DISCUSSION PAPER
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Briefing Note from AASP member David Loweth:
Note: For a full understanding please refer to the full text of the Discussion Paper
ASB DISCUSSION PAPER: STATEMENT OF PRINCIPLES FOR FINANCIAL REPORTING V PROPOSED INTERPRETATION FOR PUBLIC BENEFIT ENTITIES (SoP PBE)
The Accounting Standards Board (ASB) issued its Statement of Principles for Financial Reporting (SoP) in December 1999. This sets out the principles that the Board believes should underlie the preparation and presentation of general purpose financial statements.
2. The aim of the Discussion Paper (DP) is to seek comments on the Boards views of the application of the principles in the SoP to entities that are not profit-orientated V termed Public Benefit Entities (PBEs) for the purposes of this document. PBEs can be either private sector or public sector bodies.
3. The Board has stressed that the DP is an interpretation of the SoP, and does not set out separate principles, but rather a re-expression or change of emphasis of some of the principles for application to PBEs.
4. The DP has been prepared after consultation with a working group of consultants, including representatives from the Treasury, Department of Health, NAO and the Audit Commission, and the Boards Public Sector and Not-for-Profit Committee (PSNC), on which the Treasury, Audit Commission and NAO are represented.
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