Digitization has created enormous amounts of data. With the influx of information, how can accountants help harness the value of non-financial data? Find out in this joint webinar by CPA Canada and IFAC, which dives deeper into the new data-related challenges and opportunities for accountants presented in the “The professional accountant’s role in data” discussion paper.
In an increasingly complex world with evolving reporting needs, a need for a set of high-quality requirements tailored for the audits of less complex entities has emerged
The SMPAG strongly supports the IAASB Exposure Draft to create a separate, standalone standard for audits of LCEs.
The Public Interest Oversight Board’s (PIOB) newly formed Standard Setting Boards’ Nominations Committee has issued the Invitations for Application for the International Auditing and Assurance Standards Board and the International Ethics Standards Board for Accountants. The application period will be open until March 30, 2022.
The Nominations Committee will make recommendations to the PIOB for up to five new appointments and re-appointments to the IAASB for terms beginning January 1, 2023. The Invitations for Application are open to all individuals and interested organizations, including those representing investors and the corporate governance community, regulatory bodies, national standard setters, accounting and audit firms, professional accountancy organizations and public sector organizations, and those in academia. Individuals may also make nominations on their own behalf.
Accrual-based financial information is the bedrock for decision making, transparency and accountability in the public sector, but transitioning to accrual-based reporting can be a lengthy and arduous process with each jurisdiction undertaking the reforms facing its own unique ch
ED 81 is the second exposure draft resulting from the limited scope project to revise the Conceptual Framework in specified areas. ED 81 proposes updates to the chapters of the Conceptual Framework dealing with the attributes of financial information that make financial reporting useful-qualitative characteristics-and the building blocks of financial statements-elements.
In developing its proposals, the IPSASB has considered the Board’s experience in applying the Framework to the development and maintenance of International Public Sector Accounting Standards (IPSAS), as well as recent developments in international thinking about conceptual issues.
“Since its publication in 2014 the Conceptual Framework has been the cornerstone of IPSASB’s global standards delivery activity” said IPSASB Chair Ian Carruthers. “The ED 81 proposals are intended to address issues that have emerged in the Framework’s application in practice, so that it remains central to global public sector financial reporting.”
The ED 81 proposals include:
Clarifying the role of prudence in public sector financial reporting;
Revised definitions of an asset and a liability;
Clarifying what constitutes a transfer of resources when determining whether an entity has a liability; and
Restructuring guidance on liabilities to improve clarity for users of the Framework.
The IPSASB welcomes the views of respondents on the proposed amendments to the Conceptual Framework.
How to Comment To access the Exposure Draft, its summary At-a-Glance document, or to submit a comment, visit the IPSASB website. Comments are requested May 31, 2022. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of this Exposure Draft to their members and employees.
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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. 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.
Stakeholder Comments on Exposure Draft 81 Sought by May 31, 2022
IPSAS 43 is based on International Financial Reporting Standard (IFRS®) 16, Leases, developed by the International Accounting Standards Board (IASB®). For lessees, IPSAS 43 introduces a right-of-use model that replaces the risks and rewards incidental to ownership model in IPSAS 13, Leases. For lessors, IPSAS 43 substantially carries forward the risks and rewards incidental to ownership model in IPSAS 13.
IPSAS 43 has an effective date of January 1, 2025. Earlier application is permitted in certain circumstances.
“IPSAS 43, Leases will improve the transparency of lease accounting in the public sector, while maintaining alignment with IFRS,” said IPSASB Chair Ian Carruthers. “Having a three-year period to apply IPSAS 43 provides public sector entities time to prepare for the new requirements and allows for learning to be drawn from the private sector experience in applying IFRS 16.”
The publication of IPSAS 43 completes the IPSASB’s first phase of work on Leases. The IPSASB will continue its work by considering additional public sector specific issues in its Other Lease-Type Arrangements project.
How to Access To access IPSAS 43, Leases, its summary At-a-Glance document, and webcast, visit the IPSASB website. The IPSASB encourages IFAC members, associates, and Network Partners to promote the availability of IPSAS 43, Leases to their members and employees.
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®) and other high-quality financial reporting guidance for use by governments and other public sector entities. It also raises awareness of IPSAS and the benefits of accrual adoption. The Board receives support from the Asian Development Bank, the Chartered Professional Accountants of Canada, the New Zealand External Reporting Board, and the governments of Canada and New Zealand. 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.
As part of the ACCA's virtual conference, IAASB Chair Tom Seidenstein speaks with IAASB Member Chun Wee Chiew in a two-part conversation about Tom's first two years as chair and key projects and priorities for the IAASB.
The IAASB’s work continues apace despite the pandemic, with chair Tom Seidenstein now focused firmly on the future
Two years into his term as chair of the International Audit and Assurance Standards Board (IAASB), Tom Seidenstein is focusing on future developments, not least the creation of a standard covering less complex entities.
As is widely recognised, auditing standards have evolved to mirror an increasingly complex business world, and yet there remain many businesses and other organisations that arguably do not require such a detailed examination. But, as Seidenstein is keen to point out, this is not about lowering the quality of audit for less complex businesses; it is about auditing in a smarter way.
Having taken the helm of the International Auditing and Assurance Standards Board (IAASB) in July 2019, Tom Seidenstein recognises the challenges posed by the loss of trust in audit quality and the intense scrutiny the profession is experiencing. He intends to respond by embracing innovation while maintaining high-quality standard-setting.
Unlike his predecessor, Professor Arnold Schilder, Seidenstein isn’t a member of the audit profession. Nevertheless, he sees strong markets, high-quality standards and a high-quality profession as directly linked. ‘I believe the profession is essential to making our economies and markets work better,’ he says. ‘That will only occur if we are able to attract the best and brightest to the profession.
