The International public sector statement of accounting standards board (IPSASB) is calling on the finance professionals to respond to its latest exposure draft ED81. The ED is available for comment till the 31st of May, 2022. After which it will not be available.
Exposure Draft (ED) is a document prepared by accounting professional bodies. It is prepared when the board is preparing for a new accounting standard. Individuals are allowed to comment on such drafts. If you haven’t commented on EDs, this is an opportunity for you to do so.
IPSASB wants to amend its conceptual framework. Specifically, it is working on amending chapters three and five of the framework (Qualitative Characteristics, and Elements of Financial Statements respectively).
As a member of the international federation of accountants (IFAC), IPSASB is focused on public sector accounting. It prepares professional standards that guide public sector accountants in preparing financial reports. If you’re interested in commenting on ED81, you can reach out through their website or the link here.