The most recent financial statements for the Brisbane City Council are available at www.brisbane. qld.gov.au. Referring to these statements, address the following questions.
(a) Discuss why the Council is preparing GPFS.
(b) Summarise the measurement basis for the Council’s various classes of PPE and relate the choice of measurement to the concepts of relevance and faithful representation.
(c) Contrary to some jurisdictions, Australia has adopted a transaction-neutral approach to financial reporting. Explain the meaning of ‘transaction-neutral’.
(d) List two arguments each for and against having a different set of accounting rules for private sector and public sector entities.