ED 77, Measurement proposes new guidance in a single standard which addresses how commonly used measurement bases are applied in practice. The ED brings in generic guidance on fair value for the first time, and it proposes a public sector specific current value measurement basis to respond to stakeholder views that a new measurement basis is required as an alternative to fair value for assets held for their operational capacity.

The International Public Sector Accounting Standards Board® (IPSASB®) has issued Exposure Draft (ED) 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements.

ED 76 proposes a measurement hierarchy to steer the IPSASB in developing standard-level measurement guidance and to help stakeholders apply the principles in practice.