IPSASB Issues Consultation Paper on Presentation of Financial Statements

Posted 21 May 2026 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The International Public Sector Accounting Standards Board (IPSASB) has issued a comprehensive Consultation Paper on the Presentation of Financial Statements, proposing a new standard to replace the existing IPSAS 1.

The International Public Sector Accounting Standards Board (IPSASB) has developed and approved the Consultation Paper: Presentation of Financial Statements. This initiative is designed to strengthen public financial management (PFM) globally by enhancing how financial information is structured and presented in public sector financial statements.

The feedback received on this consultation will guide the IPSASB in drafting a new Exposure Draft, which is intended to replace the current IPSAS 1, Presentation of Financial Statements. The board aims to ensure that public sector general-purpose financial statements remain faithfully representative, comparable, verifiable, and useful for accountability and resource-management decisions.

The consultation package consists of several key documents:

  • The primary 77-page Consultation Paper outlining the proposed presentation framework.
  • A 74-page Appendix D containing an Illustrative Exposure Draft on Presentation of Financial Statements.
  • A 6-page “At a Glance” summary document designed for quick reference.

Stakeholders, including public sector auditors, accountants, and independent reviewers, are encouraged to review the proposals and submit feedback to shape the future standard.

Click here to download the 77-page Consultation Paper.

Click here to download the 74-page Appendix D (Illustrative Exposure Draft) and the 6-page At a Glance summary.

You can also watch the explanatory webcast on the IPSASB YouTube Channel.

What this means for you, your business, or your clients

  • For yourself: Stay updated on the evolving public sector reporting landscape by reviewing the proposed replacement for IPSAS 1 to understand future presentation and disclosure requirements.
  • For your business: Ensure your advisory, accounting, or auditing practice prepares for transition risks by analyzing how the proposed presentation changes will impact current public sector client reporting templates.
  • For your clients: Advise public sector entities and municipal clients on the upcoming structural changes in financial statement presentation, enabling them to align their internal accounting systems ahead of the formal Exposure Draft.

Originally published at https://accountingacademy.co.za/news/read/ipsasb-consultation-paper-on-presentation-of-financial-statements

The views expressed herein are those of the author and do not necessarily reflect those of Acts Online. Acts Online accepts no responsibility for the accuracy, completeness or fairness of the article, nor does the information contained herein constitute advice, legal or otherwise.