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.