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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 22: Disclosure of Information About the General Government Sector

Objective

The objective of this standard is to prescribe disclosure requirements for governments which elect to present information about the general government sector (GGS) in their consolidated financial statements. The disclosure of appropriate information about the GGS can enhance the transparency of financial reports, and provide for a better understanding of the relationship between the market and non-market activities of the public sector and between financial statements and statistical bases of financial reporting.

The IFRS on which the IPSAS is based

IPSAS 22 is an IPSAS specifically for the public sector. As a result, there is no IFRS equivalent.

Content

Principal definitions

Under statistical bases of financial reporting the public sector comprises the general government sector (GGS), the public financial corporations sector (PFCS) and public non-financial corporations sector (PNFCS). The general government sector encompasses the central operations of government and typically includes all those resident non-market non-profit entities that have their operations funded primarily by the government and government entities. The general government sector does not include public financial corporations or public non-financial corporations (cf. IPSAS 22.18). The public non-financial corporations sector includes for example publicly owned utilities.

Scope

IPSAS 22 only applies for governments that prepare ...

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