So I hesitate to add our credibility to some of those numbers some of the time

So i hesitate to add our credibility to some of those

This preview shows page 238 - 240 out of 354 pages.

downturns. So I hesitate to add our credibility to some of those numbers some of the time, but of course we would be guided by the parliament at the end of the day.” Another indication of the ANAO’s attitude for GAAP/GFS harmonisation was provided at a SFPALC hearing from 10 February 2003 (SFPALC 2003b, emphasis added): “Senator CONROY [The FRC strategic direction] stated: The strategic direction agreed by the FRC involves including within Australian GAAP applicable to the public sector, the key features of the GFS framework. Do you think that is a broad direction, or is it a standard setting? To me, that is directing content; what do you think it is directing? Mr Barrett Let me answer that indirectly by saying that one interpretation of that is a reflection of the view that there should be harmonisation and that is clearly what the government has asked to occur between the GFS framework and the Australian GAAP. As I said earlier, in principle I do not think any of us disagrees with that. The question goes to how that occurs. One suggestion was simply, ‘Why don’t you adopt GFS and that would be the end of the matter?’ Quite frankly, the basis of the GFS, as we have already said, reflects more or less the economic transactions rather than the basic accounting transactions. So the Australian National Audit Office would not regard that as a desirable way to go .”
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225 At the federal level at least, it appears that the auditors were willing to audit GFS or GAAP/GFS harmonised figures, if the governments requested them to do so. According to interviews with two ACAG members and PE A and D, the Commonwealth Auditor-General and Deputy Auditor-General were supportive of the GAAP/GFS harmonisation process. When exactly that support began, could, however, not be determined. With the Commonwealth Auditor- General’s support, the PEs lobbied ACAG. Interviews with two members of ACAG suggested that despite the fact that such a reform could potentially result in major change and re-training of staff, ACAG members generally supported GAAP/GFS harmonisation. The interviewees also agreed that there was no resistance to GAAP/GFS harmonisation within the group. ANAO or ACAG’s consideration of GAAP/GFS harmonisation appear to have focused on their responsibilities as a consequence of changes in the regulatory environment. The only evidence of consideration of cognitive aspects prior to the FRC strategic direction was the difficulty in auditing forward looking information. The normative argument that GFS statements should be audited was acknowledged. ACAG members also acknowledged that one harmonised standard would result in improved public sector reporting. There was limited evidence of any consideration of future constraints, such as the need for additional resources and expertise to perform audits of GFS data.
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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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