Procurement Notice

Request for Proposal (RFP)

Assessment of Potential Transition from the IFRS to IPSAS

The purpose of this Request for Proposals (RFP) is to engage a qualified consultancy firm, expert team, or individual consultant (“the consultancy”) to perform a comprehensive assessment of the potential transition from International Financial Reporting Standards (IFRS) to International Public Sector Accounting Standards (IPSAS) for the Asian Productivity Organization (APO) Secretariat. This assessment will support informed decision-making by the APO Governing Body.

The APO is a regional intergovernmental organization committed to enhancing productivity across its 21 member economies. The APO Secretariat, based in Tokyo, Japan, serves as the operational center for the APO’s productivity enhancement initiatives in its members. Currently, the APO Secretariat adheres to the IFRS, which were adopted starting with the 2016 financial year.

A recent recommendation at the 67th Session of the APO Governing Body (GBM) in Jakarta in May 2025 suggested transitioning to the IPSAS to better align with international public-sector financial reporting practices. Given the significance of this decision, the APO Secretariat seeks a detailed assessment of the advantages and disadvantages of adopting the IPSAS.

The consultancy is to:

• ・Evaluate the feasibility, long-term benefits, and implications of transitioning from the IFRS to IPSAS.
• ・Identify the pros and cons associated with such a transition.
• ・Provide a strategic scenario for potential transition from the IFRS to IPSAS, including a roadmap and required resource allocation.
• ・Provide strategic recommendations to facilitate the APO Governing Body’s decision-making process.

The consultancy services shall include but not be limited to:

• ・Reviewing current financial reporting practices under the IFRS and conducting a comprehensive gap analysis against the IPSAS requirements.
• ・Identifying the potential benefits and challenges (pros and cons) associated with transitioning to the IPSAS.
• ・Assessing the financial, administrative, and operational impacts, including resource, technology, and capacity requirements.
• ・Providing detailed insights into best practices from similar international public-sector entities.
• ・Preparing a clear, actionable roadmap outlining the necessary steps, timelines, and resource commitments required for a successful transition, if recommended.

The engagement is expected to commence in August 2025 and conclude within approximately three months, with final deliverables due no later than 30 November 2025.

The selected consultancy may be either an individual expert or an institutional entity, provided that they demonstrate the relevant skills, knowledge, and solid experience required for this engagement. The selected consultancy must demonstrate:

• ・Proven expertise in public-sector financial management, specifically with the IFRS and IPSAS.
• ・Substantial experience conducting similar assessments for international or intergovernmental organizations.
• ・In-depth understanding of the operational implications and best practices of transitioning between financial reporting standards.
• ・Strong analytical and strategic advisory capabilities.
• ・Fluency in English is mandatory, with proficiency in Japanese considered a significant benefit due to the APO Secretariat’s location.

The consultancy will produce:

• ・An inception report detailing the consultant’s understanding of the assignment, proposed methodology, detailed work plan, timeline, and approach for stakeholder engagement.
• ・An interim report outlining progress, initial findings, preliminary gap analysis results, and any emerging recommendations for early feedback from the Secretariat.
• ・A final assessment report detailing the pros and cons of shifting from the IFRS to IPSAS.
• ・A comprehensive gap analysis report comparing current APO financial reporting practices under the IFRS with the requirements under the IPSAS.
• ・Recommendations highlighting key decision-making factors and potential strategic benefits or risks.
• ・A detailed implementation roadmap, if transition is advised, including timelines, resource requirements, training needs, and recommended preparatory actions.

Interested consultancy candidates must submit proposals comprising:

• ・Executive summary expressing understanding and acceptance of RFP terms.
• ・Technical proposal:
  Understanding of the assignment
  Methodology and approach
  Detailed work plan and timeline
  Risk mitigation strategy
• ・Financial proposal:
  Detailed cost breakdown (daily rates, taxes, expenses, etc.)
  Specified currency (USD or JPY)
  Payment schedule
• ・Profile:
  Summary of relevant experience
  Details of similar assignments completed
  CVs highlighting relevant qualifications and expertise

All documents must be submitted in English.

Proposals with all required information specified should only be sent via email in password-protected PDF file attachments signed by authorized representatives no later than 17:00 (Japan Standard Time), 15 August 2025 to smiyakawa@apo-tokyo.org

The subject line of the email message should be: Proposal for Assessment of Potential Transition from the IFRS to IPSAS <Institution/Individual name>.

Proposals will be evaluated based on:

• ・Relevant experience and expertise.
• ・Technical approach and methodology.
• ・Work plan and timeline.
• ・Financial proposal.
• ・Team qualifications.
• ・References and past performance.

Only the selected consultancy candidate will be notified via email within 1 month of the submission deadline of the acceptance of its proposal.

• ・The APO reserves the right to annul the RFP or the bidder selection process, or to accept or reject any or all proposals in whole or part at any time, without stating any reason and without incurring any liability to the affected bidders.
• ・The APO is not obligated to respond to any objections or to inform the affected agencies/companies/firms of the grounds for such decisions.
• ・The APO also reserves the right to change the scope of work in case of need or depending upon changes in requirements before or during the implementation phase. However, if changes are made during the implementation phase, the APO will negotiate the costs for the additional work separately with the successful bidder.

• ・The APO will not bear any costs related to research, planning, design, or any other such activity related to the preparation of proposals in response to this RFP by bidders for sending proposals to the APO.
• ・The APO may, at its own discretion, extend the submission deadline by notifying all bidders of the extension in writing. Any proposal received after the deadline will be rejected.

• ・The APO may work with other consultants even after selecting a proposal.
• ・Any final work created under the contract will belong to the APO.
• ・The APO may contact applicants to clarify or ask questions about their proposals.

A prospective individual/institution requiring any clarification of this document, or the process itself, shall submit queries in writing only to the following email address by the deadline of 15 August 2025:

Finance Division, Executive Office
Asian Productivity Organization (APO Secretariat)
1-24-1 Hongo, Bunkyo-ku, Tokyo 113-0033, Japan
Email: smiyakawa@apo-tokyo.org