- 5 Marks
FR – Nov 2018 – L2 – SC – Q7b – Conceptual Framework for Financial Reporting
Identify the potential users of financial statements and their likely information needs.
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Question Tag: Information Needs
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- 3 Marks
PSAF – Nov 2018 – L2 – Q1a – The context of public financial management
Identify primary users of GPFRs and their information needs in public sector financial reporting.
Question
a) According to the Conceptual Framework for General Purpose Financial Reporting (GPFR) for Public Sector Entities issued by IPSASB, GPFR of public sector entities are developed primarily to respond to the information needs of the primary users who do not possess the authority to require a public sector entity to disclose the information they need for accountability and decision-making purposes. It adds that the objectives of financial reporting are therefore determined by reference to the users of GPFRs, and their information needs.
Required:
i) In relation to the Conceptual Framework, which category of users is regarded as primary users of the GPFRs of public sector entities? (2 marks)
ii) When preparing financial reports for the Consolidated Fund of Government, identify THREE (3) primary users and their information needs you would endeavour to meet. (3 marks)
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- Tags: Conceptual Framework, GPFR, Information Needs, Primary Users, Public Sector
- Level: Level 2
- Topic: The context of public financial management
- Series: NOV 2018
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- 10 Marks
PSAF – Nov 2021 – L2 – Q1b – General purpose financial reporting framework
Explain the information needs of primary users in GPFR and discuss why not every public sector entity is a reporting entity.
Question
General purpose financial reporting is concerned with the provision of information to users for accountability and decision-making purposes. It is said that financial reporting is not an end in itself but a means to an end. However, this does not mean that every public sector entity is a reporting entity.
Required:
i) In reference to the Conceptual Framework of General Purpose Financial Reporting, explain the information needs of FIVE (5) primary users of general purpose financial reports.
(7 marks)
ii) Discuss the statement “This does not mean that every public sector entity is a reporting entity.”
(3 marks)
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- Tags: GPFR, Information Needs, Primary Users, Public Sector Accounting
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2021
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- 4 Marks
PSAF – May 2018 – L2 – Q1a – The context of public financial management
Identify four stakeholders of public sector financial statements and describe their information needs.
Question
Financial reporting is very important to the media because it assists them in making analysis. It also helps them to know how government financial information impacts on all aspects of the economy as well as for advocacy where the need arises.
Required:
Identify FOUR other stakeholders who use public sector financial statements and their information needs.
Find Related Questions by Tags, levels, etc.
- Tags: Financial Reporting, Information Needs, Public Sector, Stakeholders
- Level: Level 2
- Topic: The context of public financial management
- Series: MAY 2018
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- 5 Marks
FR – Nov 2018 – L2 – SC – Q7b – Conceptual Framework for Financial Reporting
Identify the potential users of financial statements and their likely information needs.
Find Related Questions by Tags, levels, etc.
Report an error
- 3 Marks
PSAF – Nov 2018 – L2 – Q1a – The context of public financial management
Identify primary users of GPFRs and their information needs in public sector financial reporting.
Question
a) According to the Conceptual Framework for General Purpose Financial Reporting (GPFR) for Public Sector Entities issued by IPSASB, GPFR of public sector entities are developed primarily to respond to the information needs of the primary users who do not possess the authority to require a public sector entity to disclose the information they need for accountability and decision-making purposes. It adds that the objectives of financial reporting are therefore determined by reference to the users of GPFRs, and their information needs.
Required:
i) In relation to the Conceptual Framework, which category of users is regarded as primary users of the GPFRs of public sector entities? (2 marks)
ii) When preparing financial reports for the Consolidated Fund of Government, identify THREE (3) primary users and their information needs you would endeavour to meet. (3 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Conceptual Framework, GPFR, Information Needs, Primary Users, Public Sector
- Level: Level 2
- Topic: The context of public financial management
- Series: NOV 2018
Report an error
- 10 Marks
PSAF – Nov 2021 – L2 – Q1b – General purpose financial reporting framework
Explain the information needs of primary users in GPFR and discuss why not every public sector entity is a reporting entity.
Question
General purpose financial reporting is concerned with the provision of information to users for accountability and decision-making purposes. It is said that financial reporting is not an end in itself but a means to an end. However, this does not mean that every public sector entity is a reporting entity.
Required:
i) In reference to the Conceptual Framework of General Purpose Financial Reporting, explain the information needs of FIVE (5) primary users of general purpose financial reports.
(7 marks)
ii) Discuss the statement “This does not mean that every public sector entity is a reporting entity.”
(3 marks)
Find Related Questions by Tags, levels, etc.
- Tags: GPFR, Information Needs, Primary Users, Public Sector Accounting
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2021
Report an error
- 4 Marks
PSAF – May 2018 – L2 – Q1a – The context of public financial management
Identify four stakeholders of public sector financial statements and describe their information needs.
Question
Financial reporting is very important to the media because it assists them in making analysis. It also helps them to know how government financial information impacts on all aspects of the economy as well as for advocacy where the need arises.
Required:
Identify FOUR other stakeholders who use public sector financial statements and their information needs.
Find Related Questions by Tags, levels, etc.
- Tags: Financial Reporting, Information Needs, Public Sector, Stakeholders
- Level: Level 2
- Topic: The context of public financial management
- Series: MAY 2018
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