Accountants, ATO officers honoured on the Queen s birthday accountantsdaily.com.au - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountantsdaily.com.au Daily Mail and Mail on Sunday newspapers.
ICAEW’s public sector team examines some key differences between International Financial Reporting Standards and International Public Sector Accounting Standards, and the suitability of each in public sector financial reporting.
Financial reporting is the process of recognising, measuring and disclosing information that enable users to get an informed view of the financial position and performance of an entity that should allow them to make useful decisions and hold the entity to account. Measurement goes right to the heart of financial reporting and can involve complex models and judgement and can therefore be quite subjective.
In April 2021, the International Public Sector Accounting Standards Board (IPSASB) issued an exposure draft on a new measurement standard covering all major measurement bases and techniques. There is an International Financial Reporting Standard (IFRS) on fair value (IFRS 13) but fair value is just one of many measurement bases available.
IPSASB proposes changes in public sector accounting accountingtoday.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from accountingtoday.com Daily Mail and Mail on Sunday newspapers.
Yunusa Tanko Abdullahi
While it is likely that the best pursuits in life for many have yet to be discovered, every person can however make his or her own job title. Therefore, the best quest in life, for each person, is the one that they believe in, and for which they would sacrifice every other thing.
For Alhaji Ahmed Idris, the Accountant-General of the Federation (AGF), it appears he knew he could be a better accountant, a career for which he would sacrifice many other things. He pretty much only needed his hands and mind; this certainly being a lifetime mission for results-oriented administrator in pursuit of excellence for his career satisfaction.
Public sector financial reporting updates: UK and International 1 March 2021: ICAEW’s Public Sector team highlights key public sector financial reporting updates covering the UK and International Public Sector Accounting Standards.
UK Central Government updates for 2020/21 reporting cycle
HM Treasury has decided to reduce the reporting requirements for departments and other government entities for the upcoming March year end. The impact of COVID is still being felt, with many finance teams remaining stretched with little spare capacity to implement new financial reporting requirements.
They have set out the minimum reporting requirements in a separate addendum to the 2020-21 Financial Reporting Manual (FReM), a copy of which can be found here. It should be noted that the reduced reporting requirements are only in place for 2020-21 and only relate to non-audited elements of the annual report. Furthermore, departments that plan to streamline their