The ASB held its Board meeting on 29 September 2022. At the meeting, the following pronouncements were approved: Amendments to GRAP 1 on Presentation of Financial Statements to better explain how going concern should be assessed and improve the disclosures in the financial statements. The GRAP Reporting Framework for financial years commencing on or after 1 April 2023. The Board continued its deliberations on social benefits. The discussions focused on whether a distinction is needed between contributory and non-contributory benefits, and if a liability should be recognised at different points for contributory and non-contributory schemes.
The ASB’s policy is to converge with IPSAS, where this is consistent with the ASB mandate and supports its strategy. Based on an analysis of IPSAS 40 on Public Sector Combinations and the Standards of GRAP on mergers and transfers of functions, the Board agreed to retain the Standards of GRAP. The substantive principles in IPSAS 40 and the Standards of GRAP are the same. Where differences were identified, amendments will be proposed to the Board in March 2023.
The meeting highlights are available here. |
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