ACCA welcomes the opportunity to provide comments in response to IPSASB’s Consultation Paper, Presentation of Financial Statements. Financial reporting has developed significantly since IPSAS 1 was initially published in 2000. The International Accounting Standards Board’s (IASB) publication of IFRS 18 – Presentation and disclosure in financial statements provides an opportunity to bring the presentation and disclosure requirements of IPSAS into line with best practice in public sector financial reporting.

ACCA supports the overall approach that the IPSASB is proposing for developing the proposed new IPSAS standard on the presentation of financial statements by adapting IFRS 18 for the public-sector context. ACCA’s minor areas of recommendation relate primarily to how the IPSASB may further reflect the specific circumstances of the public sector in its upcoming Exposure Draft.

To read ACCA’s complete comments, please download the document found on this page.