Updated proposed on Conceptual Framework designed for the public sector

04 March 2022
Accounting
South African Accounting Academy

The Conceptual Framework guides the development and maintenance of IPSAS (International Public Sector Accounting Standards).

Some of the updates are:

The inclusion of new guidance explains the role of prudence;
An update to the guidance on materiality better serves the users of financial information;
Minor changes are proposed to the definitions of an asset and a liability; and
New guidance is added on a transfer of resources, unit of account and binding arrangements that are equally unperformed.

Comments are due by 17 May 2022.

Click here to download the Exposure Draft (and other related documents):

https://www.asb.co.za/ed-197/

Relevance to Auditors, Independent Reviewers & Accountants:

The Conceptual Framework guides the development and maintenance of IPSAS, which your clients in the public sector must comply with, and which you must assess compliance with. Any non-compliance may affect your audit opinion.
If you are compiling your public sector client’s financial statements, you need to apply IPSAS and GRAP.

Relevance to Your clients:

The Conceptual Framework guides the development and maintenance of IPSAS, which your clients in the public sector must comply with, and which you must assess compliance with, in order to compile financial statements in accordance with the applicable financial reporting framework.

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