Subject: Consensus? #721 5.1 Finances and Audit

From: Harald Tveit Alvestrand <[email-masked]>
Date: Wed, 12 Jan 2005 11:55:19 +0100

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?

                  Harald

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From: Brian E Carpenter <[email-masked]>
Date: Wed, 12 Jan 2005 14:24:16 +0100

Harald Tveit Alvestrand wrote:
> - 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.
> 
> - 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".
> 
> In the spirit of "state the prinicples, let IAOC work out the details", 
> I suggest:
> 

yes
    Brian