Experts tackle key financial reporting issues

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Experts tackle key financial reporting issues

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A ‘round table’ discussion in Canberra today hosted by NIA (National Institute of Accountants) and the Institute of Chartered Accounts in Australia brought together nearly 100 of the nation’s leading authorities in the accounting profession for frank discussions about key issues affecting financial reporting in the public and not-for-profit sectors.

More than 70 accounting, academic and government authority representatives and other interested parties were in the gallery for the rare opportunity to listen to, and ask questions of, the panel made up of 23 experts including AASB Chairman Professor David Boymal and FRC Chairman Charles Macek.

The issues discussed included:

Is the current reporting framework suitable for the public sector?’
What role do the generally accepted accounting principles and government finance statistics have in government reporting?
Is there an appropriate mix of the two and should the AASB focus on sector specific accounting standards?

Key themes to emerge from the forum included:

A need for a review of the conceptual framework for financial reporting to ensure the needs of all sectors are adequately met;
While most transactions are similar in all sectors it was agreed that allowances must be made for public sector differences where they are considered unique;
All sectors should take a more active role in feedback to the standards setters.

NIA Chief Executive Officer Roger Cotton said, “The Round Table forum was an important opportunity for representatives of interested parties to identify issues and air views, face-to-face, in a consultative format.

The Institute of Chartered Accountants Chief Executive Officer, Graham Meyer added that he expected the forum to generate a list of issues the standard-setters would consider as a part of their future work program.

The NIA and Institute of Chartered Accountants sponsored this initiative to provide the representatives of the Australian Accounting Standards Board with an indication of where affected parties would like to see the standard-setters direct future work in the area of public sector financial reporting.

A memorandum detailing the key points raised during the forum will be prepared as a record for the AASB and Institute of Chartered Accountants and NIA will monitor the ongoing progress of these debates.