What does Accounting Harmonisation mean?
Higher Education (University +) - 2 Answers
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Answer 1 :
http://www.termpapergenie.com/accounting_harmonization.html
Answer 2 :
The AASB has been directed to harmonise GAAP and GFS reporting into “a single set of government reports which are auditable, comparable between jurisdictions, and in which the outcome statements are directly comparable with the relevant budget statementsâ€. The AASB has interpreted this direction as follows: • Harmonisation is to apply to all public sector entities: o whole-of-government reporting by State, Territory and Commonwealth governments; o reporting by entities within the General Government Sector (GGS), such as Departments; and o local governments. Harmonisation does not mean the replacement of existing GAAP with GFS. Rather, the principle is “convergence to a high quality standard†with consideration being given to definition, recognition, measurement, presentation and/or disclosure requirements. This is a point of contention with some jurisdictions, as some jurisdictions consider that the outcome of this harmonisation project should be financial statements that materially match the financial information, or at least the key financial totals, published by the Australian Bureau of Statistics. This issue has yet to be fully resolved also:- Harmonisation does not require the AASB to develop standards for budgetary reporting.
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