Australian Government
Australian Accounting Standards Board
Thursday, June 17, 2021
AASB staff invite not-for-profit public sector stakeholders to participate in a virtual outreach event to discuss ITC 45 on Tuesday, 6 July 2021 at 2–4pm AEST.
ITC 45 requests comments on two related IPSASB Exposure Drafts on measurement of assets and liabilities in the public sector:
• ED 76 Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements; and
• ED 77 Measurement (a proposed new IPSASB Standard).
Comments on ITC 45 are due to the AASB by 3 August 2021. Comments on ED 76 and ED 77 are due to the IPSASB by 25 October 2021.
AASB staff will provide an overview of one of the key proposals in the EDs – the proposed new ‘current operational value’ measurement basis for measuring the current value of non-financial assets of not-for-profit public sector entities held primarily for their service potential, rather than their ability to generate net cash inflows (i.e. ‘operational assets’), including comparison with fair value measurement under AASB 13 Fair Value Measurement.
The Q&A session that follows will provide an opportunity for participants to express their views on the AASB Specific Matters for Comment in ITC 45.
Why this affects you
Your input is important to the AASB’s deliberations on current value measurement of operational assets, whether at fair value or another current value. The event aims to:
• inform development of your feedback to the AASB and/or IPSASB on the Exposure Drafts; and
• solicit views the AASB will consider in developing its submissions on the two IPSASB Exposure Drafts and, in the longer term, deciding its response to fair value measurement application issues in the Australian public sector.
Register to participate
The outreach event is scheduled on Tuesday, 6 July 2021 from 2-4pm (AEST). Please register by Thursday, 1 July 2021 via this link.