ICGFM Ad Hoc Committee on International Accounting Standards
The ICGFM Board established the Ad Hoc Accounting Standards Committee to prepare responses to the International Public Sector Accounting Standards (IPSAS) consultative papers and exposure drafts on behalf of the ICGFM members.
Members of the Ad Hoc Committee on International Accounting Standards:
To assure due process in establishing International Public Sector Accounting Standards, the IPSAS Board solicits comments from around the globe on accounting issues being deliberated by the Board. Consultative papers and exposure drafts of potential accounting standards are circulated for 3-4 months so interested parties can submit comments for Board consideration during their deliberations. Below are the ICGFM Committee's responses:
ICGFM Responses to the IPSAS Board
Elements and Recognition in Financial Statements
Phase 1 of the Conceptual Framework
Improvements to IPSAS 2011
ED 45 6/22/2011
Key Characteristics of Public Sector
Long-Term Sustainability of a Public Sector Entity's Finances
ED 46 2/18/2012
Reporting Service Performance Information
Financial Statement Discussion and Analysis
ED 47 7/16/2012
IPSASB Work Program 2013-2014
IPSAS versus GFS Reporting Guidelines
IPSASB ED-49 Consolidated Financial Statements
IPSASB ED 53 First Time Adoption of the IPSAS
IPSASB Strategy Consultation 2015-2019
IPSASB ED 56 - The Applicability of IPSASs
Public Sector Specific Financial Instruments
ICGFM Responses to Other Entities
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A Structured Approach to Modernising Government Financial Reporting
The Compilation Guide has now been replaced by the “Structured Approach to Modernising Government Financial Reporting” set out in the paper of that name published in the December 2016 IJGFM. This structured approach envisages reforms based on both adoption of accrual IPSAS and progressively expanding consolidation of government. The reform sequence and timing should be unique to each country and developed to meet the requirements of the country. Reform progress is sequenced through a series of stages, or platforms. Each reform platform has specific and monitorable outputs that can be used to measure progress of the reforms. ICGFM through tis training initiative can both support and certify progress against these pre-defined milestones.
A full description of the approach can be found here.
Please be aware that the IPSAS Compilation Guide has been retired.
IPSAS Compilation and Certification Program for Developing Countries
The ICGFM had developed an IPSAS Compilation Program (including a self-assessment guide and a Certificate of Compliance) to assist developing countries or countries in transition in their efforts to implement IPSAS. Many countries used the self-assessment guide to evaluate their level of implementation. Some of the countries that used the self-assessment guide are as follows:
Egypt, Gambia, Guatemala, Hashemite Kingdom of Jordan, Honduras, Kenya, Malawi, Namibia, Nepal, Nigeria, Rwanda, Turks and Caicos Islands, Uganda, and Vietnam.
Many countries around the world indicate that they have adopted or are in the process of adopting either the Cash Basis IPSAS or the accrual IPSASs. To the best of our knowledge, the most complete, current listing is available at the following website: http://en.wikipedia.org/wiki/International_ Public_Sector_Accounting_Standards
The following Certificates of Conformance were issued:
Two ministries in the Republic of Nepal for their budgetary and extra-budgetary entities as well as their government business enterprises and the Kingdom of Jordan for their budgetary entities.