Public sector · IPSAS 39
IPSAS 39 Actuary for International Organisations
We value employee benefits — pensions, after-service health insurance, accumulated leave — under IPSAS 39 for international organisations and public sector entities based in Switzerland.
IPSAS 39 in brief
Since 2018, IPSAS 39 has replaced IPSAS 25 for entities applying International Public Sector Accounting Standards. The standard essentially follows the logic of IAS 19: obligations valued by an actuary using the projected unit credit method, documented economic and demographic assumptions, remeasurements recognised in net assets.
International organisations present situations that standard models cover poorly: their own pension schemes, multinational populations, benefits in several currencies, retiree health insurance. Our team handles them with tools developed in-house — in English, French, German or Italian.
A typical engagement
- IPSAS 39 valuation of pension schemes and other long-term benefits
- After-service health insurance (ASHI): medical assumptions, healthcare cost inflation
- Accumulated leave, long-service awards, end-of-service allowances
- Tailored assumptions: multiple currencies, international populations, bespoke tables
- Report and disclosures ready for your financial statements and audit committee
- Multi-year budget projections and funding scenarios
Frequently asked questions
How does IPSAS 39 differ from IAS 19?
The logic is that of IAS 19 — projected unit credit method, documented assumptions, remeasurements outside surplus or deficit. Differences concern targeted points: public sector terminology, presentation in net assets, the choice of discount rate. We document these choices for your auditors.
We are not an international organisation — does IPSAS concern us?
IPSAS addresses any public or semi-public entity that adopts the framework — governments, autonomous institutions, agencies. If you report under IPSAS, your employee benefits fall under IPSAS 39.
Do you value after-service health insurance (ASHI)?
Yes. It is often the largest obligation of international organisations: we model medical costs, their inflation, participation rates and the organisation’s share, and derive the obligation and the annual expense.
How do you set the discount rate?
By currency and duration of the obligations. IPSAS 39 allows the rate to be set by reference to market yields on government bonds, high-quality corporate bonds or another instrument reflecting the time value of money — in the public sector, government bonds are usually the reference chosen. We document this choice for your auditors. For obligations in Swiss francs, our reference rates are published monthly.
How often is a valuation required?
A full valuation each financial year is standard practice, supplemented where needed by interim updates — for budgets, audit committees or special events.
An independent actuary for your IPSAS financial statements
We have served public and international institutions for many years, in full independence: 100 % owned by its active partners, with no ties to banks or insurers.