September 9, 2011, letter commenting on IPSASB's December 2010, "Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities Exposure Draft:
Role, Authority and Scope; Objectives and Users; Qualitative Characteristics; and Reporting Entity"
Published: Sep 8, 2011. Publicly Released: Sep 8, 2011.
This letter provides the U.S. Government Accountability Office's (GAO) comments on the IPSASB Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities Exposure Draft. The Conceptual Framework is an important and timely initiative that makes explicit the concepts, definitions and principles that the Board will use to develop International Public Sector Accounting Standards (IPSASs) or non-authoritative guidance applicable to the preparation and presentation of general purpose financial reports. We are supportive of the framework, which is consistent with several key concepts articulated in the Federal Accounting Standards Advisory Board's Statement of Federal Financial Accounting Concepts (SFFAC 1): Objectives of Federal Financial Reporting and seeks to provide for application to diverse forms of government and other differences that may exist in the jurisdictions that adopt IPSASs.