The International Public Sector Accounting Standards Board (IPSASB) has issued updates to IPSAS 33 – its standard for first time adoption of accrual based public sector standards.
The updated standard includes more guidance on the broader accrual transition journey, clearer relief provisions, and new reliefs encouraging earlier recognition and measurement of items.
The revised version of IPSAS 33 is effective from 1 January 2028, with earlier application permitted.