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D12664 1 (2016-02-11)

handle is hein.gao/gaobadrxa0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 February 11, 2016 Ian Carruthers, Chair International Public Sector Accounting Standards Board International Federation of Accountants 277 Wellington Street West Toronto, ON M5V 3H2 Canada Dear Mr. Chairman, International Public Sector Accounting Standards Board Consultation Paper: Recognition and Measurement of Social Benefits This letter provides the U.S. Government Accountability Office's (GAO) comments on the International Public Sector Accounting Standards Board's (IPSASB) Consultation Paper (CP) entitled Recognition and Measurement of Social Benefits. The CP builds on IPSASB's previous work and develops new ideas for consideration. As such, the CP advances the discussion of possible treatment for social benefits and considers matters such as the scope of a future standard on social benefits and related definitions, the extent to which liabilities of social benefits arise, and the recognition and measurement of any such liabilities. Overall, we strongly support the recognition of a liability for social benefits in the financial statements when all eligibility requirements to receive the next benefit have been satisfied, including approval of the benefit claim where such approval is more than merely administrative. In addition, we believe it is important to make appropriate disclosures in the financial statements, general purpose financial reports, or both to help users assess the sustainability of social benefit schemes and their impact on a public sector entity's financial performance and financial position. Such disclosures could include the following: * the funding status of the social benefits; * potential actions that may be taken if benefits are projected to exceed dedicated revenue sources; and * expected cash flows of the social insurance schemes or fiscal sustainability reporting under Recommended Practice Guideline (RPG) 1, Reporting on the Long-Term Sustainability of an Entity's Finances.1 1RPG1 provides information on the effect of current policies and decisions on future inflows and outflows and supplements information in the financial statements. Page 1

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