- 10 Marks
PSAF – L2 – Q10.2 – International public sector accounting standards
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.
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