item 6.1 page 6
TRANSCRIPT
ITEM 6.1 page 6.1
Item 6.1 Standards Program Update PSC Berlin November 2003
INTERNATIONAL FEDERATION
OF ACCOUNTANTS
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DATE: 26 SEPTEMBER 2003 MEMO TO: MEMBERS OF THE IFAC PUBLIC SECTOR COMMITTEE FROM: PAUL SUTCLIFFE SUBJECT: INTERNATIONAL PUBLIC SECTOR ACCOUNTING
STANDARDS ACTION REQUIRED The Committee is asked to: • note developments in the areas outlined below; and • provide a verbal report on any additions BACKGROUND The purpose of this paper is to provide an overview and update on a number of matters concerning the PSC Standards Program. The Work Program for 2003 is considered at Agenda item 6.2. This is a standing item for the PSC Agenda. (i) Standards Program Funding Organizations approached for funding to date and the current status of fundraising efforts are summarized in Attachment 1 to this memo. Please note there has been no addition to this item since the last PSC meeting in July 2003 - funding initiatives are on hold until the PSC review is completed later this year. (ii) Standards Project Promotion and Key Relationship Management Background A revised list of current invitations, and presentations and articles already made and/or published in 2003 is set out below (additions are marked up). A list of past presentations, articles and meetings is included at Attachment 1 to this memorandum. If you have received invitations to present or have attended any seminars or meetings that should be included in this list, please inform Jerry. In addition to matters identified in this list, PSC members and their technical support and observers also report on a regular basis to their national boards and/or other relevant bodies on PSC activities. PSC staff also report to the IFAC Board and relevant IFAC staff and Committees on a regular basis. Date Location/Activity Host/Participants/Journal PSC
Representative 2003 Invitations and Activities February Melbourne Australasian Auditors-
General Annual Conference Ian Mackintosh
February Paris OECD Conference Ian Mackintosh,
page 6.2
Item 6.1 Standards Program Update PSC Berlin November 2003
Date Location/Activity Host/Participants/Journal PSC Representative Paul Sutcliffe
February London IASB-SAC Ian Mackintosh February Dar Es Salaam ESAAG Jerry Gutu February Vietnam Ministry of Finance (MOF) Ron Points March Melbourne CPA Australia Paul Sutcliffe March Miami ICGFM Ron Points March Brussels European Union Standards
Committee Mike Hathorn
April Virginia, USA Society of CPAs Government Conference
Ron Points
April Melbourne CPA Australia Conference Ian Mackintosh, Kevin Simpkins, Paul Sutcliffe
April Melbourne Round table discussion: AASB, HOTARAC, CPA Australia
PSC Members, Staff
April Brussels European Union Standards Committee
Mike Hathorn
June Delhi South Asian Comptroller-General of Accounts
Ian Mackintosh
June Washington IPSAS/GFS/GFS Convergence meeting
Ian Mackintosh, Robert Keys, Paul Sutcliffe
June New York Government Finance Officers’ Association Conference
Ron Points
July Mexico City Mexican Institute of Public Accountants and Governments of Colombia and Peru International Seminar
Javier Saavedra
September Vancouver International Colloquium on Financial Management for Governments
Ian Mackintosh
September London International and National Standards Setters meeting
Ian Mackintosh
November Australia Article for CPA Journal Ian Mackintosh, Paul Sutcliffe
November Berlin Presentation to FEE Public Sector Committee
Ian Mackintosh, Paul Sutcliffe
December Ferrara, Italy International Congress on Accounting Standards for Public Administration
Philippe Adhemar
(iii) Translations
page 6.3
Item 6.1 Standards Program Update PSC Berlin November 2003
The PSC has recognized the importance of translating its pronouncements into languages other than English and identified the following as key languages: French, Spanish, Chinese, Russian and Arabic. The IPSASs issued to date are based on the International Accounting Standards (IASs) issued by the IASB. As such, there is an advantage for the IASB and the PSC to work together on translations. Following the last PSC meeting, the PSC Chair wrote to the IASB Chair noting the PSC’s disappointment with progress to date and proposing that alternate translation mechanisms may need to be explored. However, progress is now being made (see agenda item 19. FYI items 12, 13, 14 and 15). The French translation of IPSASs 1 – 18 has been completed and is currently subject to review by the Review. The Spanish translation is under way and the Review Panel has been established. The IASCF staff have indicated that translations will be completed by the end of 2003. In addition translations of PSC documents into other languages are in progress or completed. The table below summarizes progress on translation activities to date. Staff are exploring the possibility of using the IASB-PSC translation process to also translate the Cash basis IPSAS into French and Spanish. Language Organization Status French IASB-PSC
NATO
Anticipate translation of IPSASs 1 – 18 completed in mid by end 2003. NATO has translated the black letter paragraphs of 1-8 into French. NATO representation has been included on the IASB-PSC translation panel.
Spanish Inter-American Development Bank (IADB) IASB – PSC
IPSASs 1 – 20 have been completed and are subject to quality assurance review by the IASB – PSC translation panel. Anticipate completion of translation by end 2003.
Czech Chamber of Auditors of the Czech Republic Czech Member Body of IFAC
Enquiry received PSC Handbook being translated by the Czech member body.
Bosnia and Macedonia
Ministry of Finance Enquiry received
Russian International Center for Accounting Reform (ICAR) Kazakhstan Member Body of IFAC
ICAR has translated into Russian IPSASs 1-12, the Glossary of defined terms, PSC Studies and Guideline 1 on GBE’s. The Kazakhstan member body is translating the PSC Handbook into Russian.
page 6.4
Item 6.1 Standards Program Update PSC Berlin November 2003
Chinese
Taiwan Institute PRC Ministry of Finance in conjunction with World Bank
Study 11 has been translated into Chinese. IPSASs 1 – 12 have been translated. Translation of the next batch of IPSASs is underway.
Arabic The Palestinian Accounting Association Arab Society of Certified Accountants, Amman, Jordan
Translated IPSASs 1 – 12. Translation of IPSASs 13 -– 20 in progress. ASCA has prepared a translation of the IASs into Arabic and translated IPSASs 1-13, Studies 3-12, Guideline 1and 2, and is currently translating Studies 13 and 14 and Ocassional papers 4 and 5.is interested in a translation of IPSASs into Arabic via IASB -–PSC process.
Italian Italian Institute IPSASs 1-17 completed. Bahasa Indonesia
Professor Indra Bastian. IPSASs 1-15 have been translated
Maltese Grant Thornton – Malta Office, on behalf of the Government of Malta
English versions used. No translations occurring.
Japanese Japanese Institute Anticipate will complete tTranslation of IPSASs 1- 20 by end July 2003. Translation ofand Cash Basis completed. Aanticipate completion of Study 11 and Study 14 d by December 2003
Mongolian Mongolian Institute with World Bank support.
Translation of IPSAS 1-20 in progress.
German Swiss and German Institutes Considering translation – no action as yet.
Bulgarian Bulgarian Member Body of IFAC The Bulgarian member body is translating the PSC Handbook.
page 6.5
Item 6.1 Standards Program Update PSC Berlin November 2003
ATTACHMENT 1 Date Location/Activity Host/Participants/Journal PSC
Representative 2002 Invitations and Activities February Jakarta Indonesia Indonesian CPA Conference Ron Points February Melbourne -
Briefing David Boymal PSC Liaison Board Member
Ian Mackintosh, Paul Sutcliffe
February Sydney and Melbourne– briefing/discussion
IMF Mission on GFS Ian Mackintosh, Paul Sutcliffe, Matthew Bohun
March Beijing/Seminar Chinese Ministry of Finance and CICPA
PSC members
March Article Public Fund Digest Paul Sutcliffe April Amsterdam –
Presentation Royal NIVRA Seminar Peter Bartholomeus,
Aad Bac April Miami -Presentation ICGFM Conference Ron Points April Paris CNC Seminar Philippe Adhemar May Mongolia Ministry of Finance Ron Points May USA IMF Budgeting and Standards Ron Points May USA Chongqing Chinese Finance
Staff Ron Points
May Johannesburg Work shop Erna Swart June USA AICPA Government
Conference Ron Points
June USA GFOA Conference Ron Points June Washington D.C. -
presentation Institute of Internal Auditors World Conference
Ron Points
June Paris OECD -DAC Conference Ian Mackintosh and Paul Sutcliffe
June New York United Nations Ian Ball and Jerry Gutu
June Washington World Bank - Paul Sutcliffe and Jerry Gutu
July Paris Steering Committee Social Policy Obligation
Kevin Simpkins, Mario Abela, LiLi Lian, Paul Sutcliffe
July London ACCA Conference Mike Hathorn June Toronto Steering Committee Non-
Exchange Revenue David Rattray, Mathew Bohun, Paul Sutcliffe
July/August (?) Russia ICAR Conference (to be confirmed)
David Rattray
August Australia Monash University Matthew Bohun September Speyer, Germany Conference of German public
sector accounting experts Norbert Vogelpoth
September USA US Treasury International David Rattray
page 6.6
Item 6.1 Standards Program Update PSC Berlin November 2003
Date Location/Activity Host/Participants/Journal PSC Representative
Colloquium
September USA GASB Ian Mackintosh, Paul Sutcliffe
September USA AICPA Govt Conference Ron Points October Article Public Money and
Management Paul Sutcliffe
October Jakarta Indonesia Ministry of Finance Ron Points October Mongolia Ministry of Finance Ron Points October Delhi India Indian Institute and AUSAID David Bean November 2002 Hong Kong -
presentations IFAC World Congress Ian Mackintosh,
Terence Nombembe, Ron Points, Paul Sutcliffe
November GASB-USA Steering Committee Non exchange Revenue
D. Rattray, M. Bohun
November CPA- Australia Steering Committee Social Policy Obligations
K.Simpkins, M. Abela, Li Li Lian, P.Sutcliffe
page 6.7
Item 6.1 Standards Program Update PSC Berlin November 2003
Organization Status Public Expenditure and Financial Accountability (PEFA) Program
Support of $50,000US for the Budget Reporting Project has been approved. PEFA is financed jointly by the World Bank, European Commission, and UK DFID. .
Multi Lateral Development Bank (MDB), OECD DAC Group and World Bank
Funding in support of the Development Assistance Project has been approved for the amount of $75,000US through a fund administered by the World Bank. Awaiting feedback on request for additional funding of $50,000 from OECD – DAC Group.
World Bank Have approved $250,000US per annum for up to 3 years to 31 March 2004, subject to annual application/approval.
International Monetary Fund
Have provided $50,000US per annum for 4 years to end 2004.
Asian Development Bank
Have provided funding of $82,000US per annum for three years to end 2004.
page 6.8
Item 6.1 Standards Program Update PSC Berlin November 2003
ATTACHMENT 1 – FUNDING – CONTACTS MADE AND RESPONSES. SEPTEMBER 03 UK Department for International Development
No developments since report at last meeting. In the past detailed materials to support funding has been provided at DIFD request on two separate occasions without success. Amount sought was up to $100,000US per annum for four years.
Nordic Investment Bank Staff provided strategy/funding papers in 2001/02. Staff advised that PSC funding did not fit Bank mandate. No further action proposed.
European Union Representation for funding made by PSC European members, but advised funding is unlikely.
Canadian International Development Agency (CIDA)
Canadian Members and staff followed up on funding possibilities with CIDA. Advised funding now unlikely, particularly since similar organizations in other countries have not provided funding. No further action proposed for 2003.
UNESCO Chair and staff met with UNESCO representatives in September 2001. Advised that funding support was unlikely. No further action proposed for 2003.
United Nations Development Program and UN Volunteers
The UNDP will not be able to provide funding support but may be able to provide other assistance. Staff followed up on contact with UN Volunteers made at FEE conference in November 2000, but initial contact has left UN and referral contacts have not responded. No further action proposed.
United Nations – DESA The Division for Public Economics and Public Administration within the UN is not a funding institution. UN will attend PSC meeting as an observer.
Inter-American Development Bank
Have indicated support for the project at the same level as ADB. USA member and staff have followed up. USA member met with IADB staff in May and June. Still awaiting response.
USAID/US Treasury USAID have indicated support for the project and are continuing to explore ways to provide support. US Treasury also approached – waiting policy decision before able to offer support.
Standard and Poor’s (NY) Contact made in 2000. Follow up letters sent in 2000 and 2001; however no response received to date. No further action proposed.
Moodys (NY) Contact made in 2000. Follow up letters sent in 2000 and 2001; however no response received to date. No further action proposed.
Swedish International Development Agency (SIDA)
Initial contacts identified. Staff followed-up during 2001. However SIDA responded that they are reassessing their focus/strategy and are not able to support at this stage. No further action proposed for 2003.
Citigroup Initial approach made 2000 and followed up in 2001. However no response received to date. Funding unlikely. No further action proposed.
page 6.9
Item 6.1 Standards Program Update PSC Berlin November 2003
J P Morgan Chase and Co. Initial approach made and followed up. However no response received to date. No further action proposed.
Japan Bank for International Co-operation
Staff met with bank representatives in 2001 and followed up subsequently. Indications are that they will not be in a position to provide general funding on a broad project wide basis. No further action proposed.
AusAid Have indicated that they do not provide support to broad based initiatives, rather they focus on country specific projects. No further action proposed for 2003.
page 6.10
Item 6.1 Standards Program Update PSC Berlin November 2003
ATTACHMENT 2 PSC – Standards Development Program Communication/Promotion Activity pre 2002 Date
Location Host PSC Representative
December 2001 Ankara, Turkey World Bank and the Turkish Ministry of Finance -International conference on expenditure management reform
Erik Peters
December 2001 Australia Financial Reporting Council (FRC)
Ian Mackintosh
December 2001
Australia RMIT Research Seminar Series
Mathew Bohun
November 28 – 30, 2001
Rome, Italy UN John Stanford
November 9, 2001
Germany German public sector accounting experts
Norbert Vogelpoth
October 2001 Brussels European Union Philippe Adhemar October 25, 2001
Australia HOTARAC Ian Mackintosh
October 26, 2001
Australia AASB Ian Mackintosh
October 16 - 17 Washington DC IASB Standards Advisory Council
Ian Mackintosh
October, 15 – 17 2001
Norfolk, VA, USA NATO Ron Points
October 2001 Washington DC IMF Task Force on Monitoring Standards and Codes (TAMS)
Bert Keuppens
October, 7 – 11 2001
Prague, Czech Republic
10th International Anti-Corruption Conference – Transparency International
Ron Points
September 7, 2001
Paris France UNESCO – Peter Leslie and Mark Warren
Ian Mackintosh, Paul Sutcliffe, Jim Sylph
September 2001 Paris, France OECD Symposium on Accrual Accounting and Budgeting
Members, Technical Advisers, Observers invited to attend.
September 5, 2001
Zagreb, Croatia Croatian Association of Accountants and Financial Experts and the Croatian Ministry of Finance
Ian Mackintosh, Terence Nombembe, David Rattray, Mike Hathorn, with other PSC members
page 6.11
Item 6.1 Standards Program Update PSC Berlin November 2003
Date
Location Host PSC Representative
August 28 – 31, 2001
Dalian, People’s Republic of China
Department of Budget of China’s Ministry of Finance and the China Accounting and Finance Research
Ian Mackintosh
July 22, 2001 London, UK IASB Standards Advisory Council
Ian Mackintosh
July 22 – 24, 2001
Langkawi Island, Malaysia
Institute for State and Local Governments Accounting Research, School of Accountancy, University Utara Malaysia
Paul Sutcliffe
July 10 – 13, 2001
Yuovnde, Cameroon Ministry of Economy and Ministry of Finance (with European Union sponsorship) • Internal seminar for
preparation of a new financial constitution
• Participation, as international expert, in the seminar and presentation of IFAC PSC work.
Jean-Luc Dumont
June 4 – 5, 2001 Washington D.C., USA
• Inter-American Development Bank
• The World Bank • International
Association of Development Funds
David Rattray
June 3, 2001 Philadelphia, USA Governmental Finance Officers Association
David Rattray
June 15, 2001 Spain CIGAR Philippe Adhémar May Australia AASB Consultative Group Paul Sutcliffe May 29, 2001 New York. USA UN (Peter Leslie) Jim Sylph and
Simon Lee May 16, 2001 London, UK ICAEW Public Sector
Committee Mike Hathorn
May 2001 Melbourne, Australia Australian Accounting Standards Board
Paul Sutcliffe
page 6.12
Item 6.1 Standards Program Update PSC Berlin November 2003
Date
Location Host PSC Representative
May 2001 New York, USA Connecticut, USA
• UN Division of Economic and Social Affairs (DESA)
• UNDP • Japan Bank for
International Co-operation
• GASB
Paul Sutcliffe and Simon Lee
May 2001 Santiago, Chile Colegio de Contadores de Chile
Ian Mackintosh, PSC members, Observers
April 19, 2001 Istanbul, Turkey US Treasury Ron Points April 2 – 6, 2001 Miami, USA International Consortium on
Governmental Financial Management (ICGFM)
Ron Points
March 26, 2001 Malawi ESAAG Paul Sutcliffe March, 2001 Australia IASB PSC Liaison
representative Warren McGregor
Ian Mackintosh, Paul Sutcliffe
February, 2001 Australia International Valuation Standards Committee Public Sector Experts Group
Ian Mackintosh, Paul Sutcliffe, Matthew Bohun
February 24, 2001
Islamabad, Pakistan Seminar on IPSASs • Institute of Cost and
Management Accountants of Pakistan (ICMAP);
• Institute of Chartered Accountants of Pakistan (ICAP);
• Pakistan Institute of Public Finance Accountants (PIPFA); and
• Pakistan Consortium on Governmental Financial Management (PCGFM).
Muhammad Rafi and Muhammad Abdullah Yusuf
January 24, 2001 London, UK Central Government Heads of Accounting
John Stanford
November, 2000 Amsterdam, Netherlands
FEE, Royal NIVRA Ian Mackintosh, Mike Hathorn, Erik Peters
November, 2000 Paris, France OECD Symposium Paul Sutcliffe November 2000 UK IFAD Mike Hathorn
Jon Blondal (OECD)
page 6.13
Item 6.1 Standards Program Update PSC Berlin November 2003
Date
Location Host PSC Representative
November, 2000 London, UK UK Treasury Paul Sutcliffe October 2000 Australia Commonwealth of Australia
Department of Finance Paul Sutcliffe
October, 3 – 4 2000
Quebec, Canada Colloquium 2000 on Financial Management for National Governments
Ian Mackintosh and Paul Sutcliffe
October, 2000 Washington DC and New York – Funding meetings
• World Bank • Inter-American
Development Bank • International Monetary
Fund • United Nations
Development Program • INTOSAI Committee on
Accounting Standards • Federal Accounting
Standards Advisory Board
Ian Mackintosh and Paul Sutcliffe
ITEM 6.2 page 6.14
Item 6.2 Standards Program Work Plan PSC Berlin November 2003
INTERNATIONAL FEDERATION
OF ACCOUNTANTS
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DATE: 26 SEPTEMBER 2003 MEMO TO: MEMBERS OF THE IFAC PUBLIC SECTOR COMMITTEE FROM: PAUL SUTCLIFFE SUBJECT: PSC STANDARDS PROGRAM WORK PLAN ACTION REQUIRED
• review the work plan and provide directions regarding any amendments.
AGENDA MATERIAL: Pages Item 6.3 Work Plan 2003 6.20 Item 6.4 Work Plan 2004 6.21 Item 6.5 Standards Program status September 2003 6.22-6.23 Item 6.6 Extract of Minutes of Nov 02 meeting 6.24 Item 6.7 Projects of national standards setters 6.25-6.26 Status September 2003 The work plan has been updated to reflect progress made at/since the July 2003 meeting. Major activities/outputs since that meeting and major changes to the work plan are outlined below. A clean copy of the 2003 work plan is attached. A summary of changes to the work plan is included at the end of this memo. (The work plan is an excel file and cannot be marked up to highlight changes since the last meeting as can a word file.) A clean copy of a proposed work plan for 2004 is also attached. The work plans are subject to change dependent on decisions made at this meeting. IPSASs, Exposure Drafts and Other Documents Issued and Under Final Review • Exposure Draft 23 Impairment of Assets was issued in September 2003. • Occasional Paper 7 The Governmental Accounting System of Argentina is currently
subject to final review. Documents included in this Agenda for PSC review and approval to finalize for issue • Invitation to Comment: Non-Exchange Revenue, Including Taxes, Grants and
Transfers • Invitation to Comment: Accounting for Social Policies of Government • Study 14: Extracts of revised Study14, marked up to identify changes
since the Study was first issued in April 2002 • Budget Reporting: Draft Research Report The web version of Study 14 is to be launched in October 2003.
page 6.15
Item 6.2 Standards Program Work Plan PSC Berlin November 2003
Project Update Impairment of Assets During August, the Exposure Draft was updated to reflect decisions made by the PSC in July, proof read and finalized, and approved for issue by the Chair. It was issued in September 2003 for comment by the end of January 2004. Argentinean Occasional Paper The Argentinean Occasional Paper has been updated by the Argentinean member with the support of PSC staff and forwarded to the subcommittee (Mexico, France, UK and Australia) for final review. Finalization in December 2003 with publication in December or January 2004 is anticipated. Development Assistance The Project Advisory Panel (PAP) has not yet been activated. It will comprise representatives of the Multilateral Development Banks Financial Management Harmonization Working Group (MDB) and Development Assistance Committee of the OECD (OECD-DAC) and two individual recipient countries. Ian Mackintosh will be the Convener/Chair of the PAP, and will provide a verbal report on progress at this meeting. The Key Decisions Questionnaire (KDQ) as discussed in July 2003 has been updated. It is intended that the KDQ establish the major principles to be reflected in the first draft of the Exposure Draft. This will be forwarded to the PAP in October and a draft exposure draft will be prepared for consideration by PSC members at the first meeting of 2004. Steering Committees – Non-Exchange Revenue and Social Policy Obligations The Chair of the SPO Steering Committee met with staff following the July PSC meeting to revise the draft ITC as a consequence of the PSC’s discussion of these issues. The SC did not meet formally, but has reviewed updated drafts and exchanged views electronically.
The Non-Exchange Revenue SC met in September to review a draft ITC updated following the July PSC meeting. Further revisions were made as a consequence of that meeting.
The updated draft ITCs are included in this agenda as follows:
• Social Policy Obligations (non-exchange transactions) – Agenda item 8.
• Non-Exchange Revenue – Agenda item 9.
The ITCs are presented for approval to issue subject to any final amendments identified by the PSC, and a final fatal flaw review by the SC chair and members. It is intended that they be released in early 2004 with EDs finalized and issued in early in 2005. Steering Committees – Budget Reporting A draft Research Report on budget reporting, updated following comments from Steering Committee members, is included at Agenda item 10. Dr Jesse Hughes will be in attendance to present the paper and discuss any further refinements with members. The Research Report is presented for approval to issue subject to final amendments identified by the PSC and final review by the SC Chair. The Steering Committee membership is also identified at item 10.
page 6.16
Item 6.2 Standards Program Work Plan PSC Berlin November 2003
GFS, ESA 95, IPSAS Convergence The second meeting of the convergence working group will take place in October 2003. The Chair will provide a verbal update on progress at the forthcoming PSC meeting. The agenda for the October meeting is included at Agenda item 13. Copies of the papers prepared for consideration at that meeting are available for members on request – please note the papers are all working drafts rather than final papers. IASB Harmonization (Agenda papers will be included in the second distribution) A strategy paper, outlining alternative approaches that might be adopted by the PSC when considering harmonization with IFRSs, is included at Agenda item 14. Documents which identify anticipated differences between existing IPSASs and their equivalent IFRSs as a result of decisions being made in the IASB’s improvement project are also included at Agenda item 14. The draft work program for 2004 and beyond reflects that the PSC will action a review of IPSASs based on changes emanating from the IASB Improvements Project. This aspect of the work plan will need to be updated consequent on the decisions made at this meeting. First-Time Adoption of IFRSs/IPSASs (Agenda papers to be included in second distribution) The relationship of the transitional provisions in IPSASs to the requirements of the IFRS on First-Time Adoption of IFRSs for IPSASs are outlined at Agenda item 15. The work program reflects that the PSC will action a project to clarify some issues that may arise in first time adoption of IPSASs at this meeting. The work program will need to be updated consequent on the decisions made at this meeting. Non-Technical – Promotion and Consultative Group PSC members and staff continue to devote considerable time between meetings on communication/promotion of PSC output and objectives. These activities are identified in Agenda item 6.1. The updated Consultative Group membership list is included at Agenda item 16. A meeting with European members of the Consultative Group will take place over lunch on November 6. A draft agenda for that meeting is included at Agenda item 5.6. A listing of attendees will be included in the second distribution or tabled at the meeting. A Seminar comprising presentations by, and discussions with, key European members of the financial reporting community has also been organized for the afternoon of 6 November. The program for the seminar is included at Agenda item 5.5. Non-Technical - Translation Translation activities are identified in detail in Agenda item 6.1. Work Plans 2003 and 2004 At the July 2003 meeting, members reviewed the 2003 (and beyond) work plan and confirmed the anticipated timing of action on a number of public sector specific projects and noted that additional information was required prior to making any decisions on the timing of IASB harmonization projects. The draft work plans for the remainder of 2003 and for 2004 (with some consequences for 2005 identified) and are attached. Members are requested to review these work plans and agree projects to be actioned and developed during 2004. The 2004 work plan reflects staff recommendations re the actioning of IASB
page 6.17
Item 6.2 Standards Program Work Plan PSC Berlin November 2003
harmonization projects. These aspects of the work plan will need to be revisited following discussion of the Agenda items 14 and 15. Occasional Paper The work plan provides for preparation of an additional Occasional Paper. Members are requested to advise staff if they would like to prepare a paper on their country experience. Conceptual Framework In November of 2002, the PSC agreed that it would defer the decision on whether or not to action a project on the development of a Conceptual Framework for twelve months (see extract of November minutes attached as item 6.7). During 2003, the PSC has considered issues related to a conceptual framework on a number of occasions, including: � in April 2003, the PSC considered staff papers which identified the concepts which
underpin IPSASs and compared these concepts to the IASB framework; and � in July 2003, the UK delegation made a presentation on the UK Discussion Paper on
the application of the UK Statement of Principles to public benefit entities. The draft Work Plan proposes that the PSC continue to monitor developments in national conceptual frameworks during 2004. With the existing limited staff resources, it is difficult for the PSC to be more proactive in this area during 2004. In addition, staff note that key components of the IASB framework are currently being developed or reviewed – for example, measurement, revenues and performance reporting. Members are requested to consider whether additional action should occur on this project during 2004. If any action is contemplated, staff propose that a detailed project brief, including estimated resource requirements, be prepared for consideration by the PSC at its next meeting. Other Projects Agenda item 6.7 provides a very highly summarized overview of the broad types of projects that are being considered by standards setters in some PSC member countries. These encompass short, medium and long term projects. Summarizing at such a high level as this does mean that specific components of issues that are being pursued in a particular jurisdiction is lost, but it does provide some useful insights to the broad areas of interest of member standards setters. (This summary was drawn from the detailed project listings which are included at FYI items 17 through 21.) This overview is provided here for members to consider as they review the PSC 2004 draft work program. (Please advise me of any revisions, additions etc and I will update for next distribution.) 2004 Work Program Projects proposed for the PSC’s 2004 Work Program are:
1. Projects Currently in Process (a) Being Progressed by Steering Committees • Non-Exchange Revenue Reporting – Invitation to Comment and ED • Social Policy Obligations Reporting – Invitation to Comment and ED • Budget Reporting – Research Report and follow up as necessary
page 6.18
Item 6.2 Standards Program Work Plan PSC Berlin November 2003
(b) Being Progressed by the PSC with, in some cases, the assistance of Project Advisory Panels or Working Groups • Impairment of Assets – review comments on the ED and prepare IPSAS • IPSAS-GFS differences/convergence – Occasional Paper (Convergence
Working Group) • Development Assistance – ED (with the assistance of Project Advisory Panel)
2. Additional; projects proposed • IPSAS-IFRS Harmonization – ED on first batch of improved IFRSs • First Time Application of IPSASs – Guidance on IPSAS
3. Monitoring Liaison Activities
• Conceptual framework: Monitor developments by national and international bodies. Update internal staff paper on concepts and principles included in IPSASs.
• Monitor work of IASB and respond to IASB exposure drafts as appropriate. • Progress convergence of GFS, ESA, SNA through the Convergence Working
Group and the GFS Strategy Group.
4. Other projects, such as: • respond to recommendations of the PSC review as appropriate • review additional Occasional Papers • consideration of emerging priority projects such as non-financial performance
indicators, financial instrument recognition and measurement • liaison with other IFAC committees such as the IAASB, Ethics Committee
and Compliance Committee.
Promotion of the output of the PSC, attendance at seminars and encouragement of translation activity will continue during 2004.
Staffing 2003 Ms Li Hongxia has joined the staff on a secondment from the Chinese Ministry of Finance for a period of up to 1 year from September 2003.
page 6.19
Item 6.2 Standards Program Work Plan PSC Berlin November 2003
Summary of Changes to the 2003 and 2004 Work Plan to reflect decision/progress made at
the July 2003 meeting
The attached 2003 work plan has been amended to reflect the following:
• The Argentinean Occasional Paper will be issued in late 2003/early 2004.
• The ED on Impairment of Assets was issued in September 2003 and an IPSAS will be finalized in the second half of 2004.
• An Exposure Draft on Development Assistance will be issued in second half of 2004.
• Progress on ITCs on non-exchange revenues and social policy obligations
• Progress on the Research Report on budget reporting.
• At this meeting the PSC will consider its strategy in respect of harmonization with IFRSs including amending IPSASs for changes made to IASs/IFRSs as a result of the IASB Improvements Project, whether a project on First Time Application of IPSASs is necessary and potential action on specific IASs/IFRs.
• A paper on the IPSAS-GFS-ESA convergence program will be issued in the second quarter of 2004.
• Progress on translation of IPSASs under the IASB-PSC arrangement.
• Progress on the review of Study 14 and the web based version.
• The PSC decision not to action a project on Heritage Assets as yet, but to monitor UK developments
• The 2004 work plan reflects ongoing projects and staff recommendations regarding actions that should occur in respect of harmonization with IASs/IFRSs and first time adoption of IFRSs/IPSASs. These will be updated to reflect PSC deliberations at this meeting.
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dC
onsi
der
resp
onse
s Is
sue
IPSA
S
Cas
h B
asis
IPS
AS
IPSA
S Is
sued
N
o fu
rthe
r ac
tion
2003
Tra
nsiti
onal
Gui
danc
eU
pdat
e St
udy/
deve
lopW
eb v
ersi
onR
evie
w a
men
dmen
ts/"
Lau
nch"
web
Agr
ee/is
sue
Stud
y 14
upd
ate
on w
eb
Dev
elop
men
t Ass
ista
nce
Proj
.Bri
ef. E
ngag
e C
ontr
acto
rC
onsi
der
Key
Dec
isio
n Q
uest
ionn
aire
Est
ablis
h PA
PPr
epar
e dr
aft E
D
Glo
ssar
yU
pdat
ed to
IPS
AS
18U
pdat
e as
nec
essa
ry
Rev
enue
- N
on-E
xcha
nge
SC 3
* Fe
b 03
Dis
cuss
Dra
ft I
TC
D
raft
IT
C f
or R
evie
w/S
C4*
App
rove
IT
C f
or I
ssue
Issu
e IT
C
Soci
al P
olic
y O
blig
atio
nsSC
3*
Feb
03D
iscu
ss D
raft
IT
C/S
C
Dra
ft I
TC
for
Rev
iew
App
rove
IT
C f
or I
ssue
Issu
e IT
C
Bud
geta
ry R
epor
ting
Proj
.Bri
ef. E
ngag
e C
ontr
acto
rPr
ogre
ss R
epor
t to
PSC
Con
side
r D
raft
Res
earc
h R
epor
tSC
Com
men
ts/A
ppro
ve R
epor
tIs
sue
Rep
ort
- C
onsi
der
Stag
e 2
GFS
and
SN
A H
arm
onis
t'nFo
rm W
orki
ng/S
trat
egy
Gro
ups
Wor
king
Gro
up M
eet (
WG
1)R
epor
t WG
Pro
gres
sC
onsi
der
Stra
tegy
.WG
2* R
epor
tR
evie
w p
aper
- di
ffer
ence
s/co
nver
genc
e
Con
cept
ual F
ram
ewor
k M
onito
r D
evel
opm
ent
Not
e PS
C C
once
pts
Vs
IASB
Mon
itor
Dev
elop
men
tsM
onito
r D
evel
opm
ents
Mon
itor
IASs
/IFR
SsSt
aff
Rep
ort o
n IA
SB a
ctiv
ities
/std
Staf
f R
ep-I
ASB
act
iviti
es/S
tds
Staf
f R
ep-I
ASB
act
iviti
es/S
tds
- F
irst
tim
e ap
plic
atio
n of
IFR
SsM
onito
r E
D/I
FRS
Mon
itor
ED
/IFR
SC
onsi
der
if a
ctio
n ne
cess
ary
Stra
tegy
Pap
erD
evel
op G
uida
nce
(?)
- I
FRS
Impr
ovem
ents
Pro
ject
Mon
itor
IASB
Mon
itor
IASB
Con
side
r Im
plic
atio
ns/a
ctio
nSt
rate
gy P
aper
Dev
elop
ED
s (?
)
-Fi
n. I
nst:
Rec
og &
Mea
sure
.M
onito
r IA
SBM
onito
r IA
SB/C
onsi
der
PSC
Str
ateg
yUpd
ate
on I
ASB
Sta
tus
Arg
entin
ean
Occ
asio
nal P
aper
Agr
ee p
aper
Fina
lize
Pape
rIs
sue
Pap
er(?
)Is
sue
Pap
er(?
)
Fren
ch O
ccas
iona
l Pap
erP
aper
Iss
ued
Em
ploy
ee B
enef
itsM
onito
r IA
SB/N
o A
ctio
n 20
03U
pdat
e on
IA
SB S
tatu
s
Bus
ines
s C
ombi
natio
nsM
onito
r IA
SB/N
o A
ctio
n 20
03U
pdat
e on
IA
SB S
tatu
s
W.I
.P n
on-e
xcha
nge
Serv
ices
No
Act
ion
2003
Con
side
r st
atus
Her
itage
Ass
ets-
Rec
og M
smnt
No
Act
ion
2003
Mon
itor
UK
dev
elop
men
tsM
onito
r U
K d
evel
opm
ents
Non
-fin
.Per
form
ance
Rep
ort
No
Act
ion
2003
Con
side
r st
atus
Publ
ic/P
riva
te S
. Arr
ange
men
tsN
o A
ctio
n 20
03C
onsi
der
stat
us
Non
-Tec
hnic
al
Tra
nsla
tion
of P
rono
unce
men
ts -
Fre
nch,
Spa
nish
, Chi
nese
Rus
sian
1-1
2C
ompl
ete
Fren
ch, S
pani
sh -
Rus
sia,
Ara
bic,
Oth
ers
Man
dari
n 1-
8, A
rabi
c 1-
12Su
ppor
t oth
er
Prom
otio
n -
OE
CD
Sym
posi
um -
PSC
Sem
inar
/rou
ndta
ble
- P
SC S
emin
ar -
PSC
Sem
inar
/rou
ndta
ble
- P
rese
ntat
ions
-
Pre
sent
atio
ns
- P
rese
ntat
ions
-
Pre
sent
atio
ns
Con
sulta
tive
Gro
upIn
vite
mem
bers
Fina
lize
Mem
bers
M
eet w
ith N
orth
Am
eric
a re
gion
Mee
t with
Eur
ope
regi
on m
embe
rs
* SC
- S
teer
ing
Com
mit
tee
SC 3
* SC
*4 3
rd/4
thSC
Mee
ting
*IT
C I
nvit
atio
n to
Com
men
t
*WG
2 -
2nd
mee
ting
of I
PSA
-GFS
-ESA
Con
verg
ence
Gro
up
IFA
C P
UB
LIC
SE
CT
OR
CO
MM
ITT
EE
(P
SC)
WO
RK
PL
AN
200
3
(P
repa
red
for
Nov
embe
r 03
. )
Ite
m 6
.3 S
tand
ards
Pro
gram
Wor
kpla
n (U
PD
AT
E S
epte
mbe
r 26
200
3)PS
C N
ovem
ber
2003
Item
6.4
page
6.2
1
Wor
k P
lan
Jan
04-D
ec 0
4
Q
uart
er 1
Qua
rter
2
Qua
rter
3Q
uart
er 4
2005
+
Pro
ject
:P
SC M
eetin
g M
arch
No
PSC
Mee
ting
PSC
Mee
ting
July
P
SC M
eetin
g N
ovem
ber
Impa
irm
ent o
f A
sset
sC
onsi
der
com
men
tsFi
rst d
raft
IPS
AS
Fina
lize
IPSA
SIs
sue
IPSA
S
Cas
h B
asis
IPS
AS
No
actio
n 20
04R
evie
w I
mpl
emen
tatio
n E
xper
ienc
e
Tra
nsiti
onal
Gui
danc
e St
udy
14Is
sue
upda
te -
Web
Con
side
r if
fur
ther
upd
ate
is n
eces
sary
Dev
elop
men
t Ass
ista
nce
PAP
com
men
ts /
firs
t dra
ft E
DFi
nalis
e E
D/I
ssue
ED
Con
side
r co
mm
ents
/Iss
ue I
PSA
S
Glo
ssar
yU
pdat
e G
loss
ary
Issu
e G
loss
ary
Upd
ate
Glo
ssar
y as
nec
essa
ry
Rev
enue
- N
on-E
xcha
nge
Issu
e IT
CSC
- R
espo
nses
, ED
SC R
epor
t/ dr
aft E
DF
inal
ise/
Issu
e E
D/ d
evel
op I
PSA
S
Soci
al P
olic
y O
blig
atio
nsIs
sue
ITC
SC -
Res
pons
es, E
DSC
Rep
ort/
draf
t ED
Fin
alis
e/Is
sue
ED
/dev
elop
IPS
AS
Bud
geta
ry R
epor
ting
Issu
e R
epor
tC
onsi
der
futu
re a
ctio
n/E
D?
Dra
ft E
D?
Issu
e E
D/d
evel
op I
PSA
S (?
)
GFS
and
SN
A H
arm
oniz
atio
nFi
nalis
e IP
SAS
GFS
ESA
Pap
erIs
sue
Pap
er/W
G 3
R
epor
t fro
m W
GC
onsi
der
futu
re a
ctio
nC
ontin
ue C
onve
rgen
ce a
ctiv
ity
Con
cept
ual F
ram
ewor
k M
onito
r de
velo
pmen
tsC
onsi
der
stra
tegy
Follo
w u
p ac
tivity
Mon
itor
IASB
/IFR
SSt
aff
Rep
-IA
SB U
pdat
eSt
aff
Rep
-IA
SB U
pdat
eSt
aff
Rep
-IA
SB U
pdat
eSt
aff
Rep
-IA
SB U
pdat
e -o
ngoi
ng
IASs
/IF
RSs
Har
mon
izat
ion
Pro
ject
s
-
Firs
t tim
e ap
plic
atio
n of
IFR
SsC
onsi
der
Gui
danc
eF
inal
ise/
Issu
e G
uida
nce
-
IFR
S Im
prov
emen
ts P
roje
ctC
onsi
der
Gro
up 1
ED
sF
inal
ise/
issu
e G
roup
1 E
Ds
Con
side
r G
roup
2 E
Ds
Issu
e *G
2 E
Ds-
05, G
3 E
Ds-
06
Fin
al I
PSA
S G
1-05
, G2-
06,G
3-06
-E
mpl
oyee
Ben
efits
Mon
itor
IASB
/No
actio
n 04
Mon
itor
IASB
Con
side
r st
rate
gyFo
llow
-up,
pre
pare
issu
e E
D/I
PSA
S
-B
usin
ess
Com
bina
tions
Mon
itor
IASB
/No
actio
n 04
Con
side
r st
rate
gyFo
llow
-up
-F
in. I
nst:
Rec
og &
Mea
sure
.M
onito
r IA
SB/N
o ac
tion
04N
o A
ctio
n (h
iera
rchy
)N
o A
ctio
n (h
iera
rchy
)
- O
ther
IFR
SsM
onito
r IA
SB/N
o ac
tion
04C
onsi
der
stra
tegy
Arg
entin
ean
Occ
asio
nal P
aper
Pap
er I
ssue
d (?
)N
o A
ctio
n (h
iera
rchy
)N
o A
ctio
n (h
iera
rchy
)
Cou
ntry
Occ
asio
nal P
aper
Rev
iew
Pap
erFi
nalis
e an
d Is
sue
Pap
er
Oth
er P
ub S
ecto
r P
roje
cts
-W
.I.P
non
-exc
hang
e Se
rvic
esN
o A
ctio
n 20
04C
onsi
der
stra
tegy
Follo
w u
p as
app
ropr
iate
-H
erita
ge A
sset
s-R
ecog
Msm
ntN
o A
ctio
n 20
04C
onsi
der
stra
tegy
Follo
w u
p as
app
ropr
iate
-N
on-f
in.P
erfo
rman
ce R
epor
tN
o A
ctio
n 20
04C
onsi
der
stra
tegy
Follo
w u
p as
app
ropr
iate
-Pu
blic
/Pri
vate
S. A
rran
gem
ents
No
Act
ion
2004
Con
side
r st
rate
gyFo
llow
up
as a
ppro
pria
te
Non
-Tec
hnic
al
Tra
nsla
tion
- K
ey L
angu
ages
: Ara
bic,
Chi
nese
, Fre
nch,
Spa
nish
, Rus
sian
Upd
ate
for
late
st I
PSA
SsU
pdat
e fo
r la
test
IPS
ASs
-
Oth
er L
angu
ages
Enc
oura
ge/s
uppo
rt tr
ansl
atio
nsPr
omot
ion
PSC
Sem
inar
s/Pr
esen
tatio
ns -
Pre
sent
atio
ns
PSC
Sem
inar
s/Pr
esen
tatio
nsPS
C S
emin
ars/
Pres
enta
tionP
SC S
emin
ars/
Pres
enta
tions
Con
sulta
tive
Gro
upL
ocal
are
a M
embe
rs m
eetin
gL
ocal
are
a M
embe
rs m
eetin
gLoc
al a
rea
Mem
bers
mee
ting
PSC
Rev
iew
Res
pond
to R
evie
w
* SC
- S
teer
ing
Com
mit
tee
*WG
-IPS
AS-
GFS
-ESA
*IT
C I
nvit
atio
n to
Com
men
t*G
1, G
2 -
Gro
up 1
, 2, E
Ds/
IPSA
Ss
IFA
C P
UB
LIC
SE
CT
OR
CO
MM
ITT
EE
(P
SC)
DR
AF
T W
OR
K P
LA
N 2
004
(Pre
pare
d fo
r N
ovem
ber
03)
Ite
m 6
.4 S
tand
ards
Pro
gram
Wor
kpla
n (U
PD
AT
E S
epte
mbe
r 26
200
3)PS
C N
ovem
ber
2003
ITE
M 6
.5
page
6.2
2
Item
6.5
Sta
ndar
ds P
rogr
am s
tatu
s O
ctob
er 2
003
PS
C B
erlin
Nov
embe
r 20
03
PS
C W
OR
K P
RO
GR
AM
: S
TA
TU
S A
S A
T O
CT
OB
ER
200
3 T
echn
ical
P
roje
cts
PSC
Sta
ndar
ds P
rogr
am O
rigi
nal P
rogr
am (
1997
-200
2)
Cur
rent
Pro
ject
ed S
tatu
s IA
S/ F
RS
Stu
dy 1
1 G
over
nmen
tal F
inan
cial
Rep
ortin
g: A
ccou
ntin
g Is
sues
and
Pra
ctic
es
Fina
l Stu
dy is
sued
N
A
IPS
AS
1 P
rese
ntat
ion
of F
inan
cial
Sta
tem
ents
Fi
nal I
PS
AS
issu
ed
IAS
1 &
IA
S 5
IP
SA
S 2
Cas
h Fl
ow S
tate
men
ts
Fina
l IP
SA
S is
sued
IA
S 7
IPS
AS
3 N
et S
urpl
us o
r D
efic
it f
or t
he P
erio
d,
Fund
amen
tal
Err
ors
and
Cha
nges
in
Acc
ount
ing
Pol
icie
s Fi
nal I
PS
AS
issu
ed
IAS
8
IPS
AS
4 T
he E
ffec
ts o
f C
hang
es in
For
eign
Exc
hang
e R
ates
Fi
nal I
PS
AS
issu
ed
IAS
21
IPS
AS
5 B
orro
win
g C
osts
Fi
nal I
PS
AS
issu
ed
IAS
23
IPS
AS
6 C
onso
lida
ted
Fina
ncia
l Sta
tem
ents
and
Acc
ount
ing
for
Con
trol
led
Ent
itie
s Fi
nal I
PS
AS
issu
ed
IAS
27
IPS
AS
7 A
ccou
ntin
g fo
r In
vest
men
t in
Ass
ocia
tes
Fina
l IP
SA
S is
sued
IA
S 28
IP
SA
S 8
Fina
ncia
l Rep
ortin
g of
Int
eres
ts in
Joi
nt V
entu
res
Fina
l IP
SA
S is
sued
IA
S 31
IP
SA
S 9
Rev
enue
fro
m E
xcha
nge
Tra
nsac
tion
s Fi
nal I
PS
AS
issu
ed
IAS
18
IPS
AS
10
Fina
ncia
l Rep
orti
ng in
Hyp
erin
flat
iona
ry E
cono
mie
s
Fina
l IP
SA
S is
sued
IA
S 29
IP
SA
S 11
C
onst
ruct
ion
Con
trac
ts
Fina
l IP
SA
S is
sued
IA
S 11
IP
SA
S 12
In
vent
orie
s
Fi
nal I
PS
AS
issu
ed
IAS
2 IP
SA
S 13
L
ease
s
Fi
nal I
PS
AS
issu
ed
IAS
17
IPS
AS
14
Eve
nts
Occ
urri
ng A
fter
Rep
ortin
g D
ate
Fina
l IP
SA
S is
sued
IA
S 10
IP
SA
S 15
Fi
nanc
ial I
nstr
umen
ts: D
iscl
osur
e an
d P
rese
ntat
ion
Fina
l IP
SA
S is
sued
IA
S 32
IP
SA
S 16
In
vest
men
t Pro
pert
y Fi
nal I
PS
AS
issu
ed
IAS
40 &
IA
S 25
IP
SA
S 17
P
rope
rty
Pla
nt a
nd E
quip
men
t Fi
nal I
PS
AS
issu
ed
IAS
16
IPS
AS
18
Segm
ent R
epor
ting
Fi
nal I
PS
AS
Iss
ued
IAS
14
IPS
AS
19
Pro
visi
ons,
Con
ting
ent L
iabi
liti
es a
nd C
onti
ngen
t Ass
ets
Fina
l IP
SA
S is
sued
IA
S 37
IP
SA
S 20
R
elat
ed P
arti
es
Fina
l IP
SA
S I
ssue
d IA
S 24
-
Bus
ines
s C
ombi
nati
ons
(rev
ised
199
8)
Def
er C
onsi
dera
tion
IAS
22
-
Em
ploy
ee B
enef
its
Def
er C
onsi
dera
tion
IA
S19
PSC
Sta
ndar
ds P
rogr
am A
ddit
iona
l Pro
ject
s (1
997-
2002
)
ITC
In
vita
tion
to
C
omm
ent:
T
he
Dev
elop
men
t of
In
tern
atio
nal
Pub
lic
Sect
or
Acc
ount
ing
Stan
dard
s:
Whi
ch B
ases
of
Acc
ount
ing
Com
plet
ed.
NA
Stud
y 14
G
uida
nce
on th
e T
rans
ition
Fro
m C
ash
Acc
ount
ing
to A
ccru
al A
ccou
ntin
g St
udy
14 is
sued
. Upd
atin
g w
eb v
ersi
on
NA
IT
C
Impa
irm
ent o
f A
sset
s
(IT
C p
ubli
shed
Jul
y 20
01)
ED
issu
ed
IAS
36
page
6.2
3
Item
6.5
Sta
ndar
ds P
rogr
am S
tatu
s O
ctob
er 2
003
PS
C B
erlin
Nov
embe
r 20
03
P
ublic
Sec
tor
Spec
ific
Iss
ues
–200
2+
Cur
rent
Sta
tus
IAS/
FR
S
F/W
Fr
amew
ork
for
Fin
anci
al R
epor
ting
in th
e P
ublic
Sec
tor
Mon
itor
nat
iona
l dev
elop
men
t IA
SB
, UK
- A
SB
E
D
WIP
of
‘Fre
e’ S
ervi
ces
No
Act
ion
2003
N
A
ITC
A
ccou
ntin
g fo
r N
on-E
xcha
nge
Rev
enue
s C
onsi
der
revi
sed
Dra
ft I
TC
N
A G
4 +
1 P
aper
IT
C
Soc
ial P
olic
y O
blig
atio
ns
Con
side
r re
vise
d D
raft
IT
C
NA
IT
C
Bud
geta
ry R
epor
ting
C
onsi
der
revi
sed
Dra
ft R
esea
rch
Rep
ort
NA
-
GP
FS/G
FS/E
SA
95 H
arm
oniz
atio
n W
orki
ng G
roup
Est
ablis
hed
NA
-
Her
itage
Ass
ets
No
acti
on p
lann
ed f
or 2
003
NA
-
Pub
lic/
Pri
vate
Sec
tor
Arr
ange
men
ts
No
acti
on p
lann
ed f
or 2
003
NA
-
Non
-Fin
anci
al P
erfo
rman
ce R
epor
ting
N
o ac
tion
pla
nned
for
200
3 N
A
O
ther
G
uide
R
evis
ion
of P
SC G
uide
line
1 –
Fin
anci
al R
epor
ting
by
GB
Es
Gui
deli
ne 1
Wit
hdra
wn
Nov
embe
r 20
02
NA
P
aper
U
K O
ccas
iona
l Pap
er
Issu
ed J
une
2002
N
A
Pap
er
Fren
ch O
ccas
iona
l Pap
er
Issu
ed 1
st Q
uart
er 2
003
NA
P
aper
A
rgen
tine
an O
ccas
iona
l Pap
er
Fina
lisi
ng P
aper
N
A
A
ddit
iona
l IA
Ss
- In
teri
m F
inan
cial
Rep
orti
ng
Not
Sta
rted
IA
S 34
-
Dis
cont
inui
ng O
pera
tion
s N
ot S
tart
ed
IAS
35
- In
tang
ible
Ass
ets
Not
Sta
rted
IA
S 38
-
Fina
ncia
l Ins
trum
ent:
Rec
ogni
tion
and
Mea
sure
men
t N
ot S
tart
ed
IAS
39
- A
gric
ultu
re
Not
Sta
rted
IA
S41
Non
-Tec
hnic
al P
roje
cts
T
rans
lati
on I
PS
AS
into
lang
uage
s ot
her
than
Eng
lish:
IA
SB
Agr
eem
ent
• Fr
ench
T
rans
lati
on a
ctio
ned
•
Span
ish
Tra
nsla
tion
act
ione
d
• C
hine
se
Com
plet
ed I
PS
AS
1-12
•
Rus
sian
C
ompl
eted
IP
SA
S 1
-12
• A
rabi
c •
Oth
er
Com
plet
ed I
PS
AS
1-12
M
any
in p
rogr
ess
P
rom
otio
n of
PS
C P
rono
unce
men
ts
Pro
mot
ion
Act
ivit
y O
ngoi
ng
Fund
rais
ing
Fund
rais
ing
Ong
oing
N
on
-Sta
nd
ard
s P
roje
ct
Stud
y 13
C
orpo
rate
Gov
erna
nce
in th
e P
ublic
Sec
tor:
A G
over
ning
Bod
y P
ersp
ecti
ve
Issu
ed A
ugus
t 200
1 N
A
ITEM 6.6 page 6.24
Item 6.6 Extract from Minutes of November 2002 PSC Meeting PSC Berlin November 2003
EXTRACT FROM PSC MEETING NOVEMBER 2002
Person(s) Responsible: German Delegation and PSC Secretariat and Staff.
18. CONCEPTUAL FRAMEWORK
The PSC received and considered: • a memorandum from Matthew Bohun and Li Li Lian; • a summary of the status of conceptual frameworks in PSC members’ jurisdictions; • a copy of the IASB’s Framework for the Preparation and Presentation of Financial
Statements; • a paper identifying matters raised in the IAS Conceptual Framework which were
also raised in part or total in the IPSASs; • an executive summary of the FEE Comparative Study on Conceptual Frameworks in
Europe; • “observers’ notes” from the recent IASB meeting on the recognition of revenue; and • “observers’ notes” from the recent IASB meeting on performance reporting. Matthew Bohun introduced the topic noting that the Steering Committees on non-exchange revenue and social policy obligations would have found an explicit statement of the conceptual framework very useful in dealing with their topics. The PSC discussed whether or not to proceed with the development of an explicit statement of its conceptual framework. The Committee noted that while such a statement would be a useful and important document, to effectively undertake such a project would involve considerable PSC meeting and staff time. The PSC also noted that the current improvements project being undertaken by the IASB would, in all likelihood, lead to some modifications of its Framework. The PSC decided that: • given the current demands on staff time it would not be possible to action such a
project at this point in time but that this situation should be reviewed in one year’s time; and
• staff should prepare for consideration at the next meeting a document which identified relevant concepts, definitions and guidance in the existing IPSASs that may form the basis or outline of a conceptual framework and compared this with the framework developed by the IASB. Members noted that such a document would be of benefit to those involved in Steering Committees and GFS and ESA 95 harmonization groups. However, it was not intended that such a document be further developed into a formal conceptual framework at this time.
Action Required: Reconsider project at November 2003 meeting
Person(s) Responsible: Standards Staff.
ITE
M 6
.7
page
6.2
5
Item
6.7
Pro
ject
s of
nat
iona
l sta
ndar
ds s
ette
rs
PSC
Ber
lin N
ovem
ber
2003
BR
OA
D O
VE
RV
IEW
OF
PR
OJE
CT
TY
PE
S –
STA
ND
AR
D-S
ET
TE
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IN P
SC M
EM
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R J
UR
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PU
BL
IC S
EC
TO
R P
RO
JEC
TS
AS
AT
SE
PT
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BE
R 2
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T
OP
IC
USA
-
GA
SB
UK
So
uth
Afr
ica
Aus
tral
ia
Can
ada
Con
cept
ual T
ype
Pro
ject
s
Perf
orm
ance
Rep
ortin
g –
and
aspe
cts
of th
ereo
f in
clud
ing:
N
on-f
inan
cial
ser
vice
acc
ompl
ishm
ent a
nd p
erfo
rman
ce in
dica
tors
. Fi
nanc
ial r
epor
ting
form
ats
and
stat
emen
ts a
nd d
iscu
ssio
n an
d an
alys
is a
nd
econ
omic
con
diti
on r
epor
ting
.
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ram
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k or
asp
ects
ther
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incl
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ncia
l Rep
orti
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ntit
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valu
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sset
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mon
izat
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rlap
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IPS
ASs
, in
clud
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inve
ntor
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seg
men
ts, r
elat
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arti
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and
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abili
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ortin
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and
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udge
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ITE
M 6
.7
page
6.2
6
Item
6.7
Pro
ject
s of
nat
iona
l sta
ndar
ds s
ette
rs
PSC
Ber
lin N
ovem
ber
2003
TO
PIC
U
SA -
G
ASB
U
K
Sout
h A
fric
a A
ustr
alia
C
anad
a
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ject
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nsid
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PSC
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yet
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itag
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arm
oniz
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o IP
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rmin
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igat
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ary
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umbe
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sdic
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s is
like
ly to
in
volv
e at
leas
t som
e co
nsid
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ion
of th
ese
issu
es.