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19 Dec. 2019

Amendments to Australian Accounting Standards – Disclosure of GFS Measures of Key Fiscal Aggregates and GAAP/GFS Reconciliations

For governments that prepare whole of government general purpose financial statements and General Government Sector (GGS) financial statements, recent changes have been made to the disclosure requirements for GFS measures of key fiscal aggregates and related GAAP/GFS Reconciliations.

AASB 2019-7 amends AASB 1049 Whole of Government and General Government Sector Financial Reporting to grant full optional relief from disclosing GFS measures of key fiscal aggregates and GAAP/GFS Reconciliations, with additional disclosure to:

• clarify that key fiscal aggregates presented on the financial statements are not GFS measures; and
• explain (but not quantify) material differences between the GAAP and GFS measures of the key fiscal aggregates if the option is selected.

This Standard applies to annual periods beginning on or after 1 January 2020. Early application is permitted.