On 19 June, 2026, the EDHEC Infrastructure & Private Assets Research Institute (EIPA) submitted comments to the International Public Sector Accounting Standards Board (IPSASB) on Exposure Draft (ED) 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22).

EIPA’s comments draw on research into government accounting for public-private partnership (PPP) guarantees and contingent liabilities, and the role of supranational bodies in shaping fiscal transparency, with particular reference to Brazil.

The empirical evidence on Brazil cited by EIPA is drawn from a recent working paper¹ authored by Demi Chung, Senior Researcher and Head of Accounting Standards & Financial Reporting Doctrine & Practices at EDHEC Infrastructure and Private Assets Research Institute (EIPA), and Dr Janet Lee. The paper examines how PPP guarantees and contingent liabilities have been accounted for in Brazil across financial reporting, statistical reporting and budgeting, and how IMF surveillance has shaped those practices.

EIPA supports the initiative in principle. Strengthening the linkages between IPSAS Standards-based accounting data and GFSM 2014 reporting is a worthwhile and overdue objective, and the use of a single, audited data source to serve both financial and statistical reporting offers clear benefits for quality, timeliness and comparability. EIPA’s comments on the two Specific Matters for Comment are therefore broadly supportive, but it registers a substantive concern about the likely effectiveness of the proposals where divergence is driven not by gaps in guidance but by entrenched implementation and budgeting practices, and by the institutional separation of the accounting and statistical functions.

📥Consult EIPA’s detailed response: Re: Exposure Draft 94, Linkages Between IPSAS Standards and the Government Finance Statistics Manual 2014 (Amendments to IPSAS 22).

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Footnotes:

¹Chung, D. and J. Lee. 2026. Adjudicating and Subjectivizing: The Role of a Supranational Body in Governments’ Fiscal Transparency. Working paper.