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5 May. 2021

Post-Implementation Review of AAS 1049 Whole of Government and General Government Financial Reporting

Dr Kim Langfield-Smith has been engaged by the FRC to undertake an independent Post-Implementation Review of AASB 1049.

The purpose of this review is to evaluate the extent to which AASB 1049 and the budgetary disclosure requirements in AASB 1055 Budgetary Reporting have been successful in harmonising GFS and GAAP reporting, whether the benefits outweigh the costs, and whether any improvements to one or both Standards are needed to assist the Standards to meet their objectives.

A Consultation Paper has been prepared with questions for comment aimed specifically at users of government financial statements and at preparers of government financial statements.

If you would like to contribute to this review, please contact Dr Kim Langfield-Smith directly by email langfieldsmithconsulting@outlook.com, or on 0417 327 088.

Due Date for submissions is Monday 9 August 2021.