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IPSAS Explained: A Summary of International Public Sector Accounting Standards, 2nd Edition by Thomas Muller-Marques Berger

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IPSAS 1: Presentation of Financial Statements

Objective

IPSAS 1 provides the bases of presentation for general purpose financial statements in order to ensure comparability on the one hand with the entity's financial statements of previous periods and, on the other, with the financial statements of other public sector entities. The standard sets out overall requirements of the presentation of financial statements prepared under the accrual basis of accounting, and provides guidance for the structure and minimum requirements of the content of such financial statements. The recognition and measurement of specific transactions and other events, and the corresponding disclosure requirements are dealt with in other International Public Sector Accounting Standards.

The IFRS on which the IPSAS is based

IAS 1, Presentation of Financial Statements

Content

Principal definitions

Assets are resources controlled by an entity as a result of past events and from which future economic benefits or service potential are expected to flow to the entity.

Liabilities are present obligations of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits or service potential.

Net assets/equity is the residual interest in the assets of the entity after deducting all its liabilities.

Revenue is the gross inflow of economic benefits or service potential during the reporting period when those inflows result in an ...

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