International Public Sector Accounting Standards (IPSASs)

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IPSASs are a set of accounting standards issued by the IPSAS Board (IPSASB) for use by public sector entities around the world in the preparation of financial statements. IPSASB is a board of the International Federation of Accountants (IFAC) and the responsible body formed to develop and issue IPSASs under its own authority.

These standards are based on International Financial Reporting Standards (IFRSs) issued by the International Accounting Standards Board (IASB). IPSASs aim to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.

To date, the IPSASB has issued the following Accrual-based IPSASs:

IPSAS 1 Presentation of Financial Statements

IPSAS 2 Cash Flow Statements

IPSAS 3 Accounting Policies, Changes in Accounting Estimates and Errors

IPSAS 4 The Effects of Changes in Foreign Exchange Rates

IPSAS 5 Borrowing Costs

IPSAS 6 Consolidated and Separate Financial Statements

IPSAS 7 Investments in Associates

IPSAS 8 Interests in Joint Ventures

IPSAS 9 Revenue from Exchange Transactions

IPSAS 10 Financial Reporting in Hyperinflationary Economies

IPSAS 11 Construction Contracts

IPSAS 12 Inventories

IPSAS 13 Leases

IPSAS 14 Events after the Reporting Date

IPSAS 15 Financial Instruments: Disclosure and Presentation

IPSAS 16 Investment Property

IPSAS 17 Property, Plant and Equipment

IPSAS 18 Segment Reporting

IPSAS 19 Provisions, Contingent Liabilities, Contingent Assets

IPSAS 20 Related Party Disclosures

IPSAS 21 Impairment of Noncash-generating Assets

IPSAS 22 Disclosure of Financial Information about the General Government Sector

IPSAS 23 Revenue from Non-Exchange Transactions (Taxes and Transfers)

IPSAS 24 Presentation of Budget Information in Financial Statements

IPSAS 25 Employee Benefits

IPSAS 26 Impairment of Cash-Generating Assets

IPSAS 27 Agriculture

IPSAS 28 Financial Instruments: Presentation

IPSAS 29 Financial Instruments: Recognition and Measurement

IPSAS 30 Financial Instruments: Disclosures

IPSAS 31 Intangible Assets

IPSAS 32 Service Concession Arrangements: Grantor

IPSAS 33 First-time Adoption of Accrual Basis IPSASs

IPSAS 34 Separate Financial Statements

IPSAS 35 Consolidated Financial Statements

IPSAS 36 Investments in Associates and Joint Ventures

IPSAS 37 Joint Arrangements

IPSAS 38 Disclosure of Interests in Other Entities

IPSAS 39 Employee Benefits

IPSAS 40 Public Sector Combinations

IPSAS 41 Financial Instruments

IPSAS 42 Social Benefits

Note 1

The standards IPSAS 34 to IPSAS 38 will replace current requirements in:

IPSAS 6, Consolidated and Separate Financial Statements;

IPSAS 7, Investments in Associates; and

IPSAS 8, Interests in Joint Ventures.

These standards are effective for annual financial statements covering periods beginning on or after 1 January 2017. Earlier application is encouraged, however, if an entity decides to apply the requirements early it shall disclose that fact and apply the whole series of standards (IPSAS 34 through IPSAS 38) at the same time.

The standard IPSAS 39 Employee Benefits will replace IPSAS 25 Employee Benefits as from 1 January 2018.

IPSAS 40 Public Sector Combinations shall apply from January 1, 2019, with earlier adoption encouraged.

IPSAS 41 Financial Instruments shall apply from 1 January, 2022, with earlier application permitted.

An entity shall apply IPSAS 42 for annual financial statements covering periods beginning on or after January 1, 2022. Earlier adoption is encouraged.

Note 2

IPSAS 33 shall be applied if first-time adopters’ first IPSAS financial statements are for a period beginning on or after 1 January 2017. Earlier application is permitted.

IPSAS as adopted by the Maltese Government

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