By David Edgerton APV
Since the implementation of accrual accounting in the public sector there has been significant inconsistencies regarding the interpretation and association application of a range of valuation related aspects of the IFRS and IPSAS standards.
For example, in Australia, over the past 20 years the level of inconsistency has been exacerbated as a number of jurisdictions mandating the revaluation model for the first time and issuing guidance which was not consistent with practices adopted in other jurisdictions or jurisdictions had not updated their guidance despite significant changes in the accounting standards. read more Full PDF Article>>
Pacific Island Countries
Depending on whether and entity is a government department or agency or government owned enterprise, some pacific island countries adopt the IFRS standards (as done in Australia across all sectors) while others follow the IPSAS standards. read more Full PDF Article>>