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Financial instruments in the SA public sector

Financial instruments in the SA public sector. Project history. Develop Standards based on IFRS & IPSAS Coincided with work on non-exchange revenue Consider interaction between NXR & FI. Interaction. IPSAS 23. Recognition and initial measurement. Financial instruments. Asset. ?. ?.

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Financial instruments in the SA public sector

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  1. Financial instruments in the SA public sector

  2. Project history • Develop Standards based on IFRS & IPSAS • Coincided with work on non-exchange revenue • Consider interaction between NXR & FI

  3. Interaction IPSAS 23 Recognition and initial measurement Financial instruments Asset ? ? Subsequent measurement Derecognition At fair value

  4. Interaction • FI  definition limiting • Amend to ‘binding arrangement’  contract + legislation • Change of def  ‘unintended consequences’ e.g. IPSAS 19

  5. Interaction • NXR allows receivables based on ‘estimates’  scope issues

  6. Measurement IPSAS 23 Recognition and initial measurement What is fair value? Asset ? ? Subsequent measurement Derecognition At fair value

  7. Solution? • Discussion Paper • 4alternatives -Amend definition -Existing definition, scope excl. -Two separate standards -One standard, contractual & non-contractual (sep parts)

  8. Comments & questions?

  9. Disclaimer The views expressed in this presentation are those of the individual. Official positions of the ASB on accounting matters are determined only after extensive due process and deliberation.

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