Joint Workshops with the ACA Held

The project has just completed the first of its planned workshops with the Advisory Council on Accounting (ACA) aimed at finalizing the Council's official opinion on exposure drafts of NASCOs published at the end of last year. The most recent sessions took place in the offices of the ACA during May and covered NASCO 7 (PPE), NASCO 8 (Inventories) and NASCO 9 (Events after the Balance Sheet Date). At each workshop session the ED was compared with the underlying IAS and the differences were explained by the project and then discussed by the members of the Council.

The Council members expressed their interest in contributing to the development of national accounting standards and take a very active part in the discussions on the above NASCOs. After the workshops the Chairman of the ACA sent the Council's official opinion on the three EDs to the Accounting Policy Department of the Ministry of Finance. Apart from reviewing the NASCOs the ACA also heard from the project about the global benchmarks for developing accounting standards and the workshop concluded that the practice currently being followed by the ACA is close to international best practice.

Further workshops with the ACA are currently being planned or held to review the EDs exposed for public comment before the end of last year and on which an official ACA opinion has yet to be issued: NASCO 3 (Current Taxation), NASCO 4 (Deferred Taxation), NASCO 11 (Accounting Policies).