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IPSASB: Amendments to IPSAS – Specific IFRIC Interpretations
- 20 February 2025
- Regulatory Compliance and Legislation
- South African Accounting Academy
Summary:
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.
Article:
Amendments to IPSAS Standards: Specific IFRIC Interpretations adds authoritative guidance to IPSAS Standards, based on four IFRIC Interpretations, to help entities better understand and apply existing IPSAS principles.
The additional guidance does not change the existing accounting principles; rather, it clarifies the application of existing principles to specific matters.
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.
The Amendments to IPSAS Standards: Specific IFRIC Interpretations has an effective date of 1 January 2026. Earlier application is permitted.
The At a Glance document can be downloaded at https://ifacweb.blob.core.windows.net/publicfiles/2025-01/IPSAS-Amendments-IFRIC-AAG.pdf
Click here to download the 39-page Final Pronouncement:
Relevance to Auditors, Independent Reviewers & Accountants:
- As an auditor and independent reviewer, you need to evaluate your public sector clients’ compliance with International Public Sector Accounting Standards (IPSAS), and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
- Auditors, Independent Reviewers and Accountants should be aware of the latest amendments to pronouncements and standards issued by regulators and standard-setting boards, such as the IPSASB.
- It is important to stay informed on publications issued by the regulators and standard-setters, e.g. IFAC & IPSASB.
Relevance to Your Clients:
- Public Sector entities must prepare their financial information in accordance with IPSAS.
- It is important to stay informed on publications issued by the regulators and standard-setters, e.g. IFAC & IPSASB.