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IPSASB - Conceptual Framework [Completed]

Effective date:

October 2014.

Transitional provisions:

The Conceptual Framework was issued on October 31, 2014.

Last updated:

February 2015


The Conceptual Framework establishes the concepts that will guide the IPSASB’s approach to standard-setting and guidance. It addresses concepts applicable to both public sector financial statements and a wider set of public sector financial reporting needs. The Conceptual Framework project has been the key strategic priority for the IPSASB in recent years.

The final four chapters were approved by the IPSASB during its September 2014 meeting. These four chapters, which address the definition, recognition, and measurement of the “elements” (or building blocks) of financial statements and presentation in general purpose financial reports, join the original four chapters (Chapter 1, Role and Authority of the Conceptual Framework; Chapter 2, Objectives and Users of General Purpose Financial Reporting; Chapter 3, Qualitative Characteristics; and Chapter 4, Reporting Entity), which were issued in January 2013, bringing the entire Conceptual Framework to eight chapters. 

Recent activities

February 2015

On February 12, 2015, the IPSASB posted to their website a presentation, narrated by IPSASB Deputy Director and Project Coordinator John Stanford, that provides an overview of the key aspects of the Conceptual Framework..

October 2014

On October 31, 2014, the IPSASB issued its Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework).

September 2014

On September 18, 2014, the IPSASB announced that it has approved its Conceptual Framework.

January 2013

On January 11, 2013, the IPSASB completed Phase I of its project to develop a Public Sector Conceptual Framework, and issued the first 4 Chapters of this Framework. 

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