The International Public Sector Accounting Standards Board (IPSASB) has launched a consultation on its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports.
The draft modifies the conceptual approach highlighted in its 2012 consultation and builds on the first four chapters of the Conceptual Framework that was published in January 2013, to define and develop concepts of presentation.
It defines presentation as the selection, location and organisation of information that is displayed and disclosed in General Purpose Financial Reports (GPFRs).
The draft also identifies three presentation decisions – information selection, location and organisation. IPSASB said presentation decisions are made to support financial reporting objectives in response to the needs of users for information and through application of the qualitative characteristics and constraints on information in financial reports.
The draft explains the links between presentation concepts and other parts of the conceptual framework.
IPSASB chair Andreas Bergmann said the draft "proposes presentation concepts applicable to all GPR"s.
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"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."
Deadline for comment on the proposals is 15 August.