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
