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Re: Issue #721: Section 5.1 - Financial statements and Audits [was RE : BCP-02: Financial statements and Audits]

2004-12-26 02:08:00
Wijnen, Bert (Bert) wrote:
I have seen some discussion on this but I have not seen a consensus
call by Harald. In fact I think Harald said that most of the
issues on finances and reserves still need more discussion.

SO I have not made a change yet.

I know we DO want something about GAAP in the document,
that seems pretty clear.

We don't, really. GAAP is a legal obligation that ISOC already respects,
so it's redundant to specify it. But the reference to a separate P&L and
balance sheet is useful, I think.


Bert


-----Original Message-----
From: ietf-bounces(_at_)ietf(_dot_)org 
[mailto:ietf-bounces(_at_)ietf(_dot_)org]On Behalf Of
Bernard Aboba
Sent: Thursday, December 09, 2004 16:59
To: ietf(_at_)ietf(_dot_)org
Subject: BCP-02: Financial statements and Audits


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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