What is the difference between the WACF and ED AWAS 1?
The WACF sets the context required for defining standards, but does not define the standards themselves. The AWAS include detailed requirements for preparing and presenting GPWARs. If you prepare reports, the AWAS should be your primary source of guidance. However, sometimes the accounting treatment or disclosure you need to report is not prescribed by AWAS. If that happens, you can refer to the principles set out in the WACF.
