Public Sector Looks to Mirror Private Income Statement Changes

Global accounting for government and publicly-owned bodies would be tweaked to reflect big changes to private company accounts that defined basic ideas like operating profit for the first time, under proposals published Monday.

The International Public Sector Accounting Standards Board published a consultation paper asking for public comments on the proposals by September 14. Many of the changes are modeled on IFRS 18 Presentation and Disclosure in Financial Statements, a private-sector accounting standard that kicks in from 2027 and was published in 2024.

• “This consultation reflects how the IPSASB is modernizing financial statement presentation in line with evolving global standards,” ...