Comment Letter by GSG Impact and Social Value International to the IPSASB 2025 Work Program Consultation

We’re pleased to share our response to the International Public Sector Accounting Standards Board (IPSASB)’s 2025 Work Program Consultation, developed jointly with GSG Impact. 

Our key message is clear: the public sector should also embed full impact transparency into its reporting, not just how resources are spent, but what they actually achieve for people and planet. 

As governments increasingly adopt wellbeing frameworks, public sector accounting needs to build on this momentum. Today’s reporting systems still fall short in linking financial inputs to real-world outcomes. Bridging this gap is essential to strengthen accountability, inform decision-making, and ensure public resources deliver meaningful improvements in citizens’ lives. 

Through this submission, we call for IPSASB to prioritise wellbeing-focused reporting, embedding impact measurement and valuation into public sector disclosures. 

We are also excited to continue partnering with Social Value International to help advance this agenda globally. 

Selected insights from our response: 
• “If the purpose of government is to enhance or maintain wellbeing, then general purpose financial reports (GPFRs) should provide information on the extent to which public services achieve this objective.” 
• “Improving impact transparency in public sector accounting by linking financial inputs to wellbeing outcomes is essential to achieving more effective, equitable, and accountable use of public resources.”

We look forward to supporting the next phase of this work and contributing to the development of a more complete system of wellbeing accounting in the public sector.