Tag (SQ): Financial Reporting

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  • 20 Marks

PSAF – L2 – Q12.4- International Public Sector Accounting Standards

Explain the elements of control for consolidated financial reporting under IPSAS 35.

(A) CONTROL

Explain the elements of control for consolidated financial reporting purposes.                                                                                                                                                                                                                                                                                                                                                      (B)

CONTROL

Discuss the circumstance in which a controlling entity does not have to prepare consolidated financial statements under IPSAS 35.

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  • 20 Marks

PSAF – L2 – Q12.2 – International public sector accounting standards

Assess if a local authority can apply IPSAS 35 to consolidate a housing association's activities.

(a)  A local authority has a policy that, where it holds land that is surplus to its requirements, consideration should be given to making the land available for affordable housing. The local authority establishes terms and conditions to ensure that the housing provided remains affordable and available to meet local housing needs. In accordance with this policy, the local authority sold part of a site to a housing association for GH₵10 million to provide 20 affordable homes. The remainder of the site was sold at open market value to a private developer. The contract between the authority and the housing association specifies what the land can be used for, the quality of housing developments, ongoing reporting and performance management requirements, the process for return of unused land, and dispute resolution. The land must be used in a manner consistent with the local authority’s policy for affordable housing. The agreement also has requirements regarding the housing association’s quality assurance and financial management processes. The housing association must demonstrate that it has the capacity and authority to undertake the development. It must also demonstrate the added value that can be achieved by joining the local authority’s resources with that of the housing association to address a need within a particular client group in a sustainable way. The Board of the housing association is appointed by the members of the housing association. The local authority does not have a representative on the Board.

Required:
Assess whether the local authority could apply IPSAS 35 Consolidated Financial Statement to the activities of the Housing Association.

(b) A national museum is governed by a board of trustees who are chosen by the government department responsible for funding the museum. The trustees have freedom to make decisions about the operation of the museum. The department has the power to appoint the majority of the museum’s trustees.

Required:
Discuss whether the government department has the power over the activities of the museum.                                                                                                                                                                                                                                                                                                                (c)

In a recent workshop, a senior fellow of a civil society organisation asserts that the efforts of the Financial Controller to prepare consolidated financial statements of the authority is an exercise in futility. It further noted that the exercise is a waste of public resources.

Required:
Discuss the merit and demerit of the view of the Senior Fellow in light of IPSAS 35.

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  • 20 Marks

PSA – L2 – Q11.2 – Preparation and Presentation of Financial Statements for Central Government

Prepare 2024 cash flow statement for Central Government of Salima with notes.

Prepare the Central Government of Salima: Cash flows statement for the year ended 31st December 2024.

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  • 16 Marks

PSAF- L2 – Q10.4 – International Public Sector Accounting Standards

Determine recoverable amount of three intangible assets for Nandom Technical University.

The following information relates to three intangible assets in respect of Nandom Technical University.

Brands (GHC) Software (GHC) Trade Marks (GHC)
Carrying amount 200,000 300,000 240,000
Net realisable value 220,000 250,000 200,000
Value in use 240,000 260,000 180,000

Required:
(a) What is the recoverable amount of each asset?

(b) Calculate the impairment provision for each of the assets.

(c) Explain the treatment of impairment losses.

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  • 20 Marks

PSAF – L2 – Q9.4 – Provisions and Contingent Liabilities

Account for contract cancellation, court ruling, and revised contract costs under IPSAS 19, including provisions and disclosures.

Under IPSAS 19: Provisions, Contingent Liabilities and Contingent Assets, the authority needs to account for the cancellation of contracts, the legal case, the court’s decision, and the potential revision of the contract amount.

Required:

Determine whether provisions should be made for the court award and contract revision, calculate the expected value of the revised contract amount, and outline the disclosures required under IPSAS 19.

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  • 10 Marks

PSAF – L2 – Q6.1 – The context of public financial management

Discuss five challenges of public financial management before the implementation of the Integrated Financial Management Information System.

Before the implementation of the Integrated Financial Management Information System (IFMIS), public financial management faced numerous challenges.

Required:

Discuss five challenges of public financial management prior to the implementation of the IFMIS platform.

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  • 20 Marks

PSAF – L2 – Q4.4 – General purpose financial reporting framework

Explain measurement in financial reporting, its objectives, and appropriate measurement bases for legacy assets in a public hospital.

(a) Unity Regional Hospital has many assets which do not carry value in the books of accounts, termed legacy assets. These legacy assets include land and buildings, motor vehicles, equity investment in a special purpose vehicle, and specialized biomedical equipment. Migrating to an accrual basis requires that these assets be measured and recognized in the financial statement. The major concern of the Director of Finance, Ms. Ama Kweku is how to measure these legacy assets to achieve values that will be agreeable to the Auditor.

Required:

(I) Explain measurement in financial reporting.

(ii) Discuss the objective of measurement that should guide the Director of Finance in the measurement of the legacy assets.

(iii) Explain the appropriate measurement basis for each component of the legacy assets of the hospital.

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  • 20 Marks

PSAF – L2 – Q4.3 – General purpose financial reporting framework

Discuss how five issues in a government department's financial reporting affect specific qualitative characteristics of financial statements.

(a) The following issues were identified in the financial reporting processes of a government department.

(b) Discuss the three constraints on information included in the general purpose financial reports.

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  • 20 Marks

PSAF – L2 – Q4.2- General purpose financial reporting framework

Discuss financial reporting as a means to an end in the context of public sector objectives.

(a) Financial reporting is an obligation of every entity; however, “it is not an end in itself but a means to an end.”

Required:

Discuss the statement “it is not an end in itself but a means to an end,” relating it to the objectives of financial reporting in the public sector.

(b) Unity Hospital is a regional public hospital established by an Act of Parliament and operated under the National Health Services. It serves the health needs of the region as a referral hospital. The hospital raises money for its operations from the Government of Unity subvention, user charges, bank facilities, and foreign donors, including the Universal Fund, which always requires customised financial reports on a quarterly basis. Its accounts are audited annually by the Auditor General, who reports findings to Parliament. Due to the critical role of the hospital, the media and civil society organisations pay serious attention to its activities and frequently report on their performance. The hospital also has a very proactive labour union.

Required:

(i) Identify and explain the information needs of four primary users of the financial reports of Unity Hospital.

(ii) Discuss the application of general purpose financial reporting and special purpose financial reporting in Unity Hospital.

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  • 15 Marks

PSAF – L2 – Q4.1- International Public Sector Accounting Standards

Discuss five roles of IPSASB in global financial reporting.

The International Public Sector Accounting Standards Board (IPSASB) plays a critical role in regulating public sector accounting and reporting practices worldwide.

Required:

(a) Discuss five roles played by the IPSASB in the financial reporting space globally.

(b) Discuss the position of the Government of Kapania on the IPSAS.

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