The requirement to apply international financial reporting standards (IFRS) to capital accounting has had a major impact on the public sector and has not been without its challenges. The implications across the board have been significant, but for the management of the asset base, the changes have had a fundamental impact on operational processes and the administrative overhead.
From the need to manage both current and historic cost accounting within the public sector to the need to revalue some assets on the balance sheet, and more recently, the requirement to re-assess existing operating leases as finance leases, IFRS has posed some major challenges.
This paper aims to explore the requirements of IFRS compliant systems and processes and outlines the tools that can ensure a smoother year-end process.
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