here is an issue that had never been bought to their attention and I just

Here is an issue that had never been bought to their

This preview shows page 312 - 314 out of 354 pages.

here is an issue that had never been bought to their attention and I just happened to be a person that understood macroeconomics, I understood financial accounting and was able to bring that perspective to the table. We were on this train together, we were over at the OECD and it was an accountant and an economist of the train to London, thinking about this problem, this reporting problem and it was the connection between, you know, micro economics and macroeconomics and reporting SG’s and so on and it just said, we have got to fix this, we have got to bring it together. And really for me, if you like, you know, accounting for companies is not what should have been applied to the Commonwealth. I: Yeah. P: Because this is not a company trying to make a profit. I: Yeah. P: This is not a company trying to increase shareholder value. And these are the sort of concepts that I put to Extract: Interview 17/11/2011 P: Yeah. So [Y] is sort of accounting policy person. And in this sort of debate between the economists and the accountants, [Y] was my internal accountant person on the opposite side of the debate to where I was. The other person, perhaps, to talk to is [X], who's the Deputy Secretary of the [State], who went through all that as a more of a GFS type person. […] So [Y] reports to [X]. I: Oh, right. Extract Interview 3/12/2010 I: And do you actually think that there was a desire from Heads of Treasury initially to have a stronger focus on GFS? P: I think definitely, reflecting where most Heads of Treasury came from. They had a strong preference to, if anything, getting the accounting profession to adopt as much as Extract Interview 23/02/2010 I: But from your understanding, who were the key initiators of the GAAP/GFS Harmonisation Project? P: Well, all I can say is the FRC, because that’s all I understand it to be. Behind that I would say it would be the public sector members on the FRC at the time and the primary one would be [PE C] but behind that, I don’t
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299 the FRC. [The IASB Chairman] is a macroeconomist as well and his response was, “[PE A], of course that’s the case.” He said, “I never want, I don’t want IFRSs to apply to government.” He said, “Somewhere down the track, you know, we may look into government but we can’t get there yet.” But interestingly, very much of IFIRIS is born out of macroeconomics, it is not born out of you know, traditional accounting for companies, you know, so... I: Can you give me an example? P: Well you know, the whole evaluation thing. I: Yeah. P: One of the important things that you know, and leases are a very good example as well. You know, in a macro, in GFS or in a macroeconomic construct, increased wealth if you like or value that comes from the evaluation adjustment as opposed to transactional activity, yeah, no difference there.
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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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