FOUR-QUADRANT_BALANCE_SHEET_MATRIX/docs/GAPS_AND_MISSING.md

Complete IPSAS and FQBM Matrix — Gaps and Missing

This document lists all remaining IPSAS standards and all FQBM/Matrix gaps and missing elements as of the current codebase. It extends IPSAS_COMPLIANCE.md.

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Part A — IPSAS: Full standards list and status

#	Standard	Status	Gap / note
CF	Conceptual Framework	Partial	A = L + E aligned; no revenue/expense/definition of surplus.
1	Presentation of Financial Statements	Supported	Structure + current/non-current in fqbm.ipsas.presentation.
2	Cash Flow Statements	Structure only	Template in cash_flow_statement_structure(); no activity classification from FQBM.
3	Accounting Policies, Changes in Estimates and Errors	Missing	No policy note, prior-period adjustment, or error correction.
4	Effects of Changes in Foreign Exchange Rates	Partial	S and pass-through only; no translation of FC assets/liabilities, no FX gain/loss disclosure.
5	Borrowing Costs	Missing	No borrowing-cost capitalisation or expense classification.
6	Consolidated and Separate Financial Statements	Partial	Sectoral (CB, bank) and consolidated view in presentation; no control definition or full consolidation mechanics.
7	Investments in Associates	Missing	Not applicable to core FQBM; no equity method.
8	Interests in Joint Ventures	Missing	Not applicable; no joint arrangement.
9	Revenue from Exchange Transactions	Missing	No revenue recognition or measurement.
10	Financial Reporting in Hyperinflationary Economies	Missing	No hyperinflation restatement (FQBM has inflation π but not restatement).
11	Construction Contracts	Missing	Not applicable to monetary/financial core.
12	Inventories	Missing	Not applicable.
13	Leases	Missing	Not applicable to core; no right-of-use asset/lease liability.
14	Events After the Reporting Date	Missing	No adjustment vs disclosure classification.
15	Financial Instruments: Disclosure and Presentation	Partial	Presentation only; no disclosure (maturity, risk).
16	Investment Property	Missing	Not applicable.
17	Property, Plant, and Equipment	Missing	Not applicable; no PP&E or depreciation.
18	Segment Reporting	Missing	No segment definition or segment P&L.
19	Provisions, Contingent Liabilities and Contingent Assets	Missing	No provisions or contingencies.
20	Related Party Disclosures	Missing	No related party identification or disclosure.
21	Impairment of Non-Cash-Generating Assets	Missing	Not applicable to financial core.
22	Disclosure of Financial Information About the General Government Sector	Partial	Sectoral structure supported; GGS boundary and entity list external.
23	Revenue from Non-Exchange Transactions	Missing	No tax/transfer revenue.
24	Presentation of Budget Information in Financial Statements	Structure only	Template in budget_vs_actual_structure(); budget data external.
25	Employee Benefits	Missing	Not applicable to core.
26	Impairment of Cash-Generating Assets	Missing	No impairment model.
27	Agriculture	Missing	Not applicable.
28	Financial Instruments: Presentation	Partial	Asset/liability split in statement of financial position.
29	Financial Instruments: Recognition and Measurement	Missing	No measurement basis (amortised cost, FVOCI, FVPL) or ECL.
30	Financial Instruments: Disclosures	Missing	No risk or maturity disclosure.
31	Intangible Assets	Missing	Not applicable.
32	Service Concession Arrangements: Grantor	Missing	Not applicable.
33	First-Time Adoption of Accrual Basis IPSAS	Missing	Not applicable (no full IPSAS adoption).
34	Separate Financial Statements	Partial	Entity-level (CB, bank) supported.
35	Consolidated Financial Statements	Partial	Consolidated layout; no full consolidation rules.
36	Investments in Associates and Joint Ventures	Missing	Not applicable.
37	Joint Arrangements	Missing	Not applicable.
38	Disclosure of Interests in Other Entities	Missing	No disclosure.
39	Employee Benefits	Missing	Not applicable.
40	Public Sector Combinations	Missing	Not applicable.
41	Financial Instruments	Missing	No classification, measurement, or ECL.
42	Social Benefits	Missing	Not applicable.
43	Leases	Missing	Not applicable.
44	Non-Current Assets Held for Sale and Discontinued Operations	Missing	Not applicable.
45	Property, Plant, and Equipment	Missing	Not applicable.
46	Measurement	Missing	No measurement basis (historical, FV, etc.).
47	Revenue	Missing	No revenue model.
48	Transfer Expenses	Missing	No transfer expense.
49	Retirement Benefit Plans	Missing	Not applicable.
50	Exploration for and Evaluation of Mineral Resources	Missing	Not applicable.
Cash basis	Financial Reporting Under the Cash Basis	Missing	No cash-basis statement.
RPG 1	Long-Term Sustainability of an Entity's Finances	Partial	Debt sustainability (r−g) in sovereign module; no full RPG 1 disclosure.
RPG 2	Financial Statement Discussion and Analysis	Missing	No narrative.
RPG 3	Reporting Service Performance Information	Missing	Not applicable.
SRS 1	Climate-related Disclosures	Missing	Not applicable.

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Part B — FQBM / Four-Quadrant Matrix: Gaps and missing

B.1 State vector and identities

Item	Status	Note
L_cb (central bank loans)	Added	FQBMState.L_cb (default 0); central_bank_step updates L_cb; matrix uses state.L_cb.
Open-economy split A_dom / A_ext, L_dom / L_ext	Added	open_economy_view(A_dom, A_ext, L_dom, L_ext, E) in fqbm.state returns identity check and totals.
Reporting period / reporting date	Added	FQBMState.reporting_date (optional); statement_of_financial_position(..., reporting_date=) uses state.reporting_date when not passed.

B.2 Four-quadrant matrix (Part I)

Item	Status	Note
Explicit four-quadrant layout	Added	fqbm.matrix.four_quadrant_matrix(state) and four_quadrant_summary(state) return the 4-column matrix and identity check.
Quadrant balance checks	Added	Summary includes identity_A_eq_L_plus_E.
Cross-sector consistency	Partial	CB and bank identities implemented; no automatic check that matrix totals equal sectoral sums.

B.3 White paper parts not implemented

Part	Topic	Status	Gap
VII	Shadow banking and leverage	Integrated	leverage_ratio() in dashboard ratios; margin_spiral_risk() available; repo multiplier not modeled.
VIII	Derivatives clearing and CCP	Integrated	run_workbook(ccp_params=CCPParams(...)) returns result["ccp"] with identity and waterfall flag.
IX	CBDC and digital reserve architecture	Integrated	run_workbook(cbdc_params=CBDCParams(...)) applies deposit/reserve shift; result["cbdc"] has cbdc_liability.
XI	Historical case expansion	Partial	Presets (1997, 2008, 2020, 2022) in scenarios; no narrative or coded “case” outputs.

B.4 IPSAS presentation structures added (templates only where no FQBM data)

Item	Status	Location
Statement of financial position (IPSAS 1)	Supported	statement_of_financial_position()
Budget vs actual (IPSAS 24)	Structure	budget_vs_actual_structure()
Cash flow statement (IPSAS 2)	Structure	cash_flow_statement_structure()
Statement of financial performance	Structure	statement_of_financial_performance_structure()
Four-quadrant matrix	Supported	fqbm.matrix.four_quadrant_matrix()

B.5 Other missing

Item	Status
Statement of changes in net assets/equity	Added
Notes to the financial statements	Added
Comparative period	Added
Functional currency / presentation currency	Missing.
Financial instrument maturity breakdown	Added
Interest rate sensitivity	Partial
Credit risk / ECL disclosure	Partial
FX translation of FC positions	Added
Cash flow from balance sheet changes	Added

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Part C — Implementation checklist (done vs to do)

Done

• IPSAS 1 statement of financial position (CB, bank, consolidated); uses state.L_cb and state.reporting_date.
• IPSAS 24 budget vs actual template.
• IPSAS 2 cash flow statement template; cash_flow_from_state_changes(state_prev, state_curr) infers amounts from Δstate.
• Statement of financial performance template.
• Statement of changes in net assets template.
• FX translation: fx_translate(fc_amount, S_prev, S_curr).
• Four-quadrant matrix and summary; L_cb from state.
• L_cb in state: FQBMState.L_cb and reporting_date; central_bank_step updates L_cb; differential model 12-element vector.
• Open economy: open_economy_view(A_dom, A_ext, L_dom, L_ext, E).
• Part VII: Leverage ratio in dashboard; run_workbook exposes shadow metrics.
• Part VIII: run_workbook(ccp_params=CCPParams(...)) returns result["ccp"].
• Part IX: run_workbook(cbdc_params=CBDCParams(...)) applies deposit/reserve shift; result["cbdc"].

Optional work (completed)

1. Part VII: repo_multiplier(initial_collateral, haircut, rounds) and margin_spiral_simulation(...) in fqbm.sheets.shadow_banking.
2. Part VIII: variation_margin_flow(mark_to_market_change) and ccp_clearing_simulation(vm_calls_per_period, liquidity_buffer_start) in fqbm.sheets.ccp.
3. IPSAS: notes_to_financial_statements_structure(); statement_of_financial_position_comparative(state_prior, state_current, entity); maturity_risk_disclosure_structure() in fqbm.ipsas.presentation.

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References

• IPSAS_COMPLIANCE.md — Scope and how to use the IPSAS layer.
• IPSASB (2025). Handbook of International Public Sector Accounting Pronouncements. IFAC.
• White paper: Four-Quadrant Balance Sheet Matrix, Parts I–XVI.