The International Public Sector Accounting Standards Board (IPSASB) has published its latest exposure draft (ED) on its key strategic objective of developing a conceptual framework for the general purpose financial reporting of public sector entities.

This fourth ED, Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities: Presentation in General Purpose Financial Reports considers the selection, location and organisation of information that is displayed and disclosed in General Purpose Financial Reports (GPFRs). GPFRs, as defined in the ED, include both financial statements and other reports.

The ED also describes display and disclosure, and says decisions about presentation are made at two levels. High-level decisions may result in the development of a new report, movement of information between reports, or the amalgamation of existing reports, while detailed decisions relate to information selection, location, and organisation within a report.

Presentation decisions are made in response to the needs of users for information about economic or other factors; to support the financial reporting objectives; and through application of the qualitative characteristics and constraints on information in financial reports.

IPSASB chair Andreas Bergmann said: 'This ED is a further step in the development of a conceptual framework that reflects public sector circumstances and, when finalised, will underpin IPSASB's standard-setting activities for many years to come.

'This is the first time that an international standard setter has developed presentation concepts applicable to both financial statements and additional information and reports that enhance, complement, and supplement the financial statements. Therefore this ED explores new ground and we strongly encourage all stakeholders to submit comments on the proposals in it.'

Consultation on the ED closes on 15 August 2013 and there are more details at IPSASB.