Accounting Standards Board Meeting 11 August 2022

Here is a summary of the main matters considered in the public session.

PBE Leases Standard

The Board approved for issue the Exposure Draft (ED) and the accompanying Consultation Document proposing a PBE Standard based on IPSAS 43 Leases.

The ED and consultation document can be found here. The consultation closes 25 November 2022.

You can view our short presentation on the consultation here.

PBE IFRS 17 Insurance Contracts

The Board considered comments received from stakeholders on AASB ED 319/NZASB ED 2022-3 Insurance Contracts in the Public Sector relating to:

• indicators for determining the public sector arrangements that are within the scope of the Standard; and
• risk adjustments for measuring insurance liabilities

and decided on the Board direction to take regarding those matters will be discussed further at the October 2022 meeting together with the remaining responses to AASB ED 319/NZASB ED 2022-3.

The Board also considered two emerging issues on ‘adverse development covers’ and ‘investment components’ and decided not to take any action now but to monitor the issues in respect of public sector entities. 

PBE Public Sector Specific Financial Instruments

The Board approved for issue Public Sector Specific Financial Instruments (Non-Authoritative Amendments to PBE IPSAS 41).

The non-authoritative amendments clarify requirements for classifying, recognising, and measuring public sector specific financial instruments, such as monetary gold, currency in circulation, International Monetary Fund (IMF) special drawing rights (SDRs) and IMF quota subscriptions. 

These amendments are effective for reporting periods beginning on or after 1 January 2023. The new amending standard can be found here.  

This meeting summary refers to the work of the International Accounting Standards Board (IASB) and the International Public Sector Accounting Standards Board (IPSASB) and uses registered trademarks of the IFRS Foundation (for example, IFRS® Standards, IFRIC® Interpretations and IASB® papers).