Withdrawal of government specific standards

Article Abstract:

Accounting standards (AAS27 Financial Reporting by Local Governments, AAS 29 Financial Reporting by Government Departments, and AAS 31 Financial Reporting by Government) in line with those applicable to private sector are being implemented on government agencies in Australia. Implications of these standards are discussed. The issues related to these public sector standards are also examined.

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Public sector is different

Article Abstract:

A review of the new accounting standards relating to public sector accounting is presented. An attempt is made by these standards to bring public sector accounting in Australia on par with private sector. However, there are some dissimilarities also. These differences that make public sector different from private sector are highlighted, and accounting issues arising there from are raised.

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Debt v equity: the banana skin

Article Abstract:

The classification issues related to debt and equity in International Accounting Standards are discussed. The pitfalls therein for Australian entities are also highlighted.

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