186 There was evidence about discussion of the lack of audit of GFS statements

186 there was evidence about discussion of the lack

This preview shows page 200 - 202 out of 354 pages.

186 There was evidence about discussion of the lack of audit of GFS statements. Evidence pointed to these discussions from 1998 onwards (refer section This particular issue, could however, have been addressed separately. It could have been proposed that GFS statements should be subjected to audit without the need for a harmonised standard. Rather, it appears that involved Commonwealth bureaucrats anticipated issues due to the dual reporting regime during the preparation of the papers of the first budget cycle in which both GAAP and GFS accrual reports were imposed to the Commonwealth. In early 1999, however, the issues and the policy solution were not clearly identified and, in particular, not clearly communicated , in the policy and political arena. The standard setting agenda from 1996-2002 The analysis of data from interviews and minutes about the PSASB in the late 1980 to 1999 did not indicate that GAAP/GFS harmonisation was a project that was considered by the PSASB. Instead, the PSASB was mainly occupied with developing and reviewing the three public sector specific accounting standards AAS 27 Financial Reporting by Local Governments (AAS 27), AAS 29 Financial Reporting by Government Departments (AAS 29) and AAS 31 Financial Reporting by Governments (AAS 31). In addition, from the mid-1990s, the PSASB and the AASB cooperated on “conceptual documents and proposed standards and the differences between the two sets of standards were not extensive” (Simpkins 2006, paragraph 3.2) . The ‘sector - neutral approach’ 52 to accounting standard setting contributed to the limited choice in what the PSASB was able to consider. For example, the PSASB work program for 52 Simpkins (2006, paragraph 3.14) used the term ‘sector - neutrality’ . Since then, however, the AASB has a preference for the term “transaction neutrality” to reflect that transactions should be treated equally, irrespective of the sectors they occur in.
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187 1998 shows five projects. They were the ‘Review of AAS 29’, the ‘Review of AAS 31’, ‘Land Under Roads’, ‘Related Parties of Public Sector Entities’ and ‘Not For Profit Entities’ . The AASB activities listed in its 1998 Annual Report contain eleven Exposure Drafts and one Invitation to Comment developed in conjunction with the PSASB. A PSASP (Interview 12/12/2011) member recalled: “We were very focussed on improving finance reporting in the public sector across the board, so that’s government, whole of government right through to your Federal, State and local agencies and so on. So that was the focus to improve GAAP reporting. This [GAAP/GFS] harmonisation potential was very much a peripheral issue for us. […] We had a big job on our hands to try and reform financial reporting in the public sector [the adoption of accrual accounting; clarification inserted by the author], and that was tough. It was a challenge technically but it was a bigger challenge politically to get it done.
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  • Fall '13
  • Government, The Land, International Financial Reporting Standards, Financial Accounting Standards Board, Australian Accounting Standards Board, Snow

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