The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework), approved at the IPSASB’s September 2014 meeting, has since been translated into Spanish. Additionally, the IPSASB produced a multimedia overview of the Conceptual Framework in February 2015.
The Conceptual Framework has been a powerful tool in IPSASB project development. In particular, the objective of financial reporting, with its focus on the primary class of users (service recipients and resources providers and their representatives), ensures that the IPSASB develops pronouncements in the public interest, emphasizing the role of financial reporting in providing information essential for accountability and decision-making purposes.
With the approval and publication of the Conceptual Framework, more staff resources and agenda space are now available to focus on standard-setting in the period forward from 2015, including developing requirements and guidance in areas where there are gaps, notably social benefits, public sector combinations, and heritage assets.