The International Public Sector Accounting Standards Board has released an exposure draft on financial discussion and analysis for public sector entities, proposing minimum required content, and that the qualitative characteristics governing financial statement preparation be applied to statement discussion and analysis.
In addition, Exposure Draft 47, Financial Statement Discussion and Analysis proposes that the guidance be issued as an International Public Sector Accounting Standard with the same authority as IPSASes on accrual-based financial statements, and that statement discussion and analysis be prepared and presented in conjunction with the entity's financial statements.
The ED includes implementation guidance and an illustrative example.
"The purpose of the financial statement discussion and analysis is to provide additional information to users of an entity's financial statements for accountability and decision-making purposes," said IPSASB Chair Andreas Bergmann said in a statement. "Financial statement discussion and analysis complements and supplements the information in the accrual-based financial statements with further insights and perspectives."
The ED and a summary document are available on the IPSASB's Web site. The board will accept comments on the draft through its Web site until July 31.
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