The International Public Sector Accounting Standards Board (IPSASB) has released its conceptual framework to further improve consistency of its standard-setting.
The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities‘ (Conceptual Framework) aim is to establish the concepts that are to be applied in developing IPSASs and Recommended Practice Guidelines (RPGs) applicable to the preparation and presentation of general purpose financial reports of public sector entities.
Unlike businesses, public sector entities are not profit driven nor do they need to satisfy investors with returns on equity, therefore their financial reports have specific characteristics in its approach to some elements of the financial statement, such as the measurement of assets and liabilities.
"The Conceptual Framework reflects the unique characteristics of the public sector and puts the IPSASB in a strong position to focus on key standard-setting activities over the next few years," IPSASB chair Andreas Bergmann said.
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