Tag (SQ): IPSAS
Search
500
+ past questions and counting.
Sort & Filter
Search
Filter by Professional Bodies
Filter by Subject
Filter by Topics
Filter by Levels
- 20 Marks
Prepare 2023 financial performance statement for Republic of Zamara Consolidated Fund.
Question
(a) Prepare the Republic of Zamara Consolidated Fund Account: Statement of financial performance for the year ended 31st December 2023.
(b) Prepare the Republic of Zamara Consolidated Fund Account: Statement of financial position as at 31st December 2023.
(c) Prepare the Kwevadum District Assembly: Statement of financial performance for the year ended 31st December 2024.
(d) Prepare the Kwevadum District Assembly: Statement of financial position as at 31st December 2024.
(e)Prepare the Kwevadum District Assembly: Statement of changes in net assets for the year ended 31st December 2024.
Find Related Questions by Tags, levels, etc.
Report an error
- 16 Marks
Determine recoverable amount of three intangible assets for Nandom Technical University.
Question
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.
Find Related Questions by Tags, levels, etc.
Report an error
- 10 Marks
Prepare financial statement extracts for a new technology acquisition by the Office of Business Registry for 2023 and 2024, considering delayed deployment.
Question
The Office of Business Registry has successfully acquired a new technology that will transform the landscape of business registration in the Republic of Zamara and make the Republic of Zamara a preferred destination for business.
The cost of the technology is GHc375 million. Professional advisers charged GHc5 million for providing advice in the acquisition of the technology which was estimated to have a useful life of 20 years effective from 1 January 2023.
Delay for the construction of the supporting infrastructure meant that the new technology could not be deployed until 1 January 2024.
Required:
Show extracts of the financial statements of the Office of Business Registry for the years ending 31st December 2023 and 2024.
Find Related Questions by Tags, levels, etc.
Report an error
- 20 Marks
Discuss financial reporting as a means to an end in the context of public sector objectives.
Question
(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.
Find Related Questions by Tags, levels, etc.
Report an error
- 15 Marks
Discuss five roles of IPSASB in global financial reporting.
Question
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.
Find Related Questions by Tags, levels, etc.
Report an error