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Conceptual Framework Exposure Draft 4, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports, further develops and modifies the conceptual approach highlighted in the Consultation Paper (CP) published in 2012 and reflects the IPSASB%26rsquo;s consideration of the responses to that CP. It builds on the first four chapters of the Conceptual Framework, which were published last January.

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The ED describes presentation as the selection, location and organization of information that is displayed and disclosed in General Purpose Financial Reports (GPFRs). GPFRs include both financial statements and other reports providing additional information that enhances, complements, and supplements the financial statements.

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The ED also describes display and disclosure, and identifies three presentation decisions%26mdash;information selection, location, and organization. Presentation decisions are made at two levels:

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• High-level decisions that may result in development of a new report, movement of information between reports, or the amalgamation of existing reports; and
• Detailed decisions related to information selection, location, and organization within a report.

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Presentation decisions are made:

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• In response to the needs of users for information about economic or other phenomena;
• To support the financial reporting objectives; and
• Through application of the qualitative characteristics and constraints on information in financial reports.

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Presentation concepts are strongly linked to other parts of the Conceptual Framework and the ED explains those linkages.

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%26ldquo;This Exposure Draft is a further step in the development of a Conceptual Framework that reflects public sector circumstances and, when finalized, will underpin IPSASB%26rsquo;s standard-setting activities for many years to come,%26rdquo; said IPSASB Chair Andreas Bergmann. %26ldquo;It proposes presentation concepts applicable to all GPFRs. This is the first time that an international standard setter has developed presentation concepts applicable to both financial statements and additional information and reports that enhance, complement, and supplement the financial statements. Therefore this ED explores new ground and we strongly encourage all stakeholders to submit comments on the proposals in it.%26rdquo;

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How to Comment

To access the Exposure Draft and the At-a-Glance document, which provides a summary of the Exposure Draft, or to submit a comment, visit the IPSASB website.

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Comments on the Exposure Draft are requested by August 15, 2013. The IPSASB encourages IFAC members, associates, and regional accountancy bodies to promote the availability of this document to their members and employees.

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About the IPSASB

The IPSASB develops accounting standards and guidance for use by public sector entities. The structures and processes that support the operations of the IPSASB are facilitated by IFAC. The IPSASB receives support (both direct financial and in-kind) from the World Bank, the Asian Development Bank, the Chartered Professional Accountants of Canada, and the governments of Canada, China, New Zealand, and Switzerland.

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About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. It is comprised of 172 members and associates in 129 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry, and commerce.

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