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.

Submitted Comment Letters

1. Association of Government Accountants (United States)
January 31, 2013

2. Wellington City Council (New Zealand)
March 10, 2013

3. School of Accounting and Commercial Law, Victoria University of Wellington (New Zealand)
March 18, 2013

4. The Institute of Chartered Accountants of Nigeria (Nigeria)
March 20, 2013

5. Swiss Public Sector Financial Reporting Advisory Committee (Switzerland)
March 28, 2013

6. Conseil de normalisation des comptes publics (CNOCP) (France)
April 15, 2013

7. Federation of European Accountants (FEE) (Belgium)
April 16, 2013

8. New Zealand Accounting Standards Board (New Zealand)
April 18, 2013

9. Accounting Standards Board (ASB) (South Africa)
April 19, 2013

10. Association of Chartered Certified Accountants (ACCA) (United Kingdom)
April 22, 2013

11. KPMG IFRG Limited (United Kingdom)
April 22, 2013

12. Governmental Accounting Standards Board (GASB) (United States)
April 23, 2013

13. The Institute of Internal Auditors (United States)
April 26, 2013

14. Australasian Council of Auditors-General (Australia)
April 29, 2013

15. Instituut van de Bedrijfsrevisoren/Institut des Réviseurs d'Entreprises (Belgium)
April 29, 2013

16. International Monetary Fund (United States)
April 29, 2013

17. Swedish National Financial Management Authority (ESV) (Sweden)
April 29, 2013

18. Chartered Institute of Public Finance and Accountancy (CIPFA) (United Kingdom)
April 30, 2013

19. Government of Manitoba (Canada)
April 30, 2013

20. Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (Germany)
April 30, 2013

21. Institute of Certified Public Accountants of Kenya (ICPAK) (Kenya)
April 30, 2013

22. Office of the Auditor General of Canada (Canada)
April 30, 2013

23. The Institute of Chartered Accountants of Jamaica (ICAJ) (Jamaica)
April 30, 2013

24. Zambia Institute of Chartered Accountants (ZICA) (Zambia)
April 30, 2013

25. Abu Dhabi Accountability Athority (ADAA) (United Arab Emirates)
May 1, 2013

26. Cour des comptes (France)
May 1, 2013

27. Graeme Hall-Watson (Australia)
May 1, 2013

28. The Japanese Institute of Certified Public Accountants (Japan)
May 1, 2013

29. United Nations system Task Force on Accounting Standards (United States)
May 1, 2013

30. Wales Audit Office (United Kingdom)
May 1, 2013

31. Heads of Treasuries Accounting and Reporting Advisory Committee (HoTARAC (Australia)
May 3, 2013

32. Denise Silva Ferreira Juvenal (Brazil)
May 4, 2013

33. Province of Ontario - Office of the Provincial Controller (Canada)
May 6, 2013

34. Malaysian Institute of Accountants (Malaysia)
May 7, 2013

35. Direction Générale des Finances Publiques (DGFiP) (France)
May 8, 2013

36. European Commission (Belgium)
May 8, 2013

37. Joint Accounting Bodies (Australia)
May 9, 2013

38. Ernst & Young (United Kingdom)
May 13, 2013

39. Australian Accounting Standards Board (Australia)
May 15, 2013

40. CAPE for UK FRC (United Kingdom)
May 15, 2013

Related Resources

• 2013 Handbook of International Public Sector Accounting Pronouncements
• Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Measurement of Assets and Liabilities in Financial Statements
• Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports
• IPSASB Consultation Paper on 2013-2014 Work Program
• IPSASs and Government Finance Statistics Reporting Guidelines