NZASB Meeting 24 November 2017
Date And Time
- Level 7
50 Manners Street
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Here is a summary of the main matters considered.
Accounting for Revenue and Non-Exchange Expenses
The NZASB considered a draft comment letter on the International Public Sector Accounting Standards Board (IPSASB) Consultation Paper Accounting for Revenue and Non-Exchange Expenses (the CP). The Board provided feedback on its draft comment letter.
The Board also considered the Working Group’s feedback to apply the Public Sector Performance Obligation Approach (PSPOA) to revenue and expense transactions where the arrangements have no performance obligations, but have specific stipulations over use and enforcement mechanisms.
The Board agreed to retain the NZASB’s proposed framework, which applies a PSPOA to revenue and expense transactions involving the transfer of specific goods or services to an external party. However, the Board agreed that its submission should explain more fully its consideration of this category of transactions and its proposed approach.
At the next meeting, the Board will consider a revised comment letter.
Comments for the CP are due to the IPSASB by 15 January 2018.