IPSASB Publishes Consultation Paper on the Fourth Phase of its Conceptual Framework Project for Public Sector Entities
The International Public Sector Accounting Standards Board (IPSASB) has released for comment an Consultation Paper, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports. The paper arises from the fourth and final phase of the IPSASB's conceptual framework project.
The paper explores concepts applicable to the presentation of information in the general purpose financial reports of public sector entities and considers presentation from the broader perspective of financial reporting rather than adopting a narrow focus just on the financial statements.
Although many of the concepts of International Public Sector Accounting Standards (IPSASs) are based on International Financial Reporting Standards (IFRSs), the IPSASB's conceptual framework project is not an IFRS convergence project, and its purpose is not to interpret the application of the IASB Framework to the public sector.