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IPSASB - Recommended Practice Guideline 1 (RPG 1), Reporting on the Long-Term Sustainability of an Entity’s Finances [Completed]

Effective date:

No stated effective date

Transitional provisions:

N/A

Last updated:

July 2013

Overview

RPGs are pronouncements that provide guidance on good practice in preparing general purpose financial reports (GPFRs) that are not financial statements. Unlike IPSASs RPGs do not establish requirements. RPG 1 provides guidance on reporting on the long-term sustainability of a public sector entity’s finances. It also provides information on the impact of current policies and decisions made at the reporting date on future inflows and outflows and supplements information in the general purpose financial statements.

RPG 1 provides straightforward guidance on presenting information about the capacity of an entity to provide social benefits at existing levels, to maintain existing taxation revenues and to meet its financial commitments,” said IPSASB Chair Andreas Bergmann. “By developing guidance on reporting information about the long-term sustainability of an entity’s finances, RPG 1 reflects the IPSASB Conceptual Framework’s position that, in order to meet users’ needs, the scope of financial reporting is more comprehensive than the financial statements.”

Recent activities

July 2013

On July 24, 2013, the IPSASB issued Recommended Practice Guideline 1 (RPG 1), Reporting on the Long-Term Sustainability of an Entity’s Finances.

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