In the absence of an IPSAS that specifically applies to a transaction, event or condition, management shall use judgment in developing and applying an accounting policy that results in information that: select all that apply.

$$ Is relevant to the decision$-$making needs of users

$$ Reflects the economic substance of transactions, other events and conditions, and not merely the legal form

$$ Faithfully represents the financial position, financial performance, and cash flows of the entity

$$ Reflects the current economic climate