FEE commented on IPSASB Exposure Draft CF-ED1 'Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities'
26 May 2011
FEE published a comment letter on IPSASB Exposure Draft CF-ED1 'Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Role, Authority and Scope; Objectives and Users; Qualitative Characteristics; and Reporting Entity'.
FEE strongly supports IPSASB’s programme, which helpfully combines IFRS converged IPSASs on matters which are common to both private and public sectors, public sector specific IPSASs on matters which are unique to the sector, and conceptual work which will inform the development of standards in future, seeking to achieve the optimum balance between maintaining comparability and addressing sector specific issues.
FEE provided comments in IPSASB’s 2008 Consultation Paper which formed the basis of this Exposure Draft. As noted in that response, FEE welcomes the work which the IPSASB is carrying out on developing a conceptual framework, particularly in light of developments in IFRS which may make it more difficult to apply those standards, or indeed the IASB conceptual framework, directly to the circumstances of public sector entities.
In the comment letter FEE’s views are set out on each of the Specific Matters on which IPSASB would particularly value comments.
Full paper
© FEE
