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:

Michael Parry (UK), Chair

Jesse Hughes (US)

Tetiana Iefymenko (Ukraine)

Hassan Ouda (Egypt)


Laura Robinson (US)

Paul Waiswa (Uganda)

Osman Ali (UK)

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
CP 4/29/2011

Measurement of Assets and Liabilities in Financial Statements
CP 4/29/2011

Phase 1 of the Conceptual Framework
ED 4/29/2011

Improvements to IPSAS 2011
ED 45 6/22/2011

Key Characteristics of Public Sector
ED 8/15/2011

Long-Term Sustainability of a Public Sector Entity's Finances
ED 46 2/18/2012

Reporting Service Performance Information
CP 4/1/2012

Conceptual Framework for General Purpose Financial Reporting (GPFR) by Public Sector Entities: Presentation in GPFRs
CP 5/12/2012

Financial Statement Discussion and Analysis
ED 47 7/16/2012

IPSASB Work Program 2013-2014
CP 9/21/2012

IPSAS versus GFS Reporting Guidelines
CP 3/9/2013

IPSASB ED-49 Consolidated Financial Statements
ED 1/28/2014

IPSASB ED 53 First Time Adoption of the IPSAS
ED 1/28/2014

IPSASB ED 54 RPG 3 - Reporting Service Performance Information
ED 4/15/2014

IPSASB Governance Review Group - Future Governance of IPSASB
CP 4/15/2014

IPSASB Strategy Consultation 2015-2019
CP 7/3/2014

Applicability of IPSASs to Government Business Enterprises (GBEs) and Other Public Sector Entities
CP 10/15/2014

IPSASB Proposed Changes to the Cash Basis Standard

IPSASB ED 56 - The Applicability of IPSASs

IPSASB ED 57 - Impairment of Revalued Assets

IPSASB ED 58 - Improvement of IPSASs 2015

IPSASB ED 60 - Public Sector Combinations

Public Sector Specific Financial Instruments
CP 12/15/2016

Financial Reporting for Heritage in the Public Sector
CP 9/20/2017

Accounting for Revenue and Non-Exchange Expenses
CP 11/28/2017

IPSASB ED 62 - Financial Instruments

IPSASB ED 63 - Social Benefits

IPSASB ED 64 - Leases

IPSASB ED 66 - Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41)

ED—Exposure Draft
CP—Consultative Paper

ICGFM Responses to Other Entities

PEFA Indicator Set - Questions for Consultation

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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 its 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.

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