The objective of measurement is to select those measurement bases that most fairly reflect the cost of services, operational capacity, and financial capacity of the entity in a manner that is useful in holding the entity to account and for decision-making purposes. Measurement Bases for assets in line with the Conceptual Framework of General-Purpose Financial Report. SPFR are prepared in compliance with the requirement of the user and need not comply with IPSAS. On the other hand, SPFR are those reports prepared to respond to the information requirements of the users that have the authority to require the preparation of financial reports that disclose the information they need for their particular purpose. GPFR must be prepared in compliance with the IPSAS. ![]() GPFR are financial reports prepared primarily to respond to the information of users who do not possess the authority to require a public entity to disclose the information they need for accountability and decision-making purposes. ![]() In line with the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities issued by International Public Sector Accounting Standards Board (IPSASB) explain the difference, if any, between a General-Purpose Financial Report and a Special Purpose Financial Report.
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