| New FAQ on disclosures about Standards that are not yet effective |
|
|
The ASB issued a new FAQ on disclosures related to Standards of GRAP that have not yet been approved by the Minister of Finance for implementation.
Once the Standards of GRAP are issued by the ASB, the Minister of Finance approves their implementation by publishing their effective date in a Gazette.
Paragraphs 32 and 33 of GRAP 3 on Accounting Policies, Changes in Accounting Estimates and Errors require entities to disclose information about Standards of GRAP that are not yet effective. Much of this information is about when an entity plans to adopt the Standard and the potential impact on the financial statements. For those Standards where the Minister of Finance has not determined an effective date, it may not be possible to comply fully with the disclosures in paragraphs 32 and 33. As a result, entities should consider whether any information disclosed about these Standards is relevant to users’ needs.
Access the FAQs.
|
|
|
|
