New pronouncements
The ASB met on the 24th of June and approved the following pronouncements: - Interpretation of the Standards of GRAP on The Effect of Past Decisions on Materiality. The effective date is 1 April 2023 and earlier application is encouraged.
- Research Paper on The Desktop Review of Cash Flow Statements Presented in the Financial Statements.
Reviews completed
The review of Directive 12 on The Selection of an Appropriate Reporting Framework by Public Entities was completed. The Board agreed that no changes are needed to Directive 12, but that certain issues would be included in communication material to be developed by the Secretariat. The findings of the review would be included in a Research Paper.
Standard-setting
The Prefaces to the Standards, Interpretations and Directives have been combined into a single Preface. The content of the Preface was reviewed and it was agreed that the material relating to the ASB’s standard-setting process would be included in a “due process” Handbook. The draft Handbook will be developed in the next quarter and published for comment.
Access the meeting highlights here.
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