- High-level decisions that may result in development of a new report, movement of information between reports, or the amalgamation of existing reports; and
- Detailed decisions related to information selection, location, and organization within a report.
- In response to the needs of users for information about economic or other phenomena;
- To support the financial reporting objectives; and
- Through application of the qualitative characteristics and constraints on information in financial reports.
Press Releases/News Alerts
Apr 17, 2013
New York, New York
IPSASB Publishes Public Sector Conceptual Framework Exposure Draft
The International Public Sector Accounting Standards Board (IPSASB) has released for comment the fourth Exposure Draft (ED) related to its project to develop a Conceptual Framework for the general purpose financial reporting of public sector entities. The Conceptual Framework continues to be the IPSASB’s key strategic objective and is of fundamental importance to the future of global public sector standard setting.
Conceptual Framework Exposure Draft 4, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports, further develops and modifies the conceptual approach highlighted in the Consultation Paper (CP) published in 2012 and reflects the IPSASB’s consideration of the responses to that CP. It builds on the first four chapters of the Conceptual Framework, which were published last January.
The ED describes presentation as the selection, location and organization of information that is displayed and disclosed in General Purpose Financial Reports (GPFRs). GPFRs include both financial statements and other reports providing additional information that enhances, complements, and supplements the financial statements.
The ED also describes display and disclosure, and identifies three presentation decisions—information selection, location, and organization. Presentation decisions are made at two levels:
Presentation decisions are made:
Presentation concepts are strongly linked to other parts of the Conceptual Framework and the ED explains those linkages.
“This Exposure Draft is a further step in the development of a Conceptual Framework that reflects public sector circumstances and, when finalized, will underpin IPSASB’s standard-setting activities for many years to come,” said IPSASB Chair Andreas Bergmann. “It proposes presentation concepts applicable to all GPFRs. This is the first time that an international standard setter has developed presentation concepts applicable to both financial statements and additional information and reports that enhance, complement, and supplement the financial statements. Therefore this ED explores new ground and we strongly encourage all stakeholders to submit comments on the proposals in it.”
How to Comment
To access the Exposure Draft and the At-a-Glance document, which provides a summary of the Exposure Draft, or to submit a comment, visit the IPSASB website.
Comments on the Exposure Draft are requested by August 15, 2013. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this document to their members and employees.
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