A snapshot of GAAP differences between IPSAS and IFRS. April 2013
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1 A snapshot of GAAP differences between IPSAS and IFRS April 2013
2 Introduction for these governments. Many governments are exploring the adoption of accrual-based accounting frameworks in order to improve their decision-making ability to prevent and respond to these issues. International Public Sector Accountancy Standards (IPSAS) is considered There is a close relationship between IPSAS and International Financial Reporting Standards (IFRS) due to the fact that IPSAS standards are largely based on the principles of IFRS. The rationale for drawing from IFRS is to ensure greater comparability between private and entities, whereas IPSASs are written for public sector entities that provide services to enhance and maintain the well-being of the citizens of a state. These differences between the two reporting frameworks stem primarily from the following three sources: private sectors Differences in the range of topics covered by the two sets of standards because of differences in the prevalence of particular types of transactions, such as non-exchange transactions Differences in the timing of when new or amended requirements are introduced into each set of standards Process of setting IPSAS standards An IASB standard IPSASB standardsetting process which considers requirements through sectorfocused research Due process through public consultation Issue an IPSAS 1 A snapshot of GAAP differences between IPSAS and IFRS
3 Key differences between IPSAS and IFRS 1) Service potential as part of the definitions and recognition criteria Many of the assets and liabilities of entities within the public sector are acquired or incurred as a result of the entity s service delivery mandate, for example, heritage assets and parks maintained for public access. IPSAS introduces the concept of service potential 1 the entity s ability to deliver its services. 2) Exchange vs non-exchange transactions Non-exchange transactions are those transactions where an entity either receives value from another entity without directly giving approximately equal value in exchange, or gives value to another entity without directly receiving approximately equal value in exchange. Within the public sector non-exchange transactions are prevalent. IPSAS provides principles to guide the measurement and recognition of non-exchange transactions, whereas IFRS is generally silent on the matter. 3) Recognition of revenue from government grants IPSAS focuses on whether there is entitlement to the revenue from government grants (even though there may be restrictions on how the funds are spent), or an obligation to meet certain conditions, which is recorded as liability. The distinction between restrictions and conditions is crucial in determining whether or not to recognize revenue from a non-exchange transaction. As a result, government grants are generally fully released to income earlier under IPSAS than under IFRS. 4) Income tax IPSAS presumes that entities that operate within the public sector are generally exempt from income taxes and therefore does not cater for the accounting of income taxes. In the unlikely event that an entity reports using IPSAS but is liable for tax, reference should be made to IFRS (IAS 12 Income Taxes) for guidance. 5) Consolidations and interests in associates and joint ventures With the introduction of IFRS 10 Consolidated Financial Statements, IFRS 11 Joint Arrangements and IFRS 12 Disclosures of Interests in Other EntitiesConsolidated and Separate Financial Statements, IAS 28 Investments in Associates and IAS 31 Interest in Joint Ventures. The main difference that arises with the introduction of IFRS 10, IFRS 11 and IFRS 12 is the manner in which control is determined for the purpose of difference between the two frameworks. 6) Financial instruments classification and measurement With the introduction and ongoing development of IFRS 9 Financial Instruments major source of difference between the two frameworks. 7) Reporting of budgets vs actual With the increased focus on stewardship, service delivery and budget management in the public sector, IPSAS requires a comparison is no equivalent requirement in IFRS. 1 A snapshot of GAAP differences between IPSAS and IFRS 2
4 8) Impairment of non-cash-generating assets whereas IPSAS assumes that the majority of a public sector entity s assets are likely to be non-cash generating. IPSAS 21 Impairment of Non-cash-generating Assets 9) Elimination of private sector specific concepts IFRS provides principles for certain economic phenomena that are irrelevant to the operations of a public sector entity, such as accounting for share-based payments and earnings per share disclosures. IPSAS excludes such guidance and refers reporting entities back to IFRS if and when applicable. 10) Growing divergence in the conceptual framework of the IPSASB and IASB The IPSASB is in the process of developing its own conceptual framework, proposing concepts that may be more suitable in the public sector context. We may see further differences in the outlook and focus of the IPSASB and IASB in the future. Similarities between IPSAS and IFRS The table below provides an overview of IPSAS and IFRS topics. This table indicates whether the topics are addressed by the two frameworks. Furthermore, the table provides an indication of the extent to which the principles and requirements (for the topic) are similar between the two frameworks. The following legend is used to indicate the degree of similarity between the two frameworks for each of the topics: Symbol Meaning additional guidance. measurement and/or disclosure requirements. No equivalent standard in the comparative framework and therefore an entity may need to refer to other frameworks or pronouncements for guidance. 3 A snapshot of GAAP differences between IPSAS and IFRS
5 Similarities between IPSAS and IFRS continued Topic Adressed in Prior to new IFRSs IPSAS IFRS 2 being effective 3 After new IFRSs are effective 3 Accounting policies, changes in accounting estimates and errors X Non-current assets held for sale and discontinued operations X X X The effects of changes in foreign exchange rates Revenue and expenses Revenue Construction contracts Revenue from non-exchange transactions (taxes, transfers and government grants) 4 Income taxes X Leases Borrowing costs Inventories Investment property Property, plant and equipment Intangible assets Agriculture Impairment of cash-generating assets Impairment of non-cash-generating assets X Exploration for and evaluation of mineral resources X Provisions, contingent liabilities and contingent assets 2 This comparison takes into consideration those IFRSs and IPSASs that are effective as at 1 January 2013 and does not consider IPSAS or IFRS projects currently under development. For more information on current IPSASB Projects, see our newsletter, IPSAS Outlook, available at 3 New IFRSs refers to IFRS 9 (effective 1 January 2015), IFRS 10, IFRS 11, IFRS 12 and IFRS 13 (effective 1 January 2013). 4 IFRS only considers government grants and does not address the broader range of non-exchange transactions covered in IPSAS. A snapshot of GAAP differences between IPSAS and IFRS 4
6 Similarities between IPSAS and IFRS continued Topic Adressed in Prior to new IFRSs IPSAS IFRS 1 being effective 3 Financial instruments: presentation Financial instruments: recognition and measurement Financial instruments: disclosures Share-based payment X Insurance contracts X Fair value measurement X Segment reporting Related party disclosures government sector Earnings per share X X Events after the reporting date After new IFRSs are effective 3 Investments in associates Interests in joint ventures Disclosure of interests in other entities Business combinations X 5 A snapshot of GAAP differences between IPSAS and IFRS
7 Similarity between IPSAS and IFRS by topic IFRS by topic, prior to and after the new IFRSs become effective. 5 Degree of difference 4 10 Moderate Minor Number of topics Prior to the new IFRSs becoming effective After the new IFRSs become effective and before IPSASB concludes on whether to adopt the changes Going forward This publication highlights the key differences between IPSAS and IFRS, amongst the many other differences between the two frameworks. Although the IPSASB has not yet considered many of the more recent new or amended IFRSs, as a result of its focus on completing the conceptual framework project, it has started to look at some of the new IFRSs, for example IFRS 10, IFRS 11 and IFRS 12. It is worth noting that the IPSASB sees, as part of its role, the need to also address issues outside the boundaries of general purpose We encourage you to refer to our quarterly newsletter, IPSAS Outlook, which provides regular update on the activities and progress of the IPSASB s projects. This newsletter and other IPSAS-related publications are available on 5 New IFRSs refers to IFRS 9 (effective 1 January 2015), IFRS 10, IFRS 11, IFRS 12 and IFRS 13 (effective 1 January 2013). A snapshot of GAAP differences between IPSAS and IFRS 6
8 Ernst & Young Assurance Tax Transactions Advisory About Ernst & Young Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 167,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential. Ernst & Young refers to the global organization of member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit About Ernst & Young s International Public Sector Accounting Standards Group The move to International Public Sector Accounting Standards (IPSAS) is an important initiative in public sector accounting, the impact of which stretches far beyond accounting to affect every key decision you make, not just how you report it. We have developed the global resources people and knowledge to support our client teams. And we work to give you the benefit of our broad sector experience, our deep subject matter knowledge and the latest insights from our work worldwide. It s how Ernst & Young makes a difference. This publication contains information in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Neither EYGM Limited nor any other member of the global Ernst & Young organization can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter, reference should be made to the appropriate advisor EYGM Limited. All Rights Reserved. EYG no. AU ED None
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