n IMFO : Official Journal of the Institute of Municipal Finance Officers - Redefining public sector liabilities

Volume 5, Issue 4
  • ISSN : 1607-520X



Extracted from text ... IMFO ? Winter 05 40 Introduction At a meeting held on 1 March 2005, the Accounting Standards Board (Board) approved for exposure a proposed Standard of GRAP on Provisions, Contingent Liabilities and Contingent Assets. Comments on the proposed Standard are welcomed but must reach the Board's offices no later than 15 August 2005. Key features The proposed Standard prescribes the accounting and disclosure requirements for provisions, contingent liabilities and contingent assets, other than: ? those arising from social obligations for which no or minimal consideration has been given; ? those resulting from executory contracts, except where the contract is ..

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