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IPSASB: Consultation Paper on Presentation of Financial Statements
- 21 May 2026
- Accounting
- South African Accounting Academy
Summary:
The International Public Sector Accounting Standards Board (IPSASB) has developed, approved and seek feedback on the Consultation Paper: Presentation of Financial Statements, to help strengthen how financial information is presented in public sector financial statements.
Article:
The feedback received will help guide IPSASB in developing an Exposure Draft of the proposed new IPSAS Standard replacing IPSAS 1.
General purpose financial statements provide important financial information about a public sector entity and are vital to ensure accountability, inform decision-making, promote transparency, and support efficient resource management.
How financial information is presented in financial statements plays a critical role in strengthening public financial management (PFM) globally, due to the importance of ensuring the information presented is faithfully representative, comparable, verifiable, and useful for accountability and decision-making purposes.
Watch the webcast at https://www.youtube.com/watch?v=RxmQGlMAcLw
The 74-page Appendix D of the Consultation Paper: Illustrative Exposure Draft on Presentation of Financial Statements can be downloaded at https://ifacweb.blob.core.windows.net/publicfiles/2026-04/AAG-CP-Presentation-Financial-Statements.pdf
The 6-page At a Glance document can be accessed at https://ifacweb.blob.core.windows.net/publicfiles/2026-04/AAG-CP-Presentation-Financial-Statements.pdf
Comments are due by 14 September 2026.
Click here to download the 77-page Consultation Paper:
https://ifacweb.blob.core.windows.net/publicfiles/2026-04/CP-Presentation-Financial-Statements.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- It is important to stay informed on publications issued by the regulators and standard-setters, e.g. IFAC & IPSASB.
- IPSAS Accounting Standards relate to the general purpose financial statements (financial statements) and are authoritative. IPSAS Practice Statements are non-mandatory guidance. Unlike IPSAS Accounting Standards and IPSASB SRS Standards, IPSAS Practice Statements, and RPG Guidelines do not establish requirements. IPSASB SRS Standards, IPSAS Practice Statements, and RPG Guidelines do not provide guidance on the level of assurance (if any) to which information should be subjected.
- The feedback on this consultation paper will help guide IPSASB in developing an Exposure Draft of the proposed new IPSAS Standard replacing IPSAS 1.
Relevance to Your clients:
- It is important to stay informed on publications issued by the regulators and standard-setters, e.g. IFAC & IPSASB.
- IPSAS Accounting Standards relate to the general purpose financial statements (financial statements) and are authoritative. IPSAS Practice Statements are non-mandatory guidance. Unlike IPSAS Accounting Standards and IPSASB SRS Standards, IPSAS Practice Statements, and RPG Guidelines do not establish requirements. IPSASB SRS Standards, IPSAS Practice Statements, and RPG Guidelines do not provide guidance on the level of assurance (if any) to which information should be subjected.
- The feedback on this consultation paper will help guide IPSASB in developing an Exposure Draft of the proposed new IPSAS Standard replacing IPSAS 1.