IPSASB proposes amendments to its Conceptual Framework
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:
