The International Public Sector Accounting Standards Board (IPSASB), an independent standardsetting Board of the International Federation of Accountants, published in November 2009 a consultation paper 'Reporting on the Long-Term Sustainability of Public Finances'. This seeks views on how information on the long-term sustainability of government programs, increasingly available in many jurisdictions, may complement information available in traditional financial statements, thereby increasing transparency and enhancing accountability and decision making.

Comments are requested by 30 April 2010 and the consultation paper is available to download free of charge from the IFAC website (http://www.ifac.org/PublicSector).

At its December meeting in Rome, IPSASB achieved its goal of substantial convergence with IFRSs dated 31 December 2008, with a series of new or improved standards. Three of these new International Public Sector Accounting Standards (IPSASs) deal with financial instruments - in terms of presentation, recognition and measurement, and disclosures. A fourth standard covers intangible assets and an improvements standard makes minor changes to existing IPSASs. They are primarily drawn from IFRSs, with limited changes dealing with public sector specific issues. In addition, IPSASB approved an exposure draft covering service concessions.

The new standards and the exposure draft will be available to download free of charge from the IFAC website (www.ifac.org/publications) in January 2010.