Scribd Logo
Upload

Welcome to Scribd!

  • 5 views

    Item 68196

    Uploaded by

    zelcomeiauk
    The document summarizes a proposed standard for reporting appropriations in public sector financial statements. It defines an appropriation as authority to spend provided by government to a public entity, unlike a transfer where resources pass to the entity. The standard proposes that appropriations be recognized when the government's enabling authority and an eligible transaction have occurred. It would require appropriations to be separately reported in either the statement of operations or statement reconciling accumulated surplus/deficit. The standard aims to improve consistency across organizations and jurisdictions in how appropriations are reported.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content

    You might also like

    Item 68196

    Uploaded by

    zelcomeiauk
    5 views1 page
    The document summarizes a proposed standard for reporting appropriations in public sector financial statements. It defines an appropriation as authority to spend provided by government to a public entity, unlike a transfer where resources pass to the entity. The standard proposes that appropriations be recognized when the government's enabling authority and an eligible transaction have occurred. It would require appropriations to be separately reported in either the statement of operations or statement reconciling accumulated surplus/deficit. The standard aims to improve consistency across organizations and jurisdictions in how appropriations are reported.

    Original Description:

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    Report this Document
    The document summarizes a proposed standard for reporting appropriations in public sector financial statements. It defines an appropriation as authority to spend provided by government to a public entity, unlike a transfer where resources pass to the entity. The standard proposes that appropriations be recognized when the government's enabling authority and an eligible transaction have occurred. It would require appropriations to be separately reported in either the statement of operations or statement reconciling accumulated surplus/deficit. The standard aims to improve consistency across organizations and jurisdictions in how appropriations are reported.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    5 views1 page

    Item 68196

    Uploaded by

    zelcomeiauk
    The document summarizes a proposed standard for reporting appropriations in public sector financial statements. It defines an appropriation as authority to spend provided by government to a public entity, unlike a transfer where resources pass to the entity. The standard proposes that appropriations be recognized when the government's enabling authority and an eligible transaction have occurred. It would require appropriations to be separately reported in either the statement of operations or statement reconciling accumulated surplus/deficit. The standard aims to improve consistency across organizations and jurisdictions in how appropriations are reported.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    of 1

    Use of Appropriations

    The Proposal
    The Exposure Draft, Use of Appropriations, proposes standards for deciding when and how appropriations should be reported. Responses are requested by November 28, 2012.

    What is an appropriation?
    An appropriation is an authority provided by a government to a public sector entity to spend. Unlike a transfer, no resources pass to the entity. Use of appropriations should be reported in financial statements either in the statement of operations, or in the reconciliation of accumulated surplus or deficit.

    When should appropriations be recognized in financial statements?


    Appropriations should be recognized when: the governments enabling authority is in effect; and the reporting entity has incurred an eligible transaction.

    Why is a standard on the use of appropriations needed?


    Current reporting practice varies across organizations and jurisdictions. The standard will improve the consistency and comparability among similar entities.

    How would an appropriation be reported?


    An entity would separately report the use of appropriations in financial statements in either the: statement of operations; or statement reconciling the opening and closing accumulated surplus or deficit.

    Which public sector entities would be affected by the standard?


    The proposed standard on accounting for the use of appropriations would apply only to those entities that directly access funding through their appropriations authority. Entities that receive actual transfers of monetary assets would apply existing standards.

    Is there other information to be provided?


    Disclosure of the difference between the use of appropriations reported and the final amounts authorized would be provided.

    The Public Sector Accounting Board (PSAB) was created to serve the public interest by establishing accounting standards and providing guidance for financial and other performance information reported by the public sector. Final standards are issued in the CICA Pubic Sector Accounting Handbook.
    Public Sector Accounting Board, September 2012

    You might also like