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,
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
15 June 2011.