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- 10 Marks
PSAF – L2 – Q8.2 – International Public Sector Accounting Standards
Show the accounting treatment of bilateral grant revenue for the Federal Government of Nigeria as at 31st December 2023.
Question
Bilateral grants were received from a number of friendly governments in 2023 amounting to NGN125 million. The Federal Government of Nigeria is unlikely to comply with some of the conditions for the bilateral grants from one country amounting to NGN15 million included in bilateral grants received. The Federal Government of Nigeria has already complied with grant conditions in respect of a grant from a Global Development Agency amounting to NGN22 million which is yet to be received. The probability of receipt of this grant in a month’s time from December 2023 is very probable.
Required:
Show the accounting treatment for the grant revenue in the books of the government as at 31st December 2023.
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- 10 Marks
PSAF – L2 – Q8.1 – International Public Sector Accounting Standards
Detail the accounting treatment of outstanding tax revenue for the Federal Government of Nigeria as at 31st December 2024.
Question
As at 31st December 2024, corporate tax assessments amounting to NGN170 million were still outstanding to be paid by corporate entities to the Federal Government of Nigeria, whilst the total amount owed to the Federal Government of Nigeria as at 31st December 2024 in respect of taxes on goods and services stood at NGN140 million. It is estimated that, only 85% and 90% of the outstanding corporate taxes and taxes on goods and services respectively may be recovered.
Required:
Detail out the accounting treatment of tax revenue for the year ended 31st December 2024.
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