Finance Sub 8 Follow up submission July 2001 No No Importance of

Finance sub 8 follow up submission july 2001 no no

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Finance (Sub 8) Follow-up submission (Sub 13, 26 July 2001) No No Importance of clear read between GFS and GAAP information No No No Discussion of existing issues due to GAAP and GFS: Divergence from GAAP to GFS treatment may lead to audit qualification Does not mention GAAP/GFS harmonisation Treasury (Sub 9, June 2001, Follow up (sub 19) Raises need for consideration of whether ANAO should audit GFS and timing of audit Improvement of budget documentation (including both GFS and GAAP reports): Presentation on GFS basis No No No Large section explaining responsibilities of Treasury (GFS) and Finance (GAAP, WoG) and differences in GAAP and GFS Explains why budget are primarily presented in GFS basis: To improve readability Does not mention GAAP/GFS harmonisation Does not mention GAAP/GFS harmonisation 26 June 2001 AASB AASB meeting, Presentations by staff from ABS and discussion with HoTARAC representative No sufficient evidence Yes No evidence No evidence deferral of decision on status of the project to later meeting September 2001 AASB Annual Report Not applicable No evidence No evidence No evidence Project transferred to 2001-2002 work program June 2002 JCPAA Report 338 Review of the Accrual Budget PE A and PE B and Robert Edwards There should be no difference between Underlying purpose of review: the difficulty was that the GFS originated from the IMF system Reports note dissatisfaction with minority public sector
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311 Date Organisation Event Attendance/ involvement of PEs and members of epistemic community Consideration of cognitive substance Consideration of normative substance, value acceptance Consideration of future constraints Other Documentation Joint Committee of Public Accounts and Audit cited as promoting GAAP/GFS harmonisation GAAP and GFS presentation (JCPAA 2002, pp. 78-80) Committee supports greater harmonisation Final Budget Outcome (GFS based ex-post statements) should be audited Greater consistency, comparability, less aggregation of national accounts, so achieving change would require international liaison (paragraph 6.74) representation at AASB and concludes that greater representations might be beneficial (JCPAA 2002, p. 80) Recommendation: Final Budget Outcome (GFS based ex-post statements) should be audited May- October 2002 Finance Treasury Budget Estimates and Framework review (BEFR) Finance PE A Recommendation for GAAP/GFS harmonisation¹ Thorough assessment of the budget estimates and advice system and canvass ways to improve the accuracy, responsiveness and effectiveness of the Australian Government’s budget estimates and framework system. Assist agencies to improve financial management and reporting within their own organisation Thorough assessment of the budget estimates and advice system and canvass ways to improve the accuracy, responsiveness and effectiveness of the Australian Government’s budget estimates and framework system. Assist agencies to improve financial management and reporting within their own organisation No ¹Interviewees suggested that GAAP/GFS harmonisation was a recommendation of BEFR.
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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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