28 March 2018 — Consultation Response
We responded to the International Public Sector Accounting Standards Board (IPSASB) exposure draft on Social Benefits.
We encourage the development of high quality financial reporting standards which are designed to address the specificities of the public sector environment. Existing International Public Sector Accounting Standards currently do not provide requirements on how to account for social benefits, such as retirement, unemployment and disability. Social benefit schemes however account for an important portion of government expenditure.