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- 5 Marks
Question
In line with the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities issued by the International Public Sector Accounting Standards Board (IPSASB), explain the difference, if any, between a General-Purpose Financial Report and a Special-Purpose Financial Report.
Answer
- General-Purpose Financial Report (GPFR): These are financial reports prepared to meet the needs of users who do not have the authority to require reports tailored to their specific information needs. GPFRs must comply with IPSAS.
- Special-Purpose Financial Report (SPFR): These are financial reports prepared to meet the specific needs of users who have the authority to require tailored reports. SPFRs do not need to comply with IPSAS but must satisfy the requirements of the users.
- Tags: Financial Reporting, IPSAS, Public Sector, Special-Purpose Reports
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2020
- Uploader: Joseph