Public Sector Measurement Education Session
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1 Public Sector Measurement Education Session Impact of the Conceptual Framework on IPSASs Agenda Item Gwenda Jensen IPSASB Meeting March 6 9, 2018 New York, USA Page 1 Proprietary and Copyrighted Information
2 -Education Aim of session Identify issues for development of ED sections on subsequent measurement 1. Staff presentation: Information on measurement in IPSASs, with examples of IPSASs reviewed using Review Approach 2. IPSASB discussion : Conceptual Framework impact on IPSAS Measurement Principles for ED sections on subsequent measurement Page 2 Proprietary and Copyrighted Information
3 -Education Overview 1. Overview of IPSASs with measurement requirements 2. Review approach: a) Conceptual Framework consistency b) Entry/ exit value 3. Examples: Asset IPSASs (and three others) a) All five IPSASs: Overview and common features b) Each IPSAS considered individually Page 3 Proprietary and Copyrighted Information
4 -Education 1. Overview of IPSASs and Measurement 40 IPSAS 5 Replaced (or soon to be replaced) 35 IPSASs apply going forward (+ Social Benefits) 13 Without asset / liability measurement requirements 22 IPSASs with measurement requirements 6 Impacted by active projects 16 IPSASs for review Page 4 Proprietary and Copyrighted Information
5 -Education 1. Overview of IPSASs and Measurement: Active Projects Social Benefits (ED) Leases (ED) Revenue (CP) Expenses (CP) Financial Instruments (ED) & Public Sector Financial Instruments (CP) Heritage and Infrastructure: IPSAS 17, PP&E Page 5 Proprietary and Copyrighted Information
6 -Education 1. Overview of IPSASs and Measurement 16 IPSASs for review Also monitor active projects & link to IPSAS, Measurement: 7 IPSASs (social benefits, leases, revenue, F/Instruments) 13 Revise measurement references in other IPSASs 36 IPSASs to review and revise Page 6 Proprietary and Copyrighted Information
7 2. Review Approach Review approach has three components: 1. Rebuttable presumption that IPSAS measurement needs to change, to achieve consistency with Conceptual Framework (CF) 2. References to fair value: If entry value then IFRS 13 fair value is not appropriate If exit value then apply IFRS 13 fair value definition 3. Consider whether values are entity-specific or non-entity specific Page 7 Proprietary and Copyrighted Information
8 2. (a) Review Approach Conceptual Framework (CF) Consistency Objective of measurement: To select those measurement bases that most fairly reflect the cost of services, operational capacity and financial capacity of the entity in a manner that is useful in holding the entity to account, and for decision-making purposes Qualitative characteristics: Relevance, representational faithfulness, understandability, timeliness, comparability & verifiability Constraints: Materiality, cost-benefit & balance between the qualitative characteristics Page 8 Proprietary and Copyrighted Information
9 2. (a) Review Approach CF Consistency: Available Measurement Bases Assets Historical cost Market value Replacement cost Net selling price Value in use Liabilities Historical cost Market value Cost of fulfillment Cost of release Assumption price Page 9 Proprietary and Copyrighted Information
10 2. (a) CF Consistency : Fair value as a measurement basis CF s market value is current IPSAS fair value : Amount for which an asset could be exchanged (or liability settled between knowledgeable, willing parties in arm s length transaction IPSASB rejected IASB s fair value (IFRS 13, Fair Value Measurement) because: Limited relevance in public sector Treats measurement bases as measurement techniques Page 10 Proprietary and Copyrighted Information
11 2. (a) Fair value as measurement basis: CF Basis for Conclusions Fair value inappropriate for specialized assets (if entry value): Many public sector assets are specialized Significant differences between entry and exit values Fair value (exit price): Not relevant if asset s future services/benefits worth more than exit value Net selling price is better measure if asset will be sold (does not assume open, active and orderly market) Page 11 Proprietary and Copyrighted Information
12 2(a) Review Approach: Fair Value Equivalents IPSASB s September 2017 decision: Fair value still relevant in some cases Review approach: If IPSAS refers to fair value and this means: An entry value, consider: Market value, if non-specialized asset Replacement cost, if specialized An exit value, apply IFRS 13 fair value definition Page 12 Proprietary and Copyrighted Information
13 2.(b) Review Approach Entry or exit value, entity specific values Entry values reflect Cost of purchase for assets Liabilities: Relates to transaction under which an obligation is received or the amount that an entity would accept to assume a liability. [CF ] Exit values reflect: Economic benefits from sale of asset and amount derived from use Liabilities: amount to fulfil obligation or amount to release entity from an obligation Entity specific values: Include entity specific costs (e.g. adaptation of asset or transaction costs) Page 13 Proprietary and Copyrighted Information
14 2.(b) Review Approach Entry or exit value Measurement Basis (Assets) Entry or Exit? Observable in Market? Entity Specific? Historical cost Entry Generally, Yes yes Market value in open, Entry or exit Yes No active and orderly market Market value in inactive Exit Depends Depends market Replacement cost Entry Yes Yes Net selling price Exit Yes Yes Value in use Exit No Yes Page 14 Proprietary and Copyrighted Information
15 Agenda Item Public Sector Measurement 2.(b) Review Approach Entry or exit value Measurement Basis Entry or Exit Observable? Entity (Liabilities) Specific? Historical cost Entry Generally, yes Yes Market value in open, Entry or exit Yes No active and orderly market Market value in inactive Exit Depends Depends market Cost of fulfillment Exit No Yes Cost of release Exit Yes Yes Assumption price Entry Yes Yes Page 15 Proprietary and Copyrighted Information
16 3. IPSASs Examples for IPSASB Discussion (a) Assets (Main focus) (b) Liabilities (c) Assets and Liabilities 12, Inventories 16, Investment Properties 17, Property, Plant & Equipment 27, Agriculture 31, Intangible Assets 19, Provisions & Contingencies 39, Employee Benefits 40, Public Sector Combinations Page 16 Proprietary and Copyrighted Information
17 3(a) Overview of Asset IPSASs: Initial Measurement Currently Assets Initial measurement Transaction Costs 12, Inventories 16, Investment Properties 17, PP&E 27, Agriculture 31, Intangible Assets Cost Cost Cost Fair value less costs to market Cost Capitalize Capitalize Capitalize Less costs to market Capitalize Page 17 Proprietary and Copyrighted Information
18 3(a) Overview of Asset IPSASs: Subsequent Measurement Currently 12, Inventories: Lower of cost and net realizable value 17, PP&E: Historical cost or revaluation (fair value) 16, Investment Properties: Historical cost or revaluation (fair value) 27, Agriculture: Fair value less costs to market 31, Intangible Assets: Historical cost or revaluation (fair value) All five IPSASs have public sector specific (PSS) changes Page 18 Proprietary and Copyrighted Information
19 3(a) Overview of Asset IPSASs: Assets held for service potential or for economic benefits Held for service potential and/or economic benefits: Inventories (e.g. medicine, food, booklets) PP&E (e.g. government buildings, infrastructure) Intangibles (e.g. information technology for government services) Only held for economic benefits? Investment Properties: By definition Biological assets or agricultural produce? Excludes biological assets held for supply of services. But applies when held for distribution at no charge. Page 19 Proprietary and Copyrighted Information
20 3(a) Overview of Asset IPSASs: Public sector specific (PSS) changes Asset standards have PSS changes to address: 1. Initial measurement situations where: a) Assets acquired through non-exchange transactions (Use of deemed cost) b) Cost information is missing (e.g. IPSAS 33, First Time Adoption) 2. Subsequent measurement of non-cash generating (N-CG) assets a) Revaluations b) Impairment (IPSAS 21, Impairment of N-CG Assets) 3. PSS categories: Excluded or special treatment (e.g. IPSAS 19 excludes social benefits, IPSAS 17 has options for heritage assets) Page 20 Proprietary and Copyrighted Information
21 3(a) Overview: Conceptual Framework Measurement Bases that could apply 12, Inventories: Historical cost, market value (entry), replacement cost, net selling price 17, PP&E: Historical cost, market value, replacement cost 16, Investment Properties: Historical cost, market value (entry) 27, Agriculture: Net selling price, market value (exit or entry) 31, Intangible Assets: Historical cost, market value (entry), replacement cost Page 21 Proprietary and Copyrighted Information
22 3(b) IPSAS 12, Inventories: Current situation General rule: Initial measurement at cost Subsequent measurement at lower of cost and net realizable value Where inventories: Acquired through non-exchange transaction: Initial measurement at fair value (Staff view: Entry value. Replace with market value?) Distributed at no or nominal cost: Subsequent measurement at lower of cost and current replacement cost Page 22 Proprietary and Copyrighted Information
23 3(b) IPSAS 12, Inventories: Current situation Cost: Includes transaction costs (Entry value) Net realizable value: Estimated selling price (ordinary course of operations) less estimated costs of completion and estimated costs necessary to make the sale, exchange, or distribution An entity-specific value (Staff view: Similar to net selling price) Current replacement cost in IPSAS 12: Cost that entity would incur to acquire asset on reporting date Different from Conceptual Framework s definition of RC Page 23 Proprietary and Copyrighted Information
24 3(b) IPSAS 12, Inventories: IPSASB views? Points to consider: Applicable measurement bases Measurement basis to replace fair value Meaning of replacement cost for inventories Significance of service potential inventory versus economic benefits inventory Relevance of specialized versus non-specialized Page 24 Proprietary and Copyrighted Information
25 3(b) IPSAS 16, Investment Properties: Current situation General: Initial measurement at cost. Includes transaction costs (entry value) Subsequent measurement: Fair value model Staff view exit value. Replace with IFRS 13 fair value? Cost model (apply cost model in IPSAS 17, PP&E) Investment properties acquired in non-exchange transaction: Initial measurement at fair value Staff view entry value. Replace with market value?) Page 25 Proprietary and Copyrighted Information
26 3(b) IPSAS 16, Investment Properties: IPSASB views? Points to consider: Applicable measurement bases Measurement bases to replace fair value Initial measurement (deemed cost) Subsequent measurement, when using the fair value model Investment properties as always about economic benefits Relevance of specialized versus non-specialized Page 26 Proprietary and Copyrighted Information
27 3(b) IPSAS 17, Property, Plant & Equipment (PP&E): Current situation General: Initial measurement at cost. Includes transaction costs (entry value) Subsequent measurement: Cost model (Historical cost) Revaluation model: Fair value less depreciation & impairment (entry) PP&E acquired in non-exchange transaction: Initial measurement at fair value Staff view entry value. Replace with market value or replacement cost?) Page 27 Proprietary and Copyrighted Information
28 3(b) IPSAS 16, Property, Plant & Equipment : IPSASB views? Points to consider: Applicable measurement bases Measurement bases to replace fair value : Initial measurement (deemed cost) Subsequent measurement, when using revaluation model IPSAS 17 discusses how to determine fair value. Market value, replacement cost (DRC), reproduction cost, service units Consider availability of market values, whether asset is specialized Page 28 Proprietary and Copyrighted Information
29 3(b) IPSAS 27, Agriculture: Current situation Biological assets and agricultural produce are measured at fair value less costs to sell: Initial measurement Subsequent measurement: When acquired in non-exchange transaction Fair value is based on asset s present location and condition: For example, fair value is price for cattle in the relevant market, less the transport and other costs of getting cattle to that market Staff view: Exit value Page 29 Proprietary and Copyrighted Information
30 3(b) IPSAS 27, Agriculture: IPSASB views? Points to consider: Meaning of fair value less costs to sell Measurement bases to replace fair value less costs to sell : Net selling price (Conceptual Framework) Fair value (IFRS 13) Page 30 Proprietary and Copyrighted Information
31 3(b) IPSAS 31, Intangibles: Current situation General: Initial measurement at cost. Includes transaction costs (entry value) Subsequent measurement: Cost model (Historical cost) Revaluation model: Fair value less amortization (entry) Fair value determined by reference to an active market (market value?) Intangibles acquired in non-exchange transaction: Initial measurement at fair value Staff view entry value. Replace with market value or replacement cost?) Page 31 Proprietary and Copyrighted Information
32 3(b) IPSAS 31, Intangibles: IPSASB views? Points to consider: Applicable measurement bases Measurement bases to replace fair value : Initial measurement (deemed cost) Subsequent measurement, when using revaluation model Page 32 Proprietary and Copyrighted Information
33 3(b) IPSAS 19, Provisions and Contingencies: Current situation / IPSASB views? Measurement of provisions: Best estimate of the expenditure required to settle the present obligation at the reporting date. Compare to Conceptual Framework s cost of fulfillment : The costs that the entity will incur in fulfilling the obligations represented by the liability, assuming that it does so in the least costly manner Page 33 Proprietary and Copyrighted Information
34 3(b) IPSAS 39, Employee Benefits: Current situation / IPSASB views? Liabilities: Present value of obligations (e.g. defined benefit obligation present value of expected future payments required to settle the obligation resulting from employee service in the current and prior periods) Assets: Fair value of plan assets Compare to Conceptual Framework s cost of fulfillment: The costs that the entity will incur in fulfilling the obligations represented by the liability, assuming that it does so in the least costly manner. Page 34 Proprietary and Copyrighted Information
35 3(b) IPSAS 40, Combinations: Current situation / IPSASB views? Amalgamation: Measure at carrying amounts Acquisition: Measure assets and liabilities at fair value IPSAS 40 also requires or allows for: Measurement at amortized cost in accordance with IPSAS 29 Other measurement bases if required by IPSASs Other national or international standards (e.g. tax due) IPSASB views? (Note issues: (1) IPSAS 40 approved after Conceptual Framework (2) Linked to work-in-progress IPSASs, e.g. Leases, FIs, etc.) Page 35 Proprietary and Copyrighted Information
36 Next Steps Address IPSASB s March revisions to: Exposure Draft Consultation Paper Develop Chapter 3 s discussion of transaction costs, consistent with IPSASB s decisions in March Develop further ED sections and related Issues Paper Page 36 Proprietary and Copyrighted Information
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