IPSASB seeks input on updating public sector financial statements

The International Public Sector Accounting Standards Board (IPSASB) has launched a public consultation seeking input on how public sector entities should present financial information in their general purpose financial statements.

In the Consultation Paper (CP), the board is asking stakeholders for views on how to strengthen the presentation of financial information in public sector financial statements, as part of its work to modernise reporting requirements.

The work is intended to lead to a new International Public Sector Accounting Standard (IPSAS) that would replace IPSAS 1, Presentation of Financial Statements.

IPSAS 1 has been in place since 2000.

According to the IPSASB, the objective of the latest move is to help public sector entities communicate their financial results and position in a way that is easier for users to understand.

IPSASB chair Thomas Müller-Marqués Berger said: “This consultation reflects how the IPSASB is modernising financial statement presentation in line with evolving global standards.

“Improving how public sector financial information is communicated is essential to ensuring it is useful and actually used by those it is intended to inform.

“Using reliable financial data strengthens decision-making and accountability, supports public financial management, and helps to meet the needs of legislators, oversight bodies and the public.”

Responses to the CP will shape the drafting of a proposed new IPSAS Standard to take the place of IPSAS 1.

Comments are requested by 14 September 2026.

Last week, the IPSASB issued two new Exposure Drafts, seeking feedback on proposed changes to its public sector reporting framework.

“IPSASB seeks input on updating public sector financial statements” was originally created and published by The Accountant, a GlobalData owned brand.

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