• 4 Marks

PSAF – Nov 2016 – L2 – Q5b – General purpose financial reporting framework,

Identify four major disclosures required in the general government sector's financial statements.

IPSAS 1 Presentation of Financial Statements identifies a complete set of financial statements (under the accrual basis) as a statement of financial position, statement of financial performance, statement of changes in net assets/equity, cash flow statement, and accounting policies and notes to the financial statement.Required:
Identify four major disclosures that must be made in respect of the general government sector in the preparation of financial statements. (4 marks)

Disclosures made in respect of the general government sector shall include at least the following:
a) Assets by major class, showing separately the investment in other sectors.
b) Liabilities by major class.
c) Net assets/equity.
d) Total revaluation increments and decrements and other items of revenue and expense recognized directly in net assets/equity.
e) Revenue by major class.
f) Expenses by major class.
g) Surplus or deficit.
h) Cash flows from operating activities by major class.(Any 4 points for 4 marks)

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