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C00475 1 (2011-09-09)

handle is hein.gao/gaobadqlt0001 and id is 1 raw text is: ~G A 0 Acouita bity Integrity I Reliability United States Government Accountability Office Washington, DC 20548 September 9, 2011 The Technical Director International Public Sector Accounting Standards Board International Federation of Accountants 277 Wellington Street West Toronto Ontario Canada M5V 3H2 Subject: International Public Sector Accounting Standards Board (IPSASB) Conceptual Framework For General Purpose Financial Reporting By Public Sector Entities: Measurement Of Assets And Liabilities In Financial Statements Exposure Draft This letter provides the U.S. Government Accountability Office's (GAO) comments on the IPSASB Consultation Paper entitled Conceptual Framework for General Purpose Financial Reporting By Public Sector Entities: Measurement Of Assets And Liabilities In Financial Statements (Phase 3). The Conceptual Framework relating to the measurement of assets and liabilities is an important component of The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities that will establish and make explicit the concepts applied by the Board in developing International Public Sector Accounting Standards (IPSASs) and other non-authoritative guidance. Overall, we are supportive of the framework in that it explores the measurement bases that may be adopted for elements that are recognized in the public sector general purpose financial statements. Such a framework can provide valuable guidance to current and successor Boards when establishing financial reporting standards. Currently, the Federal Accounting Standards Advisory Board (FASAB) is in the final stage of issuing Statement of Federal Financial Accounting Concepts (SFFAC) 7 which is the Measurement of the Elements of Accrual-Basis Financial Statements in Periods after Initial Recording. Through SFFAC 7, consistency, understandability, and usefulness of reported information to decision-makers, including preparers and users of financial information will be enhanced. We support the Board's efforts to identify factors that may be relevant to selecting a measurement basis for particular assets and liabilities. Further, it is our view that conclusions as to which measurement approach or attribute may be selected for reporting an element in the financial statements under different circumstances

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