Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements
Conceptual Framework Exposure Draft (ED) 2, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Elements and Recognition in Financial Statements, refines the issues highlighted in the Consultation Paper (CP) published in 2010 and reflects the IPSASB’s consideration of the responses to that Consultation Paper.
It proposes definitions of eight elements: assets, liabilities, revenue, expenses, deferred inflows, deferred outflows, ownership contributions, and ownership distributions. It also proposes deferred inflows and deferred outflows as elements in order to distinguish the flows related to the reporting period from flows which relate to another reporting period. ED 2 also considers how to deal with the uncertainty that can arise over the existence and measurement of elements.
An At a Glance Publication provides an overview of Conceptual Framework Exposure Draft (ED) 2.
Submitted Comment Letters
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Association of Government Accountants (124.38 KB)(United States of America)
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Wellington City Council (44.55 KB)(New Zealand)
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School of Accounting and Commercial Law, Victoria University of Wellington (1.97 MB)(New Zealand)
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The Institute of Chartered Accountants of Nigeria (2.55 MB)(Nigeria)
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Swiss Public Sector Financial Reporting Advisory Committee (52.61 KB)(Switzerland)
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Conseil de normalisation des comptes publics (CNOCP) (262.07 KB)(France)
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Federation of European Accountants (FEE) (57.21 KB)(Belgium)
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New Zealand Accounting Standards Board (194.31 KB)(New Zealand)
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Accounting Standards Board (ASB) (274.42 KB)(South Africa)
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Association of Chartered Certified Accountants (ACCA) (128.71 KB)(United Kingdom)
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KPMG IFRG Limited (174.31 KB)(United Kingdom)
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Governmental Accounting Standards Board (GASB) (1.91 MB)(United States of America)
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The Institute of Internal Auditors (293.11 KB)(United States of America)
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Instituut van de Bedrijfsrevisoren/Institut des Réviseurs d'Entreprises (100.52 KB)(Belgium)
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Swedish National Financial Management Authority (ESV) (115.94 KB)(Sweden)
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International Monetary Fund (120.92 KB)(United States of America)
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Australasian Council of Auditors-General (73.61 KB)(Australia)
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Institute of Certified Public Accountants of Kenya (ICPAK) (103.87 KB)(Kenya)
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Institut der Wirtschaftspruefer in Deutschland e.V. (IDW) (60.5 KB)(Germany)
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Chartered Institute of Public Finance and Accountancy (CIPFA) (205.7 KB)(United Kingdom)
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Zambia Institute of Chartered Accountants (ZICA) (178.64 KB)(Zambia)
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Government of Manitoba (163.91 KB)(Canada)
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Office of the Auditor General of Canada (253.32 KB)(Canada)
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The Institute of Chartered Accountants of Jamaica (ICAJ) (153.24 KB)(Jamaica)
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The Japanese Institute of Certified Public Accountants (110.14 KB)(Japan)
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Wales Audit Office (213.22 KB)(United Kingdom)
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Abu Dhabi Accountability Athority (ADAA) (278.92 KB)(United Arab Emirates)
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Graeme Hall-Watson (281.52 KB)(Australia)
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Cour des comptes (267.93 KB)(France)
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United Nations system Task Force on Accounting Standards (97.96 KB)(United States of America)
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Heads of Treasuries Accounting and Reporting Advisory Committee (HoTARAC (3.97 MB)(Australia)
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Denise Silva Ferreira Juvenal (132.49 KB)(Brazil)
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Province of Ontario - Office of the Provincial Controller (60.58 KB)(Canada)
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Malaysian Institute of Accountants (340.47 KB)(Malaysia)
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Direction Générale des Finances Publiques (DGFiP) (575.57 KB)(France)
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European Commission (271.63 KB)(Belgium)
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Joint Accounting Bodies (214.81 KB)(Australia)
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Ernst & Young (152.04 KB)(United Kingdom)
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Australian Accounting Standards Board (304.27 KB)(Australia)
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CAPE for UK FRC (118.9 KB)(United Kingdom)