Name : Satyarani Safira

NIM : 17312042

Questions :
Please identity and summarize the significant differences and similarities in term of
Conceptual Framework between those two. 

The public sector has been undertaking broad reforms in the public sector accounting
– not only since the global finance crisis. International Public Sector Accounting Standards
(IPSAS) are high-quality global financial reporting standards for application by public sector
entities other than government business enterprises (GBEs). Accrual-based IPSAS set out
recognition, measurement, presentation and disclosure requirements dealing with transactions
and events in general purpose financial statements. IPSAS is the only accepted standard for
public sector accounting. Meanwhile, Indonesia has its own accounting standards for
government organizations, it is called IGAS (Indonesia Government Accounting
Standards)

1. The significant differences in term of Conceptual Framework

Both of the standards has their significant differences between each other in term of
Conceptual Framework, for instance :
 The Objective
In IPSAS the objectives is to establishes the concepts that are to be applied in developing
International Public Sector Accounting Standards (IPSASs) and Recommended Practice
Guidelines (RPGs) applicable to the preparation and presentation of general purpose financial
reports (GPFRs) of public sector entities. Meanwhile, in IGAS This Conceptual Framework
formulates the concept which underlies the preparation and presentation of the central and
local government financial reports.

 The Scope
In IPSAS, the scope discusses only the general thing for the framework, meanwhile in IGAS,
it talks more about the government accounting environment. In IGAS it also discusses basic
assumptions, the qualitative characteristics that determine the usefulness of the information in
the financial reports, the principles, as well as the constraints of accounting information;
meanwhile in the IPSAS, the standards does not apply to condensed interim financial
information.

 The Components of Financial Statement

In IPSAS the component of Financial Statement covers :
a. A statement of financial position;
b. A statement of financial performance;
c. A statement of changes in net assets/equity;
d. A cash flow statement;
e. When the entity makes publicly available its approved budget, a comparison of budget and
actual amounts either as a separate additional financial statement or as a budget column in the
financial statements;
f. Notes, comprising a summary of significant accounting policies
and other explanatory notes.

Meanwhile, in IGAS the component of Financial Statement covers :

a. Budget Realization Report (LRA);
b. Statement of Changes in the Excess Budget Balance
c. A statement of financial position;
d. A statement of Operations
e. A statement of changes in net assets/equity,
f. A cash flow statement,
g. Notes to the Financial Statements.
h. Statutory report (In addition to the principal financial statements reporting entity shall
present other statements and/or accounting information elements required by the provisions
of laws and regulations)

So, although there are some of same component of financial statement in both IPSAS and
IGAS, but there are also some significant difference in terms of the elements of financial
statement between the IPSAS and IGAS, for instance is that in IGAS there are Budget
Realization Report (LRA); and Statement of Changes in the Excess Budget Balance while in
IPSAS those two does not exists.