Section 5.1
"For bookkeeping purposes, funds managed by IASA should be accounted for
in a separate set of accounts which can be rolled-up periodically to the
equivalent of a balance sheet and a profit and loss statement for IASA
alone after taking into account the effect of common items paid for or
received by ISOC as a whole."
I think we want to specify what financial statements are produced in more
detail, and how an audit may be triggered.
Suggest this be changed to:
"For accounting purposes, funds managed by IASA should be accounted for in
a separate set of accounts, in order to allow the general of separate
financial statements for IASA, after taking into account the allocation of
common items paid for or received by ISOC. The allocation of these common
items shall be agreed upon between the ISOC and the IAOC as part of the
budget process.
Financial statements to be produced for IASA include (but are not limited
to) an Income (Profit/Loss) Statement, Balance Sheet and Statement of Cash
Flows, in accordance with Generally Accepted Accounting Pinciples (GAAP).
Should the IAOC not be satisified with these financial statements, the
IAOC shall have the right to request that the ISOC conduct an audit."
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