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IFRS Technical Update
IPSAS-IFRS Alignment Dashboard
By Pateel Papazian
IASeminars Faculty Member
The IPSASB’s latest meeting was in June 2018. One of the topics during that meeting revolved around the replacement of the IPSAS-IFRS tracking table (table) with the IPSAS-IFRS Alignment Dashboard (Dashboard).
The IPSASB chair had previously instructed the staff to develop a dashboard showing the alignment of IPSAS with the equivalent IFRS, where applicable, along with a high-level overview of the main IPSAS-IFRS differences.
The IPSASB staff did a presentation during the June meeting for the IPSASB to consider whether it agrees with replacing the IFRS Tracking Table with the IPSAS–IFRS Alignment Dashboard as a standing agenda item.
There are two main benefits to developing such a dashboard. First, and most important is the fact that it will be simple and user friendly; second, it will be comprehensive.
The dashboard will include three tables:
Table 1 – “IPSAS and Equivalent IFRS - Summary”
It shows the IPSAS-IFRS alignment by standard. It has three columns. Column one shows the IPSAS, column two shows the equivalent IFRS, and column three shows the Status. The Status displays graphically the degree of Public Sector Specificity, shown through 4 different sized circles¹. Below is an example with two IPSAS:
|IPSAS 2 - Cash Flow Statements||IAS 7|
|IPSAS 24 - Presentation of Budget Information in Financial Statements||-|
¹The full circle implies 100% Public Sector Specificity, the three-quarter circle 75%, the half circle 50% and the quarter circle 25%.
Table 2 – ”IFRS with no Equivalent IPSAS”.
It provides the IFRS for which there is no equivalent IPSAS. It has three columns. Column one shows the IFRS, column two shows the Status, column three includes Comments. In this case, the Status shows the prioritisation of the IPSASB project on that matter, shown through 4 different colored circles². Below is an example with two IFRS:
|IFRS 8 – Operating Segments||Prioritized project Update of IPSAS 18, Segment Reporting|
|IFRS 14 – Regulatory Deferral Accounts||Monitoring development of ongoing IASB project, so not currently prioritised|
²The white crossed out circle implies “not relevant”, the light green circle implies being addressed currently, the brown circle implies prioritised project and the purple circle implies not addressed currently.
Table 3 – “IPSAS and Equivalent IFRS – Detail”
This table provides the main public sector differences from the equivalent IFRS (list not exhaustive) and the relevant IFRS amendments not yet considered by the IPSASB. It contains 5 columns. Column 1 shows the IPSAS, column 2 the IFRS, column 3 the Status (same as table 1), column 4 the main public sector differences and column 5 the relevant IFRS Amendments not yet considered. Below is one example:
Revenue from Exchange Transactions
|IPSAS||IFRS||Status||Main Public Sector Differences||Relevant IFRS amendments not yet considered|
|IPSAS 9||IAS 18||
1. The title of IPSAS 9 refers to exchange transactions
2. IPSAS 9 uses different terminology
|Current Workplan May 2014 – IFRS 15 Revenue from Contracts with Customers replaces IAS 18|
The staff did note in their presentation that the IFRS Tracking Table will continue to be updated by the staff before each IPSASB meeting and will be used only as a staff paper, not to be distributed to IPSASB, except if requested.
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