1 financial instruments in the sa public sector. 2 project history develop standards based on ifrs...

1 Financial instruments in the SA public sector

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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

Page 3: 1 Financial instruments in the SA public sector. 2 Project history Develop Standards based on IFRS & IPSAS Coincided with work on non- exchange revenue

Interaction

Asset

At fair value

Recognition and initial

measurement

IPSAS 23

Subsequent measurement

Derecognition

Financial instruments

Interaction

• FI definition limiting• Amend to ‘binding

arrangement’ contract + legislation

• Change of def ‘unintended consequences’ e.g. IPSAS 19

Page 5: 1 Financial instruments in the SA public sector. 2 Project history Develop Standards based on IFRS & IPSAS Coincided with work on non- exchange revenue

Interaction

• NXR allows receivables based on ‘estimates’ scope issues

Page 6: 1 Financial instruments in the SA public sector. 2 Project history Develop Standards based on IFRS & IPSAS Coincided with work on non- exchange revenue

Measurement

Asset

At fair value

Recognition and initial

measurement

IPSAS 23

Subsequent measurement

Derecognition

What is fair value?

Page 7: 1 Financial instruments in the SA public sector. 2 Project history Develop Standards based on IFRS & IPSAS Coincided with work on non- exchange revenue

Solution?

• Discussion Paper• 4 alternatives

-Amend definition-Existing definition, scope excl.-Two separate standards-One standard, contractual & non-contractual (sep parts)

Page 8: 1 Financial instruments in the SA public sector. 2 Project history Develop Standards based on IFRS & IPSAS Coincided with work on non- exchange revenue

Comments & questions?

Page 9: 1 Financial instruments in the SA public sector. 2 Project history Develop Standards based on IFRS & IPSAS Coincided with work on non- exchange revenue

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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