by David Edgerton APV

Introduction
With the recent publication of IPSASBs new standards on Infrastructure and Measurement, it is appropriate to summarise the key changes from the old IPSAS17 Property Plant and Equipment and reflect on how the new IPSAS requirements differ from the existing IFRS valuation requirements. While there is a conceptual difference with IPSAS being an ‘entity specific entry price’ and IFRS being an ‘exit price at highest and best use’, in reality, almost of all of the requirements once the replacement cost of market value is determined are the same. This includes disclosures and the calculation of depreciation expense. read more Full PDF article >>

By David Edgerton APV

Historical Inconsistencies
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>>

Su'a inducted in Auckland
Su'a inducted in Auckland

Tagaloa Fa'afouina Su'a inducted in the college of Chartered Accountants (CA) for Chartered Accountant Australia & New Zealand (CAANZ) last night at a ceremony held Cordis Hotel in Auckland CBD.

VAGST THRESHOLD IN SAMOA

All business with sales over $130,000.00 per annum requires registration for VAGST at Ministry for Revenue.

 

  • You are here:  
  • Home