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Conceptual Framework ED 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’s consideration of the responses to that CP. It builds on the first four chapters of the Conceptual Framework, which were published last January.
The ED describes presentation as the selection, location and organisation 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.
The ED also describes display and disclosure, and identifies three presentation decisions—information selection, location, and organisation. Presentation decisions are made at two levels:
Presentation decisions are made:
Presentation concepts are strongly linked to other parts of the Conceptual Frameworkand the ED explains those linkages.
“This Exposure Draft is a further step in the development of a Conceptual Framework that reflects public sector circumstances and, when finalised, will underpin IPSASB’s standard-setting activities for many years to come”, said IPSASB Chair Andreas Bergmann. “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.”