Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements
Exposure Draft

Conceptual Framework Exposure Draft (ED) 2, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements, refines the issues highlighted in the Consultation Paper (CP) published in 2010 and reflects the IPSASB’s consideration of the responses to that Consultation Paper.

It proposes definitions of eight elements: assets, liabilities, revenue, expenses, deferred inflows, deferred outflows, ownership contributions, and ownership distributions. It also proposes deferred inflows and deferred outflows as elements in order to distinguish the flows related to the reporting period from flows which relate to another reporting period. ED 2 also considers how to deal with the uncertainty that can arise over the existence and measurement of elements.

An At a Glance Publication provides an overview of Conceptual Framework Exposure Draft (ED) 2.

Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements (PDF | 483K)

Related Resources

• Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Measurement of Assets and Liabilities in Financial Statements
• IPSASB Consultation Paper on 2013-2014 Work Program
• IPSASB Exposure Draft 47 - Financial Statement Discussion and Analysis
• IPSASs and Government Finance Statistics Reporting Guidelines
• Public Sector Combinations