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Australian strategy on public sector entities

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17 Nov 2005

The Australian Accounting Standards Board (AASB) has published a Strategy Paper on Australian Accounting Standards and Public Sector Entities, including not-for-profit and governmental entities.

Australian Accounting Standards (AASs) include Australian equivalents to IFRSs (A-IFRSs). Currently, the A-IFRSs specify the extent to which they are applicable to public sector entities. In addition, there are some AASs that are not A-IFRSs that are applicable to not-for-profit entities (for example, a standard on contributions). Overlaying all of these Standards are three 'industry-based standards' dealing with financial reporting by governments, and these effectively override AASs and A-IFRSs. The Strategy Paper acknowledges that these three industry standards "have not kept up with contemporary accounting thought". Accordingly, the Strategy Paper proposes to withdraw the three industry standards for years ending on or after 30 June 2007, with early adoption of the effect of withdrawal permitted. After withdrawal, AASs and A-IFRSs would apply in their own right to public sector entities. Click to download the (PDF 83k).

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