The IASB/FASB Conceptual Framework Project. A Public Sector Perspective Kevin Simpkins. Outline. Concepts – Why they matter Overview of the Project Progress to Date Some Public Sector Issues Concluding Thoughts. Concepts – Why they Matter (generally).
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A Public Sector Perspective
(Note that IPSASB is considering its strategy for a Conceptual Framework at its meeting this month)
“…to develop a common conceptual framework that is both complete and internally consistent…
…a sound foundation for developing future accounting standards…”
Phase A Topic
A Objectives and qualitative characteristics
B Elements, recognition and measurement attributes
C Initial and subsequent measurement
D Reporting entity
E Presentation and disclosure, including financial reporting boundaries
F Framework purpose and status in GAAP hierarchy
G Applicability to the not-for-profit sector
H Entire framework
An aside: Whither prospective information?