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Submission to the AASB on ED 154 Proposed amendments to AASB 102 'Inventories held for distribution by not-for-profit entities'
Submission to the Australian Accounting Standards Board (AASB) on proposed amendments to AASB 102, was issued on 15 May 2007.
The submission has been prepared in consultation with members including members of CPA Australia's Financial Reporting and Governance and Public Sector Centres of Excellence.
CPA Australia as a member of the International Federation of Accountants (IFAC) is obliged to use its best endeavours to ensure that the requirements of IPSAS 12 Inventories are incorporated into AASB 102 Inventories as it applies to public sector entities.
The current AASB 102 requirement states inventories held for distribution by not-for-profit entities are to be measured at the lower of cost and current replacement cost, is consistent with IPSAS 12.
However, it is causing practical issues for some not-for-profit public sector entities. The proposed amendments are based on those issues.
Document last updated: 18 May 2007 Size: 58 KB Download time: 6 secs*
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