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. (3 marks)
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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. GPFR must be prepared in compliance with the IPSAS. On the other hand SPFR are those reports prepared to respond to the information requirements of the users that have authority to require the preparation of financial reports that disclose the information they need for their particular purpose. SPFR are prepared in compliance with the requirement of the user and need not to comply with IPSAS.