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IPSAS Presentation: Proposed updates to general presentation requirements

Accounting Standards BoardRef: https://www.asb.co.za/ipsas-presentation-proposed-updates-to-general-presentation-requirements/

Official source

Source domain: asb.co.za

Collected on 28 July 2026

Always confirm details on the official source before acting.

Our copy (archived 28 July 2026)Official source

What this means

This is a news/blog article published on 14 July 2026 by South Africa’s Accounting Standards Board (ASB) about an IPSASB project to replace IPSAS 1 and proposed updates to general presentation requirements. It outlines proposals to align IPSAS definitions of assets, liabilities, revenue and expenses with the IPSASB Conceptual Framework, to require a third statement of financial position when prior-period information is materially restated, and to amend the IPSAS 1 definition of “material” to align with the Conceptual Framework and incorporate IASB guidance. The ASB is consulting locally through ED 221 and invites written or roundtable input before 31 August 2026.

Facts

Reference

https://www.asb.co.za/ipsas-presentation-proposed-updates-to-general-presentation-requirements/

Key Takeaways

  • Published: 14 July 2026
  • Subject: Proposed updates to IPSAS general presentation requirements
  • Proposal: Align definitions of assets, liabilities, revenue and expenses with IPSASB Conceptual Framework
  • Proposal: Require a third statement of financial position when prior-period information is materially restated
  • Reference: Consistent with IFRS 18 Presentation and Disclosure in Financial Statements
  • Proposal: Amend IPSAS 1 definition of 'material' to align with IPSASB Conceptual Framework and incorporate IASB guidance
  • Local consultation: ED 221
  • Comment deadline: 31 August 2026
  • Contact emails: info@asb.co.za and siyasangan@asb.co.za
  • Disclaimer: Prepared by ASB Secretariat for information only; not reviewed/approved/acted on by the Board
  • Accounting Standards Board (ASB)
  • IPSASB (International Public Sector Accounting Standards Board)
  • ASB Secretariat
  • IASB (International Accounting Standards Board)
  • IFRS 18 (Presentation and Disclosure in Financial Statements)
  • PAIA

Dates

Closing Date

31 August 2026