The IPSASB approved its CP, Presentation of Financial Statements. This CP includes the IPSASB’s preliminary views, along with an illustrative ED to help constituents visualize those proposals as a draft IPSAS Standard to replace IPSAS 1, Presentation of Financial Statements. This approval is an important step in the IPSASB’s work to enhance the effective communication of financial information reported in general purpose financial statements.  

The CP is expected to be published in Q2 2026 for a 120-day exposure period. 

An ED to support clearer, more focused financial reporting by helping entities apply materiality principles when preparing financial statements in accordance with IPSAS Standards was approved. The ED proposes non-mandatory guidance to support in making materiality judgments when applying IPSAS Standards.  

The ED is expected to be published in Q2 2026 for a 120-day exposure period. 

Two EDs were approved proposing clarifications to existing requirements and to support consistent application of IPSAS Standards across jurisdictions: Improvements to IPSAS Accounting Standards – Volume 10, and Definition of an Operation and Recognition of Acquired Liabilities and Contingent Liabilities (Amendments to IPSAS 40). Both EDs are expected to be published in Q2 2026 for a 60-day exposure period. 

Responding to feedback received on IPSASB SRS ED 1, the IPSASB decided to clarify the scope, definitions, and structure of the proposed standard, including focusing on disclosures on climate-related outcomes of all public policies. 

The IPSASB agreed Current Operational Value (COV) should be available when measuring intangible assets at their current value. However, the IPSASB considered stakeholder feedback and recognized the practical challenges that could arise and agreed that guidance on how to apply the COV principles to intangibles should be developed and discussed by the IPSASB before issuing final guidance. The IPSASB will continue to develop and review guidance at upcoming IPSASB meetings.  

The IPSASB decided that a Post Implementation Review (PIR) of IPSAS 20, Related Party Disclosures, is unnecessary at this time because the issues raised by constituents related to the application of judgment as opposed to substantive implementation challenges with the Standard. The IPSASB will perform additional fact-finding activities to determine which IPSAS Standards present stakeholders with significant implementation challenges and therefore represent the highest priority for a PIR. To support this research, the IPSASB agreed to establish a new Forum, the Financial Reporting Implementation Forum, to gather information directly from constituents on various implementation challenges with IPSAS Accounting Standards.  

The next IPSASB meeting will be hosted by the International Monetary Fund at their headquarters Washington D.C., USA June 9-12, 2026.   

Recordings of the meetings are available on our YouTube channel.