IPSASB proposes amendments to its Conceptual Framework

  • IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

03 Feb, 2022

The International Public Sector Accounting Standards Board (IPSASB) has released an exposure draft 'Conceptual Framework Update: Chapter 3, Qualitative Characteristics and Chapter 5, Elements in Financial Statements'.

Exposure Draft (ED) 81 proposals include:

  • Clarifying the role of prudence in public sector financial reporting;
  • Revised definitions of an asset and a liability;
  • Clarifying what constitutes a transfer of resources when determining whether an entity has a liability; and
  • Restructuring guidance on liabilities to improve clarity for users of the Framework.

Comments on the ED are requested by 31 May 2022.

The following additional information is available on the IPSASB website:

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.