The International Public Sector Accounting Standards Board (IPSASB) has issued Exposure Draft 73, Covid-19: Deferral of Effective Dates, which proposes an effective date extension for recent standards.
Proposal for Effective Date Extension
The Exposure Draft proposes delaying the effective dates of recently published International Public Sector Accounting Standards (IPSAS) and Amendments to IPSAS by one year, to January 1, 2023. The comment due date is August 15, 2020.
The IPSASB is taking this action in response to the global COVID-19 pandemic and the challenges it has created. The delayed effective date will provide stakeholders with additional implementation time.
The IPSASs and Amendments that would be impacted include:
- IPSAS 41, Financial Statements;
- IPSAS 42, Social Benefits;
- Long-term Interests in Associates and Joint Ventures (Amendments to IPSAS 36) and Prepayment Features with Negative Compensation (Amendments to IPSAS 41);
- Collective and Individual Services (Amendments to IPSAS 19); and
- Improvement to IPSAS, 2019.
COVID-19 (Coronavirus) Resources for Tax & Accounting Professionals
Wolters Kluwer is right by your side to help you stay up to date with tax and compliance changes and support your ability to work remotely. Please visit our visit our webpage for more resources.
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