November 9, 2020

Published: The Accountant

The International Public Sector Accounting Standards Board (IPSASB) has delayed the effective dates of a number of standards and amendments by one year to 1 January 2023, due to the challenges and disruption caused by the Covid-19 pandemic.

IPSASB chair Ian Carruthers said: “The COVID-19 pandemic has created significant pressures on the staff and other resources that public sector entities might otherwise devote to the implementation of upcoming IPSAS standards and amendments. A one-year deferral of the effective dates of these upcoming standards and amendments will provide much-needed operational relief to public sector entities.”

The standards and amendments which are impacted include:

– IPSAS 41, Financial Instruments;

– IPSAS 42, Social Benefits;

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

– Collective and Individual Services (Amendments to IPSAS 19); and

– Improvements to IPSAS, 2019.

http://www.theaccountant-online.com/News/ipsasb-delays-upcoming-standards-8351738