The International Public Sector Accounting
Standards Board (IPSASB) is seeking comment on its conceptual
framework for public sector reporting.

The IPSASB’s proposed conceptual framework
says that the objectives of financial reporting should be to
provide information for accountability and decision-making
purposes. Also, the scope of financial reporting should extend
beyond the traditional financial statements to include more
comprehensive financial and non-financial information.

The consultation paper, Elements and
Recognition in Financial Statements,
 identifies
alternative asset and liability-led and revenue and expense-led
approaches to financial statements. It considers the key
characteristics of assets, liabilities, revenue and expenses and
also discusses whether further elements should be defined and
examines approaches to the recognition of elements.

Measurement of Assets and Liabilities in
Financial Statements
 considers the measurements that may
be appropriate for the elements recognised in financial statements.
It discusses historical cost, market value and replacement cost and
examines deprival value as an approach to select the most relevant
measurement basis.

The conceptual framework is the
IPSASB’s key strategic objective for 2010–2012.

The deadline for comment on the exposure draft and consultation papers
is
15 June 2011. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.