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  • IPSASB publishes proposed changes to IPSAS 25 'Employee Benefits'
    released for comment Exposure Draft ED 59 Amendments to IPSAS 25 Employee Benefits IPSAS 25 is based on IAS 19 Employee Benefits which was later revised The main changes that the IPSASB has proposed to IPSAS 25 so that convergence with IAS 19 is maintained to the extent appropriate are Remove an option that allows an entity to defer the recognition of changes in the net defined benefit liability the corridor approach Introduce the net interest approach for defined benefit plans Amend certain disclosure requirements for defined benefit plans and multi employer plans and Simplify the requirements for contributions from employees or third parties to a defined benefit plan when those contributions are applied to a simple contributory plan that is linked to service Please click to access the press release and ED 59 on the IPSASB website Comments are requested by 30 April 2016 Related Topics Resources International Public Sector Accounting Standards Board IPSASB Standards IAS 19 Employee Benefits 2011 Related news Interview with IPSASB Chair 08 Feb 2016 IPSASB proposes revisions to the cash basis IPSAS 04 Feb 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 Recent EPSAS developments 11 Jan 2016 European Union formally adopts annual improvements 2012 2014 16 Dec 2015 IPSASB publishes 2015 Handbook of pronouncements 14 Dec 2015 All Related Related Publications EFRAG endorsement status report 16 December 2015 16 Dec 2015 Deloitte comment letter on IASB ED 2015 5 Remeasurement on a Plan Amendment Curtailment or Settlement Availability of a Refund from a Defined Benefit Plan Proposed Amendments to IAS 19 and IFRIC 14 19 Oct 2015 IPSAS in your pocket 2015 edition 30 Sep 2015 EFRAG endorsement status report 15 September 2015 15 Sep 2015 All Related Related Discussions IAS 19 Should longevity swaps held under a defined

    Original URL path: http://www.iasplus.com/en/news/2016/01/ipsasb-ed (2016-02-10)
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  • Recent EPSAS developments
    Parliament workshop was entitled How to achieve more reliable and transparent accounting systems How to design European Public Sector Accounting Standards EPSAS for a better implementation of the EU budget in the Member States Experts from the European Commission the European Central Bank ECB National Accounting Offices and Ministries presented their views on the state of play and challenges for national administrations related to EPSAS implementation The aim of the feedback report is to disseminate the information shared among the experts during the workshop You can access the report on the European Parliament website The workshop was also webstreamed and a recording is available here The draft of first chapters of an EPSAS Framework is presented as an alternative to the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities published by the IPSASB in October 2014 Significant differences are a greater emphasis on the accountability towards citizens the specification of intergenerational equity and sustainability Moreover it is proposed to replace the principle of neutrality by the principle of asymmetric prudence losses are recognised at an earlier stage than gains are Further components of the EPSAS framework such as asset and liability criteria as well as particularities of public sector accounting will be defined in further chapters Please click to access the draft here external link please note that this is a dual language version of the document German and English Related Topics Resources Differential reporting IFRSs in Europe Events of 2016 International Public Sector Accounting Standards Board IPSASB Related news FEE briefing paper on the endorsement of IFRS 9 08 Feb 2016 Interview with IPSASB Chair 08 Feb 2016 EU endorsement of IFRS 9 now expected in the second half of 2016 04 Feb 2016 IPSASB proposes revisions to the cash basis IPSAS 04 Feb 2016 IPSASB

    Original URL path: http://www.iasplus.com/en/news/2016/01/epsas-developments (2016-02-10)
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  • IPSASB publishes 2015 Handbook of pronouncements
    Toggle navigation Search site Toggle navigation Home News Publications Meetings Standards Projects Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Navigation News 2016 2015 January February March April May June July August September October November December 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 Info IPSASB publishes 2015 Handbook of pronouncements 14 Dec 2015 The International Public Sector Accounting Standards Board IPSASB has published its 2015 Handbook of International Public Sector Accounting Pronouncements In two volumes the Handbook contains all current IPSASB pronouncements including the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities which was published in October 2014 It can be downloaded free of charge in PDF format from the IPSASB website The IPSASB points out that he 2015 edition of the handbook is available only in electronic format The 2016 Handbook of International Public Sector Accounting Pronouncements scheduled to be available in 2Q 2016 will be available in print and electronic versions Related Topics Resources International Public Sector Accounting Standards Board IPSASB Related news Interview with IPSASB Chair 08 Feb 2016 IPSASB proposes revisions to the cash basis IPSAS 04 Feb 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 IPSASB publishes proposed changes to IPSAS 25 Employee Benefits 14 Jan 2016 Recent EPSAS developments 11 Jan 2016 IPSASB establishes advisory body 09 Dec 2015 All Related Related Publications IPSAS in your pocket 2015 edition 30 Sep 2015 Accounting Roundup January 2015 03 Feb 2015 Deloitte comment letter on the IPSASB strategy consultation 31 Jul 2014 Deloitte comment letter on the future governance of the International Public Sector Accounting Standards Board 30 Apr 2014 All Related Related Discussions IPSASB governance review 24 Feb 2014 Executive Commitee 14 Jul 2011 All Related Contact

    Original URL path: http://www.iasplus.com/en/news/2015/12/ipsasb-handbook (2016-02-10)
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  • IPSASB establishes advisory body
    International Public Sector Accounting Standards Board IPSASB has announced that it will establish a consultative group to offer advice to the board on setting financial reporting standards for the public sector The formation of the new body the IPSASB Consultative Advisory Group CAG responds to a key recommendation in the governance review group s report and is intended to further strengthen the IPSASB s standard setting processes by enabling additional dialogue with key stakeholders The CAG will provide advice to the IPSASB on The IPSASB s strategy and work plan IPSASB s projects including views on technical issues or matters that may impede adopting and implementation of International Public Sector Accounting Standards IPSAS and Other matters relevant to the IPSASB standard setting activities An inaugural chair of the IPSASB CAG has been appointed but the membership of the group still has to be determined The IPSASB has issued a call for nominations and is especially encouraging users of public sector financial reports and representatives of governments and other public sector entities including preparers to apply Nominations are also encouraged from parliamentarians public sector auditors regulators non governmental organisations and other regional and international organisations The inaugural meeting of the CAG is currently planned for June 2016 in Toronto Canada Please click for the following information on the IPSASB website Press release announcing the new CAG Call for nominations Related Topics Resources International Public Sector Accounting Standards Board IPSASB Related news Interview with IPSASB Chair 08 Feb 2016 IPSASB proposes revisions to the cash basis IPSAS 04 Feb 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 IPSASB publishes proposed changes to IPSAS 25 Employee Benefits 14 Jan 2016 Recent EPSAS developments 11 Jan 2016 IPSASB publishes 2015 Handbook of pronouncements 14 Dec 2015 All Related Related Publications

    Original URL path: http://www.iasplus.com/en/news/2015/12/ipsasb-cag (2016-02-10)
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  • IPSAS in your pocket — 2015 edition
    English Login or Register Deloitte User Login Login Name Password Login Register Forgot password Welcome My account Logout IAS Plus Global English Global English Global Deutsch Canada English Canada Français United Kingdom English United States English Toggle navigation Search site Toggle navigation Home News Publications Meetings Standards Projects Jurisdictions Resources My IAS Plus Topics Communications Toggle navigation Search site Publication Directory Global publications Newsletters Publication series Analysis and opinion Special topics Public sector publications Member firm publications Non English publications Third party publications IFRS e learning Info IPSAS in your pocket 2015 edition Published on 30 Sep 2015 This guide summarises the provisions of all International Public Sector Accounting Standards IPSAS standards recommended practice guidelines and the conceptual framework outstanding at 1 August 2015 Download Related Topics Publication series Public sector publications Resources International Public Sector Accounting Standards Board IPSASB Related news Interview with IPSASB Chair 08 Feb 2016 IPSASB proposes revisions to the cash basis IPSAS 04 Feb 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 IPSASB publishes proposed changes to IPSAS 25 Employee Benefits 14 Jan 2016 Recent EPSAS developments 11 Jan 2016 IPSASB publishes 2015 Handbook of pronouncements 14 Dec 2015 All Related Related Publications Accounting Roundup January 2015 03 Feb 2015 Deloitte comment letter on the IPSASB strategy consultation 31 Jul 2014 Deloitte comment letter on the future governance of the International Public Sector Accounting Standards Board 30 Apr 2014 Accounting alert update August 2013 01 Sep 2013 All Related Related Discussions IPSASB governance review 24 Feb 2014 Executive Commitee 14 Jul 2011 All Related Contact us About Legal Privacy FAQs Material on this website is 2015 Deloitte Global Services Limited or a member firm of Deloitte Touche Tohmatsu Limited or one of their related entities See Legal for additional copyright and

    Original URL path: http://www.iasplus.com/en/publications/public-sector/ipsas-in-your-pocket-2015 (2016-02-10)
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  • Accounting Roundup — January 2015
    s and auditors responsibilities related to such reporting as well as separate disclosure of any material uncertainties and 2 challenge adequacy of disclosures when events or conditions are identified that may cast significant doubt on an entity s ability to continue as a going concern emphasis omitted Requirements for auditors to furnish a 1 statement affirming their independence and fulfillment of relevant ethical responsibilities emphasis omitted and 2 an enhanced description of their responsibilities Next Steps The revisions are effective for financial statement audits for periods ending on or after December 15 2016 Other Resources For more information see the press release auditor reporting fact sheet and at a glance document on IFAC s Web site Governmental Accounting and Auditing Developments FASAB FASAB Issues Guidance on Identifying Entities to Include in General Purpose Federal Financial Reports Affects Entities applying federal financial accounting standards Summary On December 23 2014 the FASAB issued Statement 47 which establishes principles to identify organizations for which elected officials are accountable and guides preparers of general purpose federal financial reports in determining what organizations to report upon whether such organizations are considered consolidation entities or disclosure entities and what information should be presented about those organizations Next Steps Statement 47 is effective for periods beginning after September 30 2017 Early adoption is prohibited Other Resources For more information see the press release on the FASAB s Web site International IPSASB Issues Standards on Accounting for Interests in Other Entities Affects Public sector entities Summary On January 30 2015 the IPSASB issued the following five IPSASs on accounting for interests in other entities IPSAS 34 Separate Financial Statements IPSAS 35 Consolidated Financial Statements IPSAS 36 Investments in Associates and Joint Ventures IPSAS 37 Joint Arrangements IPSAS 38 Disclosure of Interests in Other Entities The new IPSASs are based on the IASB s May 2011 package of five standards i e IFRS 10 IFRS 11 IFRS 12 IAS 27 and IAS 28 including the 2012 amendments to the guidance on transition and investment entities The requirements of the IPSASs are aligned with those in the equivalent IASB pronouncements except when departure is considered justified e g modification of terminology consideration of the interaction with the Government Finance Statistics and the System of National Accounts reflection of differences between existing IPSASs and IFRSs Next Steps The standards are effective for annual financial statements for periods beginning on or after January 1 2017 Earlier application is encouraged however if an entity decides to apply the requirements early it must disclose that fact and apply the whole series of standards IPSAS 34 through IPSAS 38 at the same time Other Resources For more information see the press release on IFAC s Web site IPSASB Issues Standard on First Time Adoption of Accrual Basis IPSASs Affects Public sector entities Summary On January 29 2015 the IPSASB released IPSAS 33 which addresses the transition from a cash basis an accrual basis under another reporting framework or a modified version of either the cash or accrual basis of accounting IPSAS 33 allows first time adopters three years to recognize specified assets and liabilities so that preparers have sufficient time to develop reliable models for recognizing and measuring assets and liabilities during the transition period These assets and liabilities include inventories investment property property plant and equipment defined benefit plans and other long term employee benefits biological assets and agricultural produce intangible assets service concession assets and the related liabilities and financial instruments Next Steps First time adopters must apply IPSAS 33 when their first IPSAS financial statements are for a period beginning on or after January 1 2017 Earlier application is permitted Other Resources For more information see the press release on IFAC s Web site IPSASB Aligns IPSASs With Recent IASB Pronouncements Affects Public sector entities Summary On January 23 2015 the IPSASB issued a final pronouncement that revises several IPSASs in light of certain amendments that were recently made to IASB standards The following four IPSASs are affected IPSAS 1 Clarification of comparative information requirements IPSAS 17 Revisions to guidance on classification of servicing equipment clarification of the revaluation method additional guidance on acceptable methods of depreciating assets IPSAS 28 Additional guidance on tax effects of distributions to holders of equity instruments IPSAS 31 Clarification of the revaluation method clarification of acceptable methods of amortizing assets Next Steps The amendments are effective for annual financial statements for periods beginning on or after January 1 2015 Regulatory and Compliance Developments COSO COSO Publishes Research Report on Cyber Risk Affects All entities Summary On January 14 2015 COSO released a research report that offers insight into how the Internal Control Integrated Framework and Enterprise Risk Management Integrated Framework can help entities effectively and efficiently evaluate and manage cyber risks Specifically the report provides direction on identifying and implementing internal control components and principles from demonstrating commitment to integrity and ethical values to risk analysis and evaluating and communicating deficiencies Other Resources For more information see the press release on COSO s Web site Federal Reserve Federal Reserve and FDIC Release Resolution Plans for Certain Banking Organizations Affects All entities Summary On January 15 2015 the Federal Reserve and FDIC posted to their Web sites the public portions of resolution plans for firms with generally less than 100 billion in qualifying nonbank assets The plans were prepared in response to a mandate of the Dodd Frank Wall Street Reform and Consumer Protection Act which requires that certain banking organizations with total consolidated assets of 50 billion or more and nonbank financial companies designated for enhanced prudential supervision by the Financial Stability Oversight Council periodically submit resolution plans to the Federal Reserve Board and the FDIC Other Resources For more information see the press release on the Federal Reserve s Web site SASB SASB Proposes Sustainability Accounting Standards for the Consumption Sector Affects Industries within the scope of the standards Summary On January 14 2015 the SASB released seven proposed sustainability accounting standards for the consumption

    Original URL path: http://www.iasplus.com/en/publications/us/accounting-roundup/2015/01 (2016-02-10)
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  • Deloitte comment letter on the IPSASB strategy consultation
    Newsletters Publication series Analysis and opinion Deloitte comment letters Other Special topics Member firm publications Non English publications Third party publications IFRS e learning Info Deloitte comment letter on the IPSASB strategy consultation Published on 31 Jul 2014 Deloitte Touche Tohmatsu Limited has responded to the International Public Sector Accounting Standards Board s IPSASB Strategy Consultation We support the strategic objective of the IPSASB to improve transparency in financial reporting by the public sector through increasing adoption of accrual based IPSASs and continuing to develop high quality financial reporting standards We suggest that the focus of the IPSASB should be on the development of IPSASs and only allocate a limited amount of resources towards other related activities We also recommend the review of the IPSASB s current standard setting due process steps to ensure it is sufficiently robust and meets the current best practices Further we support the approach of basing IPSASs on IFRSs when determining potential future projects and that convergence with IFRSs should be the normative action The full comment letter is available for download below Download Related Topics Publication series Deloitte comment letters Other Resources International Public Sector Accounting Standards Board IPSASB International Federation of Accountants IFAC Related news Interview with IPSASB Chair 08 Feb 2016 IFAC report on global regulation 04 Feb 2016 IPSASB proposes revisions to the cash basis IPSAS 04 Feb 2016 IPSASB publishes proposed guidance on public sector combinations 29 Jan 2016 IPSASB publishes proposed changes to IPSAS 25 Employee Benefits 14 Jan 2016 Recent EPSAS developments 11 Jan 2016 All Related Related Publications IPSAS in your pocket 2015 edition 30 Sep 2015 Deloitte comment letter on Basel Committee s expected credit losses consultative document 01 May 2015 Accounting Roundup January 2015 03 Feb 2015 Deloitte comment letter on IOSCO s proposed statement

    Original URL path: http://www.iasplus.com/en/publications/global/comment-letters/2014/ipsasb-strategy-consultation (2016-02-10)
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  • Deloitte comment letter on the future governance of the International Public Sector Accounting Standards Board
    a desirable change in fiscal transparency Our comment letter highlights the following points We support bringing the IPSASB within the governance framework of the International Financial Reporting Standards Foundation In our view the oversight and monitoring provided by the IFRSF Trustees and Monitoring Board would mitigate the threat of the politicisation of public sector accounting standard setting Bringing IPSASB within the governance framework of the IFRS Foundation would reduce the overall cost of international accounting standard setting It would also allow both private and public sector standard setters to follow the same due process which is the best guarantee that International Public Sector Accountings Standards will be of high quality promote transparency and improve accountability of governments A single oversight and monitoring framework would mean that the scope of private and public sector financial reporting standards would be set by the same body thus ensuring that there would be consistency about which standards apply to any given reporting entity We are concerned that some public sector items liabilities in particular are not reported in any balance sheet We think that the IFRS Foundation Trustees would be able to provide appropriate oversight of the work of the IPSASB given that at least half of the Trustees have public sector or public policy experience We acknowledge that it will be necessary for the IFRS Foundation to follow its own due process to amend its Constitution oversight and monitoring arrangements to achieve this function The full comment letter is available for download below Download Related Topics Publication series Deloitte comment letters Other Resources IFRS Foundation Trustees International Federation of Accountants IFAC International Public Sector Accounting Standards Board IPSASB Monitoring Board Quick links Consultation paper on IPSASB governance Related news Interview with IPSASB Chair 08 Feb 2016 IFRS Foundation Trustees hold January 2016 meeting

    Original URL path: http://www.iasplus.com/en/publications/global/comment-letters/2014/ipsasb-governance (2016-02-10)
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