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April 3, 2012

IPSASB proposes IPSAS on financial statements

The International Public Sector Accounting Standards Board (IPSASB) has proposed a public sector standard on financial statement discussions and analysis.

The International Public Sector Accounting Standard (IPSAS) proposes that while the minimum content is required it grants entities enough flexibility to publish the financial statement discussion and analysis that best portrays their specific circumstances.

The IPSASB also proposed that financial statement discussion and analysis should be prepared and presented in conjunction with an entity’s financial statements; and the qualitative characteristics governing preparation of financial statements be applied to financial statement discussion and analysis.

The standard setter said the IPSAS would be issued with the same authority as IPSASs concerning accrual-based financial statements.

IPSASB Chair Andreas Bergmann said the purpose of the financial statement discussion and analysis is to provide additional information to users of an entity’s financial statements for accountability and decision-making purposes.

“Financial statement discussion and analysis complements and supplements the information in the accrual-based financial statements with further insights and perspectives,” Bergmann concluded.

Deadline for comment on the proposal is 31 July.

—a proposed new standard

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