The guidance will apply to the unique sector-specific aspects of the annual general purpose financial reports, considering accounting issues as well as narrative reports that accompany financial statements.
Evidence for demand for this guidance comes from a 2014 survey, in which 72% of respondents from 179 countries agreed that it would be useful. The International Accounting Standards Board and the International Public Sector Accounting Standards Board are aware and actively observing the development process.
Led by Humentum, a non-profit membership association, and CIPFA, the Chartered Institute of Public Finance and Accountancy in UK, the highly collaborative project design includes engagement with national standard setters and practitioners from every continent.
Download the project description full slide deck here.