Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (Chapters 1-4)
The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework) underpins the development of International Public Sector Accounting Standards (IPSASs) and Recommended Practice Guidelines (RPGs).
The first four chapters of the Conceptual Framework are:
Chapter 1: Role and Authority of the Conceptual Framework
Chapter 2: Objectives and Users of General Purpose Financial Reporting
Chapter 3: Qualitative Characteristics
Chapter 4: Reporting Entity
These chapters outline the role of the Conceptual Framework in the IPSAS and RPG development process, identify that the primary users of general purpose financial reports (GPFRs) of public sector entities are service recipients and resource providers, and clarify that the objectives of financial reporting by public sector entities are to provide information useful to users for accountability and decision making purposes. They also identify the qualitative characteristics of, and constraints on, information included in GPFRs and the key characteristics of a public sector reporting entity.
The IPSASB is currently developing other chapters of the Conceptual Framework, which will address the definition, recognition, and measurement of the “elements” (or building blocks) of financial statements, and presentation in GPFRs. They will be added to the Conceptual Framework when completed.
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