RÁMCOVÁ OSNOVA PRE FINANČNÉ VYKAZOVANIE SUBJEKTOV VEREJNÉHO SEKTORA URČENÉ NA VŠEOBECNÝ ÚČEL – FÁZA 1

Abstract

Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities belongs to the specific problems of public sector accounting and public sector financial reporting. The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities establishes the concepts that are to be applied in developing International Public Sector Accounting Standards and Recommended Practice Guidelines applicable to the preparation and presentation of general purpose financial reports of public sector entities. The International Public Sector Accounting Standards Board initiated the Conceptual Framework Project in 2006 and this project was completed in 2014. The article deals with requirements that are contained in the four chapters covered by Phase 1 of the Conceptual Framework Project, namely role and authority of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities, the objectives of general purpose financial reporting in the public sector, users of general purpose financial reporting, qualitative characteristics of information in the general purpose financial reports and definition of the reporting entity. The application of the requirements of the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities provides transparency of financial reporting by public sector entities. This means that the general purpose financial reporting of public sector entities provides transparent information that is useful for accountability and decision-making purposes.