Updates to ASB Frequently Asked Questions (FAQs)

The Public Sector Accounting Forum (PSAF) considered updates to the ASB FAQs.

The following new FAQs we considered:

·        When is an entity an agent in a principal-agent arrangement?

·        What is a binding arrangement in the context of a principal-agent arrangement?

·        How should an agent present cash in- and outflows arising from a principal-agent arrangement in its cash flow statement?

·        What disclosures should be presented by an agent and principal?

Amendments to the following FAQs were considered:

4.4        What does it mean to analyse expenditure by either nature or function?

4.14     What is the interaction of legislated disclosure requirements and disclosure requirements in Standards of GRAP?

7.4     What is the interaction between GRAP 32, GRAP 36 and GRAP 37, and GRAP  109?

7.12     What is the interaction between GRAP 11 and the Housing Guideline?

Look out for upcoming articles on these FAQs during the month and visit the ASB website to find the most recent FAQs.