30 June 2004 — Consultation Response
FEE has responded to the IFAC Public Sector Committee’s invitation to comment on Revenue from Non-Exchange Transactions (including Taxes and Transfers). FEE is supportive of the Standards Project and particularly welcomes progress made by the IFAC PSC in addressing difficult public sector specific issues. In general the FEE supports the assets and liabilities approach that has been taken in the ITC. However, FEE emphasises the continuing importance of the performance statement to the users of the general purpose financial statements and the importance of budgetary reporting for the accountability of public sector entities.