Until now, IPSASs and RPGs have included a definition of a Government Business Enterprise (GBE) and a statement that GBEs apply International Financial Reporting Standards. The definition of a GBE has proved ambiguous in places and difficult for preparers to interpret.
The main amendments:
- Provide the characteristics of public sector entities for which IPSAS are designed in the revised Preface;
- Replace the term “GBEs” with the term “commercial public sector entities;”
- Delete the definition of a GBE in IPSAS 1, Presentation of Financial Statements; and
- Amend the scope section of each IPSAS and RPG by removing the paragraph that states that these pronouncements do not apply to GBEs.