Latest News and Updates from IPSASB and the ASB

 Latest News and Updates from IPSASB and the ASB

Proposed Interpretation on The Effect of Past Decisions on Materiality (ED 185)

The Board issued ED 185 in September 2020 for comment.

ASB will be hosting a series of roundtable discussions in February 2021 to discuss the proposals in ED 185 Feedback received at these sessions will form part of the Board’s public consultation process on
the Exposure Draft.

Check upcoming Events

The IPSASB met virtually in December 2020 and discussed a number of Exposure Drafts (EDs). The
following was discussed:

Exposure drafts approved for comment
ED 75 on Leases


The IPSASB approved ED 75 on Leases, and a related Request for Information on Concessionary Leases
and Other Arrangements Similar to Leases. These documents can be accessed on the IPSASB website
here, and have a comment deadline of 17 May 2021. The ASB will issue these documents for comment
locally in due course.


Exposure drafts in progress
ED 76 on Conceptual Framework – Limited Scope Update and ED 77 on Measurement
The IPSASB gave preliminary approval for ED 76 on Conceptual Framework – Limited Scope Update
and ED 77 on Measurement. ED 76 updates Chapter 7 of the IPSASB’s Conceptual Framework on
measurement of assets and liabilties, and ED 77 provides detailed guidance on the implementation of
commonly used measurement bases. The IPSASB focussed the discussion in December on the
development of a public sector specific measurement basis for property, plant and equipment, titled
“current operational value”. ED 76 and ED 77 will be finalised at the February 2021 meeting.
ED 78 on Property, Plant and Equipment
The IPSASB gave preliminary approval for ED 78 on Property, Plant and Equipment, which will replace
IPSAS 17 on Property, Plant and Equipment. ED 78 includes amendments to IPSAS 17 from the
measurement project and guidance on heritage assets and infrastructure assets.

Other projects in progress include:


Natural Resources
The IPSASB continued its discussions on the draft Consultation Paper on natural resources. The topics
considered include:
• the role of sovereign powers in assessing the recognition of natural resources;
• whether subsoil resources can be controlled prior to their extraction and when such resources can
be reliably measured; and
• the potential applicability of IFRS 6 on Exploration for and Evaluation of Mineral Resources in the
public sector.


Next meeting
The IPSASB will continue with virtual meetings in 2021. The next meeting is 25 February 2021.

Source: ASB