The International Public Sector Accounting Standards (IPSASB) has issued traditional Improvements to IPSAS 2021. They were approved at the final meeting in December.
As with IFRS, improvements to the International Public Sector Accounting Standards are limited in scope and are mostly address issues raised by stakeholders. Alternatively, minor amendments may be made as a result of recent standards improvement projects.
All improvements can be divided into two parts:
1) general improvements to IPSAS – similar to the work on improving the effectiveness of standards carried out by the International Accounting Standards Board;
2) IFRS alignment improvements to IPSAS: developers try to adhere to the convergence principle where possible.
The overall improvements, as can be seen from the study of their content, are really minor. More interesting and meaningful improvements to IPSAS are long-term work aimed at bringing them more in line with the IFRS requirements.