Limited Scope Update of Conceptual Framework
The project objective is to update the Conceptual Framework for a limited number of issues based on the criteria of urgency, consequences, feasibility and prevalence with a particular emphasis on the first three of these criteria.
Current Status of the Project
The IPSASB reviewed responses to ED 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements. The IPSASB decided to retain the three-level classification proposed in ED 76. However, the term ‘Subsequent Measurement Framework’will be adopted rather than ‘Measurement Hierarchy’.
The IPSASB decided to include fair value as defined in ED 76 and to delete market value. The IPSASB instructed staff to further analyze the case for deletionof net selling price, cost of release and assumption price.
- March 2020 - Conceptual Framework—Limited Scope Update
- June 23, 2020 - Conceptual Framework—Limited Scope Update
- June 23, 2020 - ED 74 & ED 75, Measurement — Coordination of Cross Cutting Issues
- September 2020 - ED 76 and ED 77, Conceptual Framework–Limited Scope Update and Measurement
- December 2020 - ED 76, Conceptual Framework-Limited Scope Update