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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

Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements.

The IPSASB will use the updated version of Chapter 7 as part of its process of developing standards.  The updated version of Chapter 7 will be published with the suite of measurement related guidance (IPSAS [XX], Measurement, IPSAS [XX], Property, Plant, and Equipment). The last piece of this suite of guidance, IPSAS 46, Measurement was approved in March 2023.

Conceptual Framework Update: Chapter 3, Qualitative Characteristics and Chapter 5, Elements. 

The IPSASB approved the updated Chapter 3, Qualitative Characteristics, which clarifies the role of prudence in public sector financial reporting and updates the guidance on materiality to better serve the users of financial information. The updated chapter is expected to be published in July 2023, and the project to revise the IPSASB’s Conceptual Framework is now complete.

Project Contact

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