The Chair of the IPSASB Philippe Adhemar pointed out, “the significance of employee benefits for the vast majority of public sector entities cannot be estimated…the proposed standards will contribute to more transparent and consistent accounting for employees’ benefits.”

ED 31 is based on International Accounting Standard (IAS) 19, Employee Benefits, and addresses the four categories of employee benefits dealt with in IAS 19:

- Short-term employee benefits;
- Post-employment benefits;
- Other long-term employee benefits; and
- Termination benefits

The IPSASB, as an independent standard-setting board of the International Federation of Accountants (IFAC), focuses on the accounting and financial reporting needs of national, regional, and local governments. The primary goal of the IPSASB is to achieve convergence in financial reporting between different governments, with the private sector, and between financial reporting and economic statistics. 

For more information please visit the following website: www.ifac.org