The AASB eventually decided that such a presentation would be in agreement with

The aasb eventually decided that such a presentation

This preview shows page 317 - 320 out of 354 pages.

be incorporated. The AASB eventually decided that such a presentation would be in agreement with AASB 101 (AASB 2007, BC 48). The AASB also discussed the accounting standards dependence on the IMF GFSM, more specifically, the Australian version, the ASB GFSM. In particular, the AASB considered the fact that they had no influence on the IMF, the ABS and, hence, the GFS framework. The PEs and the ABS argued that there were only a limited number of differences and were able to convince the standard setters that the frameworks were moving close and closer together. In addition, the ABS was able to adjust the IMF GFS version to the Australian environment, if appropriate. During the discussions, it was also noted that the ABS followed a policy of close interaction with the IMF and was closely and actively involved with the current review of the IMF GFS. The AASB decided that the financial statements should cross-reference to the relevant ABS GFSM that was used and that remaining differences with GAAP should be disclosed and a
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304 reconciliation provided in the notes of the financial statements (AASB 1049, paragraph 39 and 41). The AASB with the development of AASB 1049, at least one staff from Treasury was seconded to the AASB. When drafting the illustrative financial statements, the AASB received much support in expertise and resources from various - most notably the Commonwealth, the Tasmanian and the Victorian - Treasury Departments. AASB 1049 Financial Reporting of General Government Sectors by Governments was issued on December 2006, which was superseded by AASB 1049 Whole of Government and General Government Sector Financial Reporting in October 2007, which included WoG aspects. It had an operative date of or annual reporting periods beginning on or after 1 July 2008, with early adoption allowed. In March 2010, the AASB began a post-implementation review of AASB 1049, in which no major flaws were identified. One issue, however, arose due to the revised version of the IMF GFSM which now required the measurement of Defence Weapon Platforms (DWP) at fair value. In a letter from 10 January written by the Chief Finance Officer of the Department of Defence, PE A, the department requested and exemption from adopting the latest version of the ABS GFSM and to measure DWP at fair value, arguing that it was not possible to measure the DWP fair value reliably. In September 2006, the AASB had finalised Phase 1 of the project and decided to seek further clarification on the remaining scope of the strategic direction (AASB 2006b), proposing two instead of three phases. In December 2006, the FRC decided that Phase 3 was not necessary to satisfy the FRC strategic direction. As a result, GAAP/GFS harmonisation would not apply to public sector entities that were outside the GGS. No rationale was provided by either the AASB or the FRC officially.
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305 In May 2008, the AASB entered into the second phase of GAAP/GFS harmonisation to consider its application for entities within the GGS. ED 174 Amendments to Australian Accounting Standards to facilitate Harmonisation for Entities within the GGS [AASBs 101, 107 and 1052]
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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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