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December 15, 2010

IPSASB launches public sector reporting consultation

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. 


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