IPSASB publishes four chapters of its public sector conceptual framework

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

11 Jan 2013

The International Public Sector Accounting Standards Board (IPSASB) has published the first four chapters of its 'Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities'. This completes Phase 1 of the IPSASB's Conceptual Framework Project.

These four chapters lay the groundwork for (1) developing consistent and useful IPSASs and Recommended Practice Guidelines (RPGs) and (2) completing the other three phases of the Conceptual Framework project.

Specifically, the chapters discuss:

  • The role and authority of the Conceptual Framework.
  • The objectives and users of general purpose financial reporting, providing information useful to users for accountability and decision making purposes.
  • Qualitative characteristics of (and constraints on) information included in GPFRs.
  • The key characteristics of a public sector reporting entity.

Other chapters of the Conceptual Framework will be added when they are completed.

Click to view the IPSASB's Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (link to IFAC website).

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