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International developments on measuring assets and liabilities in the public sector The measurement of assets and liabilities in the public sector is complex. This is because assets are used primarily to deliver services, and liabilities largely reflect transfers where no value is received in return. This means that measurement bases commonly used in accounting –

What can be done to improve reporting to the public? The ASB Board undertook research to understand the public’s information needs in relation to the financial statements, and specifically whether additional information or additional reporting requirements were needed. Based on the results of its research, the Board observed the following: Entities currently report different types

Should there be a difference in the way entities recognise revenue and expenses for transfers? Long-standing guidance on revenue and none for expenses Up until 2019, there was no international guidance on how to account for government expenditure used to provide social benefits, and goods, services and other support to citizens and others. In contrast,

Matters discussed at the PSAF – Should a temporary change in use of an asset, as a result of COVID 19, impact on the classification of an asset? The PSAF considered whether a temporary, short-term change in use of an asset would impact an asset’s classification. For example, a stadium being used as a field