The International Public Sector Accounting Standards Board (IPSASB) has released an exposure draft outlining the first-time adoption process for accrual basis International Public Sector Accounting Standards (IPSASs). Among other proposals, the exposure draft would provide public sector entities with exemptions from full compliance with IPSASs during a transition period, including allowing entities three years to recognise certain assets and liabilities, permitting the use of a deemed cost for historical costs in some cases, and an optional exemption from comparative information. The latest proposals follow the recent release of IPSASB proposals on accounting for interests in other entities by public sector entities.