Developing the Public Sector Conceptual Framework. David Loweth UK Accounting Standards Board OECD Public Sector Accruals Symposium 4 March 2008. Introduction: about the ASB.
UK Accounting Standards Board
OECD Public Sector Accruals Symposium
4 March 2008
The project is being conducted in eight phases:
A. Objectives of financial reporting and qualitative characteristics (QCs) of financial reporting information
B. Elements of financial statements and recognition
D. Reporting entity
E. Presentation and disclosure, including reporting boundaries
F. Purpose and status in GAAP hierarchy
G. Applicability to the not-for-profit sector
H. Entire framework, remaining issues
Currently, the first four phases are active.
An asset of an entity is a present economic resource to which the entity, through an enforceable right or other means, has access or can limit the access of others.
A liability of an entity is a present economic obligation that is enforceable against the entity.
“The objective of this project is to develop a Public Sector Conceptual Framework which is applicable to the preparation and presentation of general purpose financial reports of public sector entities, including but not necessarily limited to financial statements and notes thereto.”
(establishing the boundary of the financial reporting entity)