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Re: Consensus? #721 5.1 Finances and Audit

2005-01-12 06:40:01
Harald Tveit Alvestrand wrote:
On reviewing the discussion, I find two things worthy of note:

- IASA financial reporting should include a balance sheet and a Profit/Loss statement - If IAOC is not happy with the transparency of ISOC's accounting/audit, it should be able to do something about it.

Also from the discussion:

- The Generally Accepted Accounting Principles are a Good Thing, but ISOC is already legally obliged to adhere to them, so we don't need to say that in this document - Independent auditing of ISOC accounts is already a fact. What questions the auditor asks is not entirely clear - it's likely that it doesn't include "are IASA accounts clearly separable".

Current text from section 5.1:

5.1  Divisional Accounting

  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.

In the spirit of "state the prinicples, let IAOC work out the details", I suggest:

5.1  Divisional Accounting

  Funds managed by IASA will be accounted for in a separate
  set of accounts.
  Separate financial reports, including a balance sheet and a profit
  and loss statement for IASA alone, will be produced as directed
  by IAOC.

  IAOC and ISOC will agree upon and publish procedures for reporting
  and auditing of these accounts.

Does this make sense?

yes
   Brian

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