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7 Nov. 2019

Fatal-Flaw Review Draft: Disclosure of GFS Measures of Key Fiscal Aggregates and GAAP/GFS Reconciliations under AASB 1049

Changes are proposed to AASB 1049 to allow relief from disclosure of GFS measures of key fiscal aggregates and GAAP/GFS reconciliations. A fatal flaw review draft is open for comment to the AASB by 6 December 2019.

The proposed Standard would amend AASB 1049 Whole of Government and General Government Sector Financial Reporting to provide full optional relief from disclosing GFS measures of key fiscal aggregates and GAAP/GFS reconciliations. If the relief is applied, additional disclosures are required 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 elected.

Please submit comments to the AASB by 6 December 2019 via the AASB website, LinkedIn or email.