But this thing called statistic s it often causes accounts to say that its not

But this thing called statistic s it often causes

This preview shows page 314 - 316 out of 354 pages.

But this thing called statistic s, it often causes accounts to say that it’s not real accounting. What they don’t appreciate is that it is real accounting but it’s just statistical means to gather the data. Does that make sense to you? I: Yeah I think so. P: And it’s really important to no discredit or to disregard the GFS stuff because it’s not really about statistics, that just the means in which they gather the data, summon the data. And there is a fully fledged accounting system within that. I: Yes. So actually one of the decisions the AASB made when they developed the standards was that I think because of that, we are taking the accounting principles from GAAP because they weren’t described in the GFS. P: That’s right. Because GFS, the bunch of Australians over in Washington, wor king for the IMF I think, who put SOA together and they interestingly and if you ever talk to some of those guys, that would be interesting, because they are party to all of this. They basically looked back and said that we need to get some accounting rules in here, where do we get them from? go ing way back, I’d say it’s the budgeteers versus the accountants and had they been talking more right at the outset we might not have the situation that we’ve got. Who knows, accounting might have gone to GFS or GFS might have gone to GAAP or there would have been an amalgam.
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301 APPENDIX 8: GAAP/GFS harmonisation since the strategic direction The FRC’s strategic direction for GAAP/GFS harmonisation originally anticipated an implementation date for 2005. The project, however, was only concluded in May 2013, eight years after its originally planned finalisation date and ten years after the strategic direction. The main discussions and decisions 64 of the project are briefly recaptured in the following paragraphs to offer a more complete picture of the project. After the final version of the strategic direction was issued, the AASB considered the way in which it should be interpreted and decided that GAAP/GFS harmonisation should be applied across the public sector and the standard should be developed in two stages. Stage one would consider the whole-of government level and general government sector level, stage two would consider all other public sector entities, including government departments, local government, universities and government business enterprises (AASB 2003b). The AASB further decided that the direction did not direct the AASB to develop a budgetary reporting standard (AASB 2003b). Further, it decided that the directive meant” convergence [of GAAP and GFS] to a high quality standard” (AASB 2003b). They also noted the importance of regard to other international standard setting bodies, including the IASB, the IPSASB and the IMF (AASB 2003b). The AASB started an extensive consultation process, including the establishment of a Project Advisory Panel (PAP) and a reference committee that worked closely with the HoTARAC working group.
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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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