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The International Public Sector Accounting Standards Board (IPSASB^®), developer of IPSAS® Standards, international accrual-based accounting standards for use by governments and other public sector entities around the world, has issued Amendments to IPSAS Standards: Specific IFRIC Interpretations.

Amendments to IPSAS Standards: Specific IFRIC Interpretations is the result of the IPSASB’s IFRIC Alignment – Narrow Scope Amendments project, which reviewed and considered seven IFRIC and SIC Interpretations previously published by the IFRS Interpretations Committee. These Interpretations were issued to clarify the application of specific International Financial Reporting Standards (IFRS) to transactions or scenarios where there may be uncertainty or ambiguity. In reviewing the IFRIC and SIC Interpretations, the IPSASB aimed to maintain alignment with IFRS Standards, where appropriate, and identify and incorporate guidance into IPSAS Standards that was applicable for governments and public sector entities and should be incorporated into IPSAS literature.

The IPSASB concluded that four of the IFRIC Interpretations in the scope of this project were applicable to the public sector and has amended existing IPSAS Standards to incorporate new guidance, based on those Interpretations, to clarify the application of existing accounting principles on specific matters.

Ian Carruthers, IPSASB Chair said: “This release reflects the IPSASB’s commitment to maintaining a global baseline for public sector financial reporting. By incorporating selected IFRIC Interpretations that are relevant to the public sector, we enhance consistency, and facilitate comparability across jurisdictions, reinforcing transparency, accountability, and trust in public sector financial management worldwide. Going forward, the IPSASB will consider the applicability of future IFRIC Interpretations as they are issued to ensure public sector financial reporting remains globally relevant, clear, and consistent.”

Amendments to IPSAS Standards: Specific IFRIC Interpretations has an effective date of January 1, 2026. Earlier application is permitted. 

About the IPSASB 

The International Public Sector Accounting Standards Board (IPSASB) works to strengthen public financial management globally through developing and maintaining accrual-based International Public Sector Accounting Standards (IPSAS Standards), IPSASB Sustainability Reporting Standards (IPSASB SRS™ Standards) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS Standards and IPSASB SRS Standards and promotes the adoption and implementation of these to enhance the quality and consistency of practice throughout the world and strengthen the transparency and accountability of public sector finances and sustainable development. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, the government of Canada, and The World Bank. The structures and processes that support the operations of the IPSASB are facilitated by the International Federation of Accountants (IFAC^®). For copyright, trademark, and permissions information, please go to permissions or contact permissions@ifac.org.

About the Public Interest Committee 

The governance and standard-setting activities of the IPSASB are overseen by the Public Interest Committee (PIC), to ensure that they follow due process and reflect the public interest. The PIC is comprised of individuals with expertise in public sector or financial reporting, and professional engagement in organizations that have an interest in promoting high-quality and internationally comparable financial information. 

The International Auditing and Assurance Standards Board (IAASB) is pleased to welcome five new members following their appointments by the Public Interest Oversight Board (PIOB) in November.

• Nancy Cheng is the Board Chair of icddr,b, an international non-profit public health research institution based in Bangladesh. She is also the Audit Committee Chair of Shared Services Canada and an Audit Committee member of Public Safety Canada, two departments in the Government of Canada. She also serves on the Board of CARE Canada

“I am excited about the opportunity to join the IAASB in setting high-quality auditing and assurance standards to serve the public interest. I hope to make a contribution and be in a position to provide a Canadian perspective.”

• Amaro Gomes is an independent consultant and member of the audit committee at Banco Bradesco (Brazil). He was previously the Brazilian Secretary of State for Coordination and Governance of Federal State-Owned Enterprises (2020-2021).

"I am very honored to join the IAASB and look forward to working collaboratively and constructively with my fellow Board Members towards a trustful and positive environment to reach acceptable, well-reasoned, and technically sound decisions in the public’s best interest, and ultimately contribute towards long-term economic development. To that end, I will seek the active involvement of audit professionals, regulators, supervisors, standards setters, investors, preparers, academics and other interested parties to achieve the IAASB’s goal and implement its strategy."

• Mikiko Ono is the Director of Sustainability Disclosure Regulation and Investor & Stakeholder Engagement at Recruit Holdings Co., Ltd. where she spearheads engagement with global investors and sustainability disclosure practices, primarily for capital markets, by integrating financial and non-financial information. She also leads a company-wide sustainability disclosure project, collaborating closely with assurance professionals and colleagues across the globe to secure sustainability assurance for consolidated information, aligning with international disclosure standards.

“The IAASB’s mission to serve the public interest resonates strongly with me. I am eager to contribute to enhancing the reliability of corporate reporting, drawing on my experience in engaging global investors and stakeholders on financial and sustainability matters at publicly listed companies.”

• Xiaoyue Sun is a Partner with BDO China and a member of the Auditing Standards Board of China. She is also a member of BDO’s Audit Leadership Committee and Audit Quality Committee and has more than 29 years of experience as an audit practitioner.

“It is both a great honor and exciting challenge for me to be a member of the IAASB, to work with intelligent and passionate teams, to contribute to setting high-quality standards and their implementation, and to serve public interest.”

The IAASB is also pleased to share that two members were re-appointed by the PIOB for terms that also began on January 1, 2025:

• William (Bill) Edge was chair of the Auditing and Assurance Standards Board for Australia from 2021 to 2023, and the chair of Financial Reporting Council in Australia from 2016 to 2020; and
• Neil Morris is the Global Head of Assurance and ESG Methodology at KPMG.

Additionally, the IAASB Vice-Chair Josephine Jackson has been reappointed as Vice-Chair for a final year of service.

The PIOB’s invitation for application for terms of service beginning in January 2026 will open in February. The IAASB encourages qualified candidates to apply.

About the IAASB
The International Auditing and Assurance Standards Board develops auditing, assurance, related services, and quality management standards and guidance in the public interest that support consistent performance of quality engagements. Along with the International Ethics Standards Board for Accountants, the IAASB is part of the International Foundation for Ethics and Audit. The Public Interest Oversight Board oversees IAASB and IESBA activities and the public interest responsiveness of the standards. For copyright, trademark, and permissions information, please visit Permissions.