In March 2016, the International Public Sector Accounting Standards Board (IPSASB) approved the Applicability of IPSASs and a revised Preface to IPSASs, (“Applicability Statement”).

IPSASB in 2018 revised the Applicability Statement which provided high-level characteristics of Public Sector Entities (PSEs) designed to apply IPSASs in the preparation of their General Purpose Financial Statements and replaced the term Government Business Entities with Commercial Public Sector Entities.

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