IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition by
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IPSAS 1: Presentation of Financial Statements
IPSAS 1 provides the bases of presentation for general purpose financial statements in order to ensure comparability on the one hand with the entity's financial statements of previous periods and, on the other, with the financial statements of other public sector entities. The standard sets out overall requirements of the presentation of financial statements prepared under the accrual basis of accounting, and provides guidance for the structure and minimum requirements of the content of such financial statements. The recognition and measurement of specific transactions and other events, and the corresponding disclosure requirements are dealt with in other International Public Sector Accounting Standards.
The IFRS on which the IPSAS is based
IAS 1, Presentation of Financial Statements
Principal definitions
Assets are resources controlled by an entity as a result of past events and from which future economic benefits or service potential are expected to flow to the entity.
Liabilities are present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits or service potential.
Net assets/equity is the residual interest in the assets of the entity after deducting all its liabilities.
Revenue is the gross inflow of economic benefits or service potential during the reporting period when those inflows result in an ...
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Presentation of Financial Statements
Current status of the project.
In September 2023, the IPSASB formally agreed to commence a project on the Presentation of Financial Statements project.
The IPSASB is currently discussing the issues to support the development of a Consultation Paper (CP) and illustrative exposure draft (ED).
Due Process Checklist
Project Timeline
The project timeline is depicted below. Please note that these are current targeted milestones/phases and may change as the work in this area progresses.
Project Overview
The project objective is to enhance the communication effectiveness of financial information reported in general purpose financial statements by developing a new IPSAS to replace IPSAS 1, Presentation of Financial Statements. The focus is on the presentation of financial information to support accountability and decision-making purposes across the public sector.
The aim of the project is to help support the effective and sustainable use of public sector resources and the ongoing delivery of public services for current and future generations by improving the communication effectiveness of information presented in financial statements.
Why the IPSASB Undertook this Project
How financial information is presented in financial statements is seen as a critical component of strengthening public financial management (PFM) globally, due to the importance of ensuring the information presented in financial statements is relevant, transparent, useful, understandable, and accessible to the users of the financial statements for accountability and decision-making purposes.
IPSAS 1 has not been substantially revised since its original issuance in 2000. This project provides the opportunity to improve the existing requirements by considering relevant international and national standard-setting developments and constituent feedback received during the scoping and research phase of the project.
Consultation
To allow for stakeholder feedback throughout the development of this project and the opportunity to consider alternative presentation concepts, this project will be developed over three phases.
Phase 1 — Consultation Paper (CP) and illustrative exposure draft (ED)
Phase 2 — Full ED to replace IPSAS 1, plus consequential amendments to other IPSASs
Phase 3 — Final pronouncement
The project is currently in Phase 1, which is expected to result in the CP and illustrative ED being published in H3 2025.
Task Force Members
- Ian Carruthers, Task Force Chair, IPSASB Chair, United Kingdom
- Andrew van der Burgh, IPSASB Member, South Africa
- Angela Ryan, IPSASB Member, New Zealand
- Jonah Wala, IPSASB Member, Kenya
- Marc Wermuth, IPSASB Technical Advisor, Switzerland
- Johanna Clark, United Nations Systems, United States
- Jean-Pierre Menanteau, Conseil de normalisation des comptes publics (CNoCP), France
- Beatriz Sanz Redrado, European Commission, Belgium
- Anthony Heffernan
Published Documents and Support
Documents in this section include:
- Major documents published by the IPSASB during the lifecycle of the project including: Consultation Papers, Exposure Drafts, issued IPSAS, amendments to IPSAS, and other similar due process documents;
- Supporting material related to each published document including: snapshots, webinars, and other material; and
- The project-relevant IPSASB agenda papers.
Project Stages
- Information Gathering 2022
- Project Proposal 2023
- Consultation Paper / Exposure Draft 2023-2024
Heading Board Papers
- December
Heading Board Minutes
Heading other.
- Presentation
Heading Issued Document
- Approved Project Brief
Heading CAG Papers
- December 2023
- September 2023
Heading CAG Minutes
IMAGES
VIDEO
COMMENTS
155 IPSAS 1, "Presentation of Financial Statements" (IPSAS 1) is set out in paragraphs 1−155 and Appendices A−B. All the paragraphs have equal authority. IPSAS 1 should be read in the context of its objective, the Basis for Conclusions, and the "Preface to International Public Sector Accounting Standards.".
IPSAS 1 — PRESENTATION OF FINA NCIAL STATEMENTS. 49 notes that IASs are relevant to all business enterprises, regardless of whether they are in the private or public sector. Accordingly, Guideline No. 1 recommends that GBEs should present financial statements that conform, in all material respects, to IASs.
ipsas 1—presentation of financial statements (pdf | 505.07 kb) ipsas 2—cash flow statements (pdf | 392.85 kb) ipsas 3—accounting policies, changes in accounting estimates and errors (pdf | 398.76 kb) ipsas 4―the effects of changes in foreign exchange ... ipsas 43—leases (pdf | 1.41 mb)
IPSASB Meeting (September 2023) Agenda Item 10.3.1 Page 1 of 11 PROJECT BRIEF, PRESENTATION OF FINANCIAL STATEMENTS (Approved Version) 1. Introduction 1.1. IPSAS 1, Presentation of Financial Statements was issued in May 2000 and revised in December 2006. IPSAS 1 is drawn primarily from International Accounting Standard (IAS) 1 (Revised 2003),
IPSAS 1 specifies minimum disclosure requirements for the notes. These shall include information about: An appendix to IPSAS 1 provides illustrative statements of financial position, statements of financial performance, and statements of changes in net assets/equity. IPSAS 1 sets out the manner in which general ...
Request permission to translate. This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2019. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. Download (2.93 MB) Download (3.85 MB) Download (3.22 MB)
This Handbook contains the complete International Public Sector Accounting Standards, published as of January 31, 2021. It also includes the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities. Download (3.51 MB) Download (4 MB) Download (3.44 MB)
IPSAS 1 Presentation of Financial Statements Effective date Annual periods beginning on or after January 1, 2008. Objective To set out the manner in which general-purpose financial statements shall be prepared under the accrual basis of accounting, including guidance for their structure and the minimum requirements for content. Summary
reporting. templates applicable from June 2018 as follows: Removal of the OAG report from the template. Enhanced notes on related parties &. related. party transactions. New/revised standards were incorporated. Reporting of exchequer issues for counties as per county revenue allocation act. Elaborate information on corporate governance.
IPSAS 1 Presentation of Financial Statements Effective date Annual periods beginning on or after 1 July 2001 The revised draft version described below is expect ed to be effective from 1 January 2008. Objective To set out the overall framework for presenting general purpose financial statements
Identification and components of financial statements 1 IPSAS 1.61 Are the financial statements identified clearly (using an unambiguous title) and distinguished from other information in the same document. 2 IPSAS 1.21 Do the financial statements identify clearly and include all of the following (a complete set of financial statements ...
IPSAS 1: Presentation of Financial Statements Objective. IPSAS 1 provides the bases of presentation for general purpose financial statements in order to ensure comparability on the one hand with the entity's financial statements of previous periods and, on the other, with the financial statements of other public sector entities. The standard sets out overall requirements of the presentation of ...
the entity's financial statements over time and also with the financial statements of other entities. •sets out -overall considerations for the presentation of financial statements, -guidance for their structure, and -minimum requirements for the content of financial statements prepared under the accrual basis of accounting.
IPSAS 1 Presentation of Financial Statements provides the basic framework for preparing the statement of financial position, statement of financial performance, and statement of changes in net assets/equity. This chapter focuses on explaining and illustrating the key standards applied for the presentation of IPSAS-compliant financial statements.
issues emerging during the audit processes of those financial statements. By incorporating the Auditor's recommendations, this final version has been further refined and updated from the last one as the United Nations entities continue to implement the framework to generate IPSAS-compliant financial statements. Purpose
155 IPSAS 1 IPSAS 1—PRESENTATION OF FINANCIAL STATEMENTS History of IPSAS This version includes amendments resulting from IPSASs issued up to January 31, 2019. IPSAS 1, Presentation of Financial Statements was issued in May 2000. In December 2006 the IPSASB issued a revised IPSAS 1. Since then, IPSAS 1 has been amended by the following IPSASs:
The project objective is to enhance the communication effectiveness of financial information reported in general purpose financial statements by developing a new IPSAS to replace IPSAS 1, Presentation of Financial Statements. The focus is on the presentation of financial information to support accountability and decision-making purposes across ...
guidelines prepared to facilitate the harmonization of IPSAS-compliant financial reporting across the United Nations system. The policy framework is designed to be applicable to all reporting entities of the UN Secretariat. Development of the First Edition of the UN IPSAS Policy Framework Version 1 of the UN IPSAS Policy Framework which was ...
(c) Presenting information about social benefits in the financial statements; and (d) Determining what information to disclose to enable users of the financial statements to evaluate the nature and financial effects of the social benefits provided by the reporting entity. Scope 3. An entity that prepares and presents financial statements under the