ACCOUNTING STANDARDS BOARD: INPUT SOUGHT ON ASSET MEASUREMENT PROPOSALS

ACCOUNTING STANDARDS BOARD: INPUT SOUGHT ON ASSET MEASUREMENT PROPOSALS

• 15 September 2024
• Auditors & Accountants
• SA Legal Academy

The Accounting Standards Board (ASB) has called for input by 8 November 2024 on International Public Sector Accounting Standards (IPSAS) board proposals for amendments to various standards for which the measurement of public sector assets held for operational capacity is deemed relevant.

This is noting that, according to the ASB invitation to comment:

• the ASB aligns its standards of generally recognised accounting practice (GRAP) with IPSAS ‘where appropriate’
• the ASB is invited to comment on all proposed IPSAS amendments
• IPSAS amendments may impact GRAP standards but do not necessarily always do so, and that
• the ASB releases proposed IPSAS amendments so that stakeholders are:
  • informed of new developments, and
  • have an opportunity to contribute to the IPSAS process.

The rationale for proposed amendments to the IPSAS concerned is unpacked in Chapter 7 of the board’s updated ‘conceptual framework for general purpose financial reporting by public sector entities’ (the measurement of public sector assets and liabilities in financial statements), which was published in May 2023.

• Government Gazette notice
• ASB invitation
• IPSAS amendment proposals
• IPSAS board overview of proposals
• IPSAS board updated conceptual framework

Published by SA Legal Academy Policy Watch

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