• Accounting for heritage assets is under review internationally

    Accounting locally for heritage assets GRAP 103 Heritage Assets is applied to recognise, measure and disclose information on heritage assets. Heritage assets are typically those assets that are held indefinitely, with the objective to protect and preserve them for present and future generations. These assets are often irreplaceable, are kept unencumbered, with their value appreciating

    November 18, 2019
  • Should government account for revenue it never intends to collect?

    Soweto residents owe Eskom R18 billion. The picture isn’t any different when you look at how much residents owe their municipality. So, if government is providing goods and services to residents and never collects the money, is it really revenue? Revenue or not? Based on changes the IPSASB plans to make to its Standards, the

    November 11, 2019
  • Should government measure assets at fair value if it doesn’t intend to sell them?

    If fair value is a measure of how much an entity would receive to sell an asset, should it be used to measure government assets? As government is usually in the business of using its assets to provide goods and services, sometimes for free or at a subsidised amount, fair value doesn’t seem all that

    November 4, 2019
  • Changes to accounting for leases

    The International Public Sector Accounting Standards Board (IPSASB) is debating whether, or how, the accounting for leases should change in the public sector. Much of the discussion has focused on whether the IPSASB should adopt IFRS 16 on Leases for both lessees and lessors. IFRS 16 introduces a new ‘right-of-use’ model for lessees but retains

    October 29, 2019