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International Public Sector Accounting Standards Board Financial Statement Discussion and Analysis Approve Exposure Draft March 2012 Page 1 | Confidential and Proprietary Information March 2012 IPSASB Meeting Financial Statement

International Public Sector Accounting Standards Board Financial Statement Discussion and Analysis – Approve Exposure Draft March 2012 Page 1 | Confidential and Proprietary Information
March 2012 IPSASB Meeting – Financial Statement Discussion and Analysis Objective of Session • Approve ED 47, Financial Statement Discussion and Analysis (Agenda Paper 4.1) – Agreement on mandatory IPSAS – Page-by-page review of proposed ED Page 2 | Confidential and Proprietary Information
March 2012 IPSASB Meeting – Financial Statement Discussion and Analysis Past decisions (tentative) of the IPSASB • Mandatory IPSAS for all IPSAS-compliant financial statements – FSDA assists users to understand the financial statements and is necessary for accountability • FSDA published in conjunction with the entity’s financial statements (thus same reporting period and reporting entity) but not a component of the financial statements per IPSAS 1 • FSDA should meet qualitative characteristics (QCs) in IPSAS 1 • Overall considerations for the guidance for structure, minimum requirements for the content and presentation • But, sufficient flexibility to allow tailoring of the financial statement discussion and analysis to specific circumstances • Implementation Guidance and Illustrative Example provided • Balance between guidance and being prescriptive about content • Specific Matters for Comment as for views on whether this guidance is useful Page 3 | Confidential and Proprietary Information
March 2012 IPSASB Meeting – Financial Statement Discussion and Analysis Agreement on Mandatory IPSAS • The ED proposes a mandatory IPSAS (para. 2 of draft ED) – FSDA is considered crucial to users’ understanding of the GPFS • In December 2011, the IPSASB asked staff to consult with IAASB on the audit implications of publishing a mandatory IPSAS, which have until now applied only to the financial statements • Will mandatory requirement affect adoption of IPSASs? – No audit implications (see Agenda Paper 4.3) – FSDA is “other information” under IAASB’s International Standards on Auditing (ISAs) – Phrase “in conjunction with” used to describe relationship in the draft ED (Per IPSAS 24 wording) – Consequential changes to IPSAS 1 to clarify relationship of financial statement discussion and analysis to the financial statements – Basis for Conclusions (BC4- BC12) explain IPSASB’s rationale Page 4 | Confidential and Proprietary Information

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