Tuesday, July 13, 2021
On 6 July 2021, AASB staff hosted a virtual outreach event to discuss ITC 45 on the IPSASB’s proposed new ‘current operational value’ measurement basis for non-cash generating assets in the public sector.
The AASB issued ITC 45 to solicit views on two IPSASB Exposure Drafts regarding measurement of assets and liabilities in the public sector:
The IPSASB proposes that, for non-financial assets of not-for-profit public sector entities, fair value is:
Instead, the IPSASB proposes a new current operational value measurement basis for measuring the current value of operational capacity assets.
The virtual discussion focused on the proposed current operational value measurement basis and how it differs from fair value.
Comments on ITC 45 are due to the AASB by 3 August 2021. Please submit your comments here.
Your comments on ITC 45 will inform the AASB in developing its submissions on the two IPSASB Exposure Drafts and, in the longer term, deciding its response to fair value measurement application issues in the Australian public sector.