Updated Conceptual Framework: Chapter 3, Qualitative Characteristics

The Updated Conceptual Framework: Chapter 3, Qualitative Characteristics clarifies the role of prudence and adds ‘obscuring information’ to factors affecting materiality judgments.

The updated chapter completes the limited scope project to improve the IPSASB's Conceptual Framework for Financial Reporting by Public Sector Entities, which also included:

• Chapter 5, Elements in Financial Statements
• Chapter 7, Measurement of Assets and Liabilities in Financial Statements

Conceptual Framework updates are effective when published. They are non-authoritative.