IPSASB: IFRIC Alignment – Narrow Scope Amendments

IPSASB: IFRIC Alignment – Narrow Scope Amendments

• 10 January 2025
• Financial Reporting
• South African Accounting Academy

Summary:

The International Public Sector Accounting Standards Board (IPSASB) has approved (but not yet published) the Final Pronouncement, Amendments to IPSAS Standards: Specific IFRIC Interpretations.

Article:

This amends IPSAS Standards to clarify the application of existing principles to help public sector entities better understand and apply them consistently.

The amendments aim to help public sector entities better understand and apply existing principles consistently.

IFRIC Interpretations are developed by the IFRS Interpretations Committee and approved by the International Accounting Standards Board (IASB). IFRIC interpretations are considered authoritative, and financial statements must comply with them to be considered IFRS-compliant.

These amendments are effective 1 January 2026.

These amendments are not available for download yet, as IPSASB has not yet published the the Final Pronouncement, Amendments to IPSAS Standards: Specific IFRIC Interpretations.

Access information on the approval at https://www.ipsasb.org/news-events/2024-12/ipsasb-enews-december-2024#ifric_alignment_%E2%80%93_narrow_scope_amendments

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 versions of handbooks containing 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.

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