Accounting Standards Board Newsletter #3 - May 2021
Accounting Standards Board Newsletter #3 - May 2021
In this edition of the Newsletter:
IPSASB issues four new Exposure Drafts
IPSASB issues four new Exposure Drafts
The IPSASB issued a package of Exposure Drafts for comment in late April 2021. The comment deadline is 25 October 2021.
As the ASB uses the IPSASs to develop Standards of GRAP, it is important to provide inputs to the IPSASB on South African specific issues so that these are considered when finalising the IPSASs.
The ASB will issue the Exposure Drafts locally for comment during the course of the month, and will arrange sessions to discuss the proposals in August and September.
The table below provides a list of the Exposure Drafts along with an overview of their contents.
Exposure Draft
Overview
ED 76, Conceptual Framework Update: Chapter 7, Measurement of Assets and Liabilities in Financial Statements
Changes made to the Chapter on Measurement in the Conceptual Framework based on the introduction of fair value in ED 77 along with revising or refining other concepts related to measurement.
ED 77, Measurement
New IPSAS to deal with the valuation approaches and methodologies related to the measurement of assets and liabilities. Includes guidance on determining fair value based on IFRS 13, and includes guidance on other bases such as “current operational value” and “cost of fulfilment”.
ED 78, Property, Plant and Equipment
Revisions to IPSAS 17 were made to respond to concerns raised about the application of the Standard to infrastructure assets. After deliberations the IPSASB agreed that separate guidance is not needed for heritage assets and that IPSAS 17 should be used. Application and implementation guidance has been added to address heritage assets. Changes are also proposed to IPSAS 17 as a result of the principles in ED 77.
ED 79, Non-current Assets Held for Sale and Discontinued Operations
New IPSAS based on IFRS 5 on Non-current Assets Held for Sale and Discontinued Operations.
The Newsletter has been prepared by the Secretariat of the ASB for information purposes only. It has not been reviewed, approved or otherwise acted on by the Board.
