The International Public Sector Accounting Standards Board® (IPSASB®) has released Exposure Draft (ED) 90, Amendments to IPSAS as a Result of the Application of IPSAS 46, Measurement for public comment.
After publishing IPSAS 46, Measurement, and the Updated Conceptual Framework: Chapter 7, Measurement of Assets and Liabilities in Financial Statements in May 2023, the IPSASB evaluated the applicability of its new Current Operational Value public sector measurement basis across existing IPSAS.
“ED 90 builds upon the important work accomplished in IPSAS 46, Measurement released last year which provides an integrated approach to valuation to help entities measure public sector assets,” said Ian Carruthers, IPSASB Chair. “These amendments will provide users of public sector general purpose financial statements with more relevant and faithfully representative measurement information through the potential application of public sector specific guidance across a broader range of situations.”
The amendments to IPSAS proposed in ED 90 are the introduction of current operational value in IPSAS 12, Inventories, IPSAS 21, Impairment Non-Cash Generating Assets, and IPSAS 31, Intangible Assets, the addition of a definition of accounting estimates to IPSAS 3, Accounting Policies, Changes In Accounting Estimates and Errors, and the enhancement of the terminology in current value measurement disclosures.
The feedback received from ED 90 will help shape the final amendments related to the application of Current Operational Value across existing IPSAS.
https://www.ipsasb.org/news-events/2024-08/ipsasb-proposes-amendments-ipsas-result-application-ipsas-46-measurement