The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual Framework) provides the International Public Sector Accounting Standards Board™ (IPSASB™) with the concepts that will underpin the development of International Public Sector Accounting Standards™ (IPSASs™) and Recommended Practice Guidelines (RPGs) in the coming years.

IFAC^® has responded to a public consultation survey from the European Commission, Effects of Using International Financial Reporting Standards (IFRS) in the European Union (EU), which addresses Regulation 1606/2002 (“the IAS Regulation) in Europe. The consultation is aimed at assessing the effects of using IFRSs in the EU.

In its response, IFAC agrees that the regulation’s objectives are still valid, and that the IAS Regulation has furthered the move toward establishing a set of globally accepted high-quality standards.