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Update from the PSAF – Issues that emerged from the 2019/20 audit cycle
At its November 2020 meeting, the PSAF discussed the following issues from the 2019/20 audit cycle: GRAP 109: Assessing whether an arrangement is a principal agent arrangement remains a step that is missed. Entities often assume that any arrangement with three parties is a principal agent arrangement without making the assessment of whether the definition
December 2, 2020 -
GRAP for small entities: What did the Board decide?
The Board researched the financial reporting environment of small entities to understand if they should have different reporting requirements (see article on “Small entities”: Should there be different reporting requirements for them? [ 3 November article]). The Research Paper has been published on the ASB’s website and can be accessed here. The Board considered a
November 24, 2020 -
IPSASB delays effective dates of Standards
In the wake of the COVID-19 pandemic and the impact this has had on entities’ operations, the IPSASB agreed in September 2020 to delay the effective dates of IPSAS that were due to be adopted. After consultation with stakeholders, the IPSASB agreed to delay the effective dates of the following Standards, or amendments to Standards,
November 23, 2020 -
Small entities: What challenges and issues do these entities have to prepare GRAP financial statements?
The Board researched the financial reporting environment of small entities to understand if they should have different reporting requirements (see article on “Small entities”: Should there be different reporting requirements for them? [3 November article]). As part of the research it was necessary for the Board to obtain a clear understanding of the issues small
November 17, 2020
