Public sector accounting: developing new standards

Article Abstract:

The Public Sector Committee of the International Federation of Accountants' objective is to implement a group of international financial reporting standards for the public sector in the year 2001. Four sets of standards will related to four accounting bases: cash basis, modified cash basis, modified accrual basis, and full accrual accounting. The standards are to be based on International Accounting Standard Committee guidelines.

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Enter the new age public sector CPA

Article Abstract:

Australian treasurer Eric Ripper, inaugural patron of CPA Australia's WA public sector committee, introduced a new treasurer's instruction (TI 824) that requires principal accounting officers to be suitably qualified people. The new instruction promotes membership of CPA Australia or an equivalent professional accounting organisation

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Meanwhile in the country

Article Abstract:

Farmers in Australia face a risk in rural and regional businesses due to extended periods without rain, which leads to water restrictions and drought. A huge amount of support is required from the financial institutions for farmers to get back on their feet.

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