UPDATE ON THE WORK OF THE TRANSFERS OF FUNCTIONS PROJECT GROUP
DISCUSSION PAPER ISSUED FOR COMMENT

At the November 2007 meeting of the Accounting Standards Board, the Board approved for exposure a Discussion Paper on Transfers of Functions. The comment period closes on the 30th of April 2008. Both the Discussion Paper and Executive Summary are available on the Board’s website.

Discussion Paper on the Transfer of Functions
Transfers of functions are defined in the Discussion Paper as: “The reallocation of government activities and responsibilities between entities by bringing together separate entities or functions into one reporting entity, or by transferring functions between entities”. Transfers of functions are undertaken between entities that are under common control (irrespective of whether or not a purchase consideration is paid), or between entities that are not under common control but no purchase consideration is paid.
As no national or international guidance exists on transfers of functions, the Board issued a Discussion Paper as the first phase of the project. A proposed Standard of GRAP on Entity Combinations will be issued in due course which will complement the guidance issued on transfers of functions.
Broadly, the Discussion Paper deals with definitions of entity combinations and transfers of functions, and proposes measurement and disclosure requirements for transfers of functions.

Transfer of Function Project Summary

Transfer of Functions - Update

Update_on_Transfers_of_Functions_-_October 2008