to IPSAS 22, Disclosure of Financial Information About the General Government Sector to facilitate both the preparation of this disclosure, where a reporting entity elects to do this, and for the use of IPSAS Standards-based accounting data for GFSM 2014 reporting purposes.
International Standard on Auditing for Audits of Financial Statements of Less Complex Entities
This Approach Statement for maintaining the ISA for LCE operationalizes a process that is both effective and efficient, while ensuring transparency and consistency. The Approach sets out the context, purpose, process, responsibilities, output and timing for maintaining the ISA for LCE.
The final IPSASB meeting of the year was held from December 2 to 5, 2025, in New York City, USA.
This was the final meeting for Ian Carruthers as IPSASB Chair, as his decade as Chair comes to an end. The Board looks forward to welcoming the incoming Chair, Thomas Müller-Marqués Berger, on January 1, 2026.
Climate-related Disclosures
The IPSASB reached a significant milestone with the approval of IPSASB SRS 1, Climate-related Disclosures. This achievement supports the expanding information needs of users of general-purpose financial reports and marks a major step forward in public sector reporting, establishing disclosure requirements for climate-related risks and opportunities for public sector entities. The IPSASB set an effective date of January 1, 2028 for IPSASB SRS 1, with earlier adoption permitted.
Natural Resources
The IPSASB approved IPSAS 51, Tangible Natural Resources Held for Conservation. IPSAS 51 fills an important public sector reporting gap in the IPSASB’s literature. The IPSASB set an effective date of January 1, 2028 for IPSAS 51, with earlier adoption permitted.
Strengthening Linkages Between IPSAS Standards and GFSM
The IPSASB approved Exposure Draft (ED) 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22). This ED proposes guidance to help maximize the benefits of using IPSAS Standards-based accounting data for statistical compilation, to support better decision-making. The ED is expected to be published in Q1 2026 with a 4-month comment period.
Presentation of Financial Statements
The IPSASB has completed its conceptual and technical discussions on requirements for the presentation of financial statements and confirmed that its draft Consultation Paper (CP) fully captures its views, subject to revisions to capture December discussions. Next quarter, the IPSASB will review the final piece of the developing illustrative ED related to disclosure requirements with a plan to approve the CP at the March 2026 meeting.
Making Materiality Judgments
The IPSASB discussed the approach and the necessary public sector adaptations to develop non-authoritative guidance to assist public sector entities in applying materiality when preparing IPSAS financial statements. The IPSASB will review an updated draft ED at its March 2026 meeting to determine whether additional public sector adaptations are necessary.
Improvements
The IPSASB agreed to the proposed amendments regarding the lack of exchangeability to IPSAS 4, The Effects of Changes in Foreign Exchange Rates, and IPSAS 33, First-time Adoption of Accrual Basis International Public Sector Accounting Standards. In addition, the IPSASB agreed to the narrow scope amendments regarding the definition of an operation and the recognition of assumed contingent liabilities to IPSAS 40, Public Sector Combinations. These amendments will be included in the next Improvements to IPSAS Standards ED expected to be approved in March 2026.
Outgoing, New, and Returning Members
High-quality standards that enhance public financial management and promote sustainable development globally need diverse voices to develop them. The Board continues to reflect broad geographic representation, gender parity, and professional expertise in public sector financial and sustainability reporting. Congratulations to new and returning members for 2026 and Claudia Beier, reappointed as Deputy Chair.
The IPSASB thanks outgoing members Kamira Sánchez Nicosia, and Scott Showalter, Patrícia Siqueira Varela, and Jonah Wala for their service.
Meeting Videos
Recordings of the meetings are available on our YouTube channel.
In collaboration with us, IFAC has published a new resource, Implementing International Public Sector Accounting Standards (IPSAS): IFAC Tools, a compilation of our resources designed to help governments and public sector entities adopt and implement IPSAS Standards and help Professional Accountancy Organizations (PAOs) advocate for their use.
The 2024 IESBA-IAASB Annual Report highlights a pivotal year as both Boards advanced high-quality global ethics, audit, and assurance standards in support of stronger trust, transparency, and sustainability reporting worldwide. Featuring key messages from the Chairs, the 2024 report showcases major milestones in standard setting, global adoption, and stakeholder engagement.
The International Federation of Accountants (IFAC) opens IFAC Connect AsiaPac 2025 in Jakarta tomorrow, an invitation-only gathering bringing together more than 250 leaders shaping the future of the accountancy profession across the Asia-Pacific region and beyond. Hosted in partnership with the Institute of Indonesia Chartered Accountants (IAI), the event takes place alongside IAI’s 68th Anniversary celebration at the Fairmont Hotel Jakarta.
IFAC Connect convenes senior representatives from professional accountancy organizations, global and regional standard setters, regulators, major firms, and investor communities to confront the forces reshaping trust, sustainability, and governance in a period of rapid global disruption.
The agenda includes a keynote address from Ibu Sophia Wattomena, Chair of the Audit Board and Member of the Board of the Commissioner, Indonesia Financial Services Authority (OJK), followed by a discussion between IFAC Chief Executive Officer Lee White and leaders from IFAC Network Partners CAPA and AFA on shared regional priorities and emerging opportunities for collaboration.
Sessions throughout the day will explore early lessons from the global rollout of enhanced corporate reporting, the modernization of qualification pathways, the future of talent pipelines, the expanding leadership of women in the profession, and the profession’s emerging role in AI assurance and ethical oversight. A conversation on trust and tax will draw on insights from IFAC, OECD, CAANZ, and ACCA, reflecting growing expectations for transparency in global tax systems.
IFAC Chief Executive Officer Lee White said: “The global accountancy profession should continue leading, proactively and decisively, helping shape resilient financial systems by bringing trust to reported information and preparing talent for a world defined by a rapid pace of digital and geopolitical disruption. IFAC Connect AsiaPac brings together the Asia-Pacific region, which is swiftly grappling with the global economic transformation, to confront these challenges with clarity, collaboration, and shared purpose.”
IAI President Ardan Adiperdana said: “This gathering reflects Indonesia’s growing influence and the profession’s commitment to strengthening transparency, accountability, and sustainable growth across the region. As we mark IAI’s 68th Anniversary, we are honored to welcome global leaders whose collaboration will help chart the profession’s path forward.”
IFAC Connect AsiaPac 2025 discussions will culminate in closing reflections from regional leaders on how collective action can strengthen the profession’s relevance and resilience in the years ahead.
Following Nairobi, Riyadh, and Mexico City, this is the final IFAC Connect event of the year that will build the foundation of a 2026 agenda with bold leadership.
About IFAC
IFAC, by connecting and uniting its members, makes the accountancy profession truly global.
IFAC member organizations are champions of integrity and professional quality, and proudly carry their membership as a badge of international recognition.
IFAC and its members work together to shape the future of the profession through learning, innovation, a collective voice, and commitment to the public interest.
