- 3 Marks
PSA – Nov 2024 – L2 – Q4c – Events After the Reporting Date
Explanation of events occurring after the reporting date and their impact on financial statements.
Find Related Questions by Tags, levels, etc.
Topic: General purpose financial reporting framework
Search
500
+ past questions and counting.
- 4 Marks
PSAF – Nov 2016 – L2 – Q4c – General purpose financial reporting framework
Explains the challenges faced if public sector accounts are not classified.
Find Related Questions by Tags, levels, etc.
- Tags: accounting classification, Challenges, Financial Reporting, Ghana, Public Sector
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2016
- 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.
Question
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)
Find Related Questions by Tags, levels, etc.
- Tags: Disclosures, Financial Statements, ICAG, Professional Level 2
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2016
- 5 Marks
PSAF – Nov 2020 – L2 – Q5d – General purpose financial reporting framework
Discuss four matters that information in General-Purpose Financial Reports (GPFR) helps primary users assess.
Question
Financial Reporting is not an end in itself. Its usefulness is by reference to the users of General-Purpose Financial Reports (GPFR) and their information needs. Until the information provided meets the information needs of the users, that information is worthless. Thus, accountants must be knowledgeable of the class of users of the information and the need for such information. The Conceptual Framework identifies the primary users whose information needs should be paramount in the preparation of GPFR.
Required:
Discuss FOUR (4) matters that the information provided in a GPFR helps primary users to assess an entity. (5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Financial Reporting, GPFR, Public Sector Accounting
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2020
- 10 Marks
PSAF – July 2023 – L2 – Q1b – General purpose financial reporting framework
Provide briefing notes on qualitative characteristics, measurement bases, and the statutory role of internal auditors in public sector financial reporting.
Question
You are the Head of Finance of Public Sector Reform Secretariat, Office of the President. You have received the following e-mail from the Chief Executive Officer.
Email:
“Dear Head of Finance,
I have been invited by the Office of Head of Civil Service to attend a seminar on the theme ‘Fundamentals of Public Financial Reporting’. Among the topics listed for discussion are the following:
- Qualitative Characteristics of Financial Information.
- The Bases of Measurement of Public Sector Assets.
- The Statutory Roles of Internal Auditors of Public Sector Entities.
I am aware of your expertise in public financial management and will greatly appreciate it if you could prepare some briefing notes for me to bridge my knowledge gap prior to the conference.”
Required:
As Head of Finance and a recipient of the e-mail, provide your response in a memo to the Chief Executive Officer.
Find Related Questions by Tags, levels, etc.
- 9 Marks
PSAF – Nov 2020 – L2 – Q1c – General purpose financial reporting framework
This question discusses various measurement bases used in public sector financial reporting and their impact on reflecting the cost of service, operational capacity, and financial capacity.
Question
According to the Conceptual Framework for General Purpose Financial Reports (GPFR), the objective of measurement in financial reporting in public sector entities is to select those measurement bases that most fairly reflect the cost of services, operational capacity, and financial capacity of the entity in a manner that is useful for accountability and decision-making purposes.
Required: Explain the under listed bases and discuss the extent to which each measurement reflects the cost of service, operational capacity, and financial capacity of an entity.
i) Historical cost
ii) Market Value
iii) Replacement cost
Find Related Questions by Tags, levels, etc.
- Tags: Historical Cost, Market Value, Measurement Bases, Public Sector, Replacement cost
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2020
- 5 Marks
PSAF – Nov 2020 – L2 – Q1b – General purpose financial reporting framework
This question explains the difference between general-purpose and special-purpose financial reports.
Question
In line with the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities issued by the International Public Sector Accounting Standards Board (IPSASB), explain the difference, if any, between a General-Purpose Financial Report and a Special-Purpose Financial Report.
Find Related Questions by Tags, levels, etc.
- Tags: Financial Reporting, IPSAS, Public Sector, Special-Purpose Reports
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2020
- 4 Marks
PSAF – May 2017 – L2 – Q4b – General purpose financial reporting framework
This question explains the qualitative characteristics that the financial statement may lack.
Find Related Questions by Tags, levels, etc.
- 4 Marks
PSAF – May 2017 – L2 – Q3b – General purpose financial reporting framework
This question identifies characteristics of Government Business Enterprises (GBEs) as defined by IPSAS 1 for determining appropriate financial reporting standards.
Question
Public sector entities are required to present financial reports in compliance with the International Public Sector Accounting Standards (IPSAS). However, Government Business Enterprises (GBEs) are to present the financial reports using IFRS due to their peculiar characteristics that separate them from other public sector entities.
In determining whether an entity is a GBE for financial report purposes, one must examine their nature and characteristic rather than the legal form. In the entity you work for, there is controversy among top management about whether to use IPSAS or IFRS.
Required: Identify FOUR characteristics of GBEs in accordance with IPSAS 1, Presentation of Financial Statements. (4 marks)
Find Related Questions by Tags, levels, etc.
- Tags: GBEs, Government Business Enterprises, IFRS, IPSAS, Public Sector Reporting
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: MAY 2017
- 10 Marks
PSAF – Nov 2023 – L2 – Q1b -General purpose financial reporting framework
Analyze the impact of specific financial reporting scenarios on qualitative characteristics of financial statements.
Question
The following revelations were made about the financial reporting process of a covered entity:
i) The users of the financial statements of the entity is less interested in the financial information because it does not provide information that enables the users to either confirm their expectation or make predictions.
ii) Equipment purchased during the year was recognized as an expense in the statement of financial performance, even though the entity applies the accrual principles.
iii) A revenue transaction of a significant value was completely omitted from the financial statement of the entity unintentionally.
iv) The financial statements showed the budget amounts alongside the actual amounts of the year in the Statement of Financial Performance.
v) The Accountant confirmed that some records relating to expenses were done based on WhatsApp messages (online texting app) from the Principal Spending Officer.
Required: Explain how each of the transactions (i) to (v) would affect a specific qualitative characteristic of the financial statements of the entity. (10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Application, Financial Reporting, Public Sector, Qualitative Characteristics
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2023
- 3 Marks
PSA – Nov 2024 – L2 – Q4c – Events After the Reporting Date
Explanation of events occurring after the reporting date and their impact on financial statements.
Find Related Questions by Tags, levels, etc.
- 4 Marks
PSAF – Nov 2016 – L2 – Q4c – General purpose financial reporting framework
Explains the challenges faced if public sector accounts are not classified.
Find Related Questions by Tags, levels, etc.
- Tags: accounting classification, Challenges, Financial Reporting, Ghana, Public Sector
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2016
- 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.
Question
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)
Find Related Questions by Tags, levels, etc.
- Tags: Disclosures, Financial Statements, ICAG, Professional Level 2
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2016
- 5 Marks
PSAF – Nov 2020 – L2 – Q5d – General purpose financial reporting framework
Discuss four matters that information in General-Purpose Financial Reports (GPFR) helps primary users assess.
Question
Financial Reporting is not an end in itself. Its usefulness is by reference to the users of General-Purpose Financial Reports (GPFR) and their information needs. Until the information provided meets the information needs of the users, that information is worthless. Thus, accountants must be knowledgeable of the class of users of the information and the need for such information. The Conceptual Framework identifies the primary users whose information needs should be paramount in the preparation of GPFR.
Required:
Discuss FOUR (4) matters that the information provided in a GPFR helps primary users to assess an entity. (5 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Financial Reporting, GPFR, Public Sector Accounting
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2020
- 10 Marks
PSAF – July 2023 – L2 – Q1b – General purpose financial reporting framework
Provide briefing notes on qualitative characteristics, measurement bases, and the statutory role of internal auditors in public sector financial reporting.
Question
You are the Head of Finance of Public Sector Reform Secretariat, Office of the President. You have received the following e-mail from the Chief Executive Officer.
Email:
“Dear Head of Finance,
I have been invited by the Office of Head of Civil Service to attend a seminar on the theme ‘Fundamentals of Public Financial Reporting’. Among the topics listed for discussion are the following:
- Qualitative Characteristics of Financial Information.
- The Bases of Measurement of Public Sector Assets.
- The Statutory Roles of Internal Auditors of Public Sector Entities.
I am aware of your expertise in public financial management and will greatly appreciate it if you could prepare some briefing notes for me to bridge my knowledge gap prior to the conference.”
Required:
As Head of Finance and a recipient of the e-mail, provide your response in a memo to the Chief Executive Officer.
Find Related Questions by Tags, levels, etc.
- 9 Marks
PSAF – Nov 2020 – L2 – Q1c – General purpose financial reporting framework
This question discusses various measurement bases used in public sector financial reporting and their impact on reflecting the cost of service, operational capacity, and financial capacity.
Question
According to the Conceptual Framework for General Purpose Financial Reports (GPFR), the objective of measurement in financial reporting in public sector entities is to select those measurement bases that most fairly reflect the cost of services, operational capacity, and financial capacity of the entity in a manner that is useful for accountability and decision-making purposes.
Required: Explain the under listed bases and discuss the extent to which each measurement reflects the cost of service, operational capacity, and financial capacity of an entity.
i) Historical cost
ii) Market Value
iii) Replacement cost
Find Related Questions by Tags, levels, etc.
- Tags: Historical Cost, Market Value, Measurement Bases, Public Sector, Replacement cost
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2020
- 5 Marks
PSAF – Nov 2020 – L2 – Q1b – General purpose financial reporting framework
This question explains the difference between general-purpose and special-purpose financial reports.
Question
In line with the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities issued by the International Public Sector Accounting Standards Board (IPSASB), explain the difference, if any, between a General-Purpose Financial Report and a Special-Purpose Financial Report.
Find Related Questions by Tags, levels, etc.
- Tags: Financial Reporting, IPSAS, Public Sector, Special-Purpose Reports
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2020
- 4 Marks
PSAF – May 2017 – L2 – Q4b – General purpose financial reporting framework
This question explains the qualitative characteristics that the financial statement may lack.
Find Related Questions by Tags, levels, etc.
- 4 Marks
PSAF – May 2017 – L2 – Q3b – General purpose financial reporting framework
This question identifies characteristics of Government Business Enterprises (GBEs) as defined by IPSAS 1 for determining appropriate financial reporting standards.
Question
Public sector entities are required to present financial reports in compliance with the International Public Sector Accounting Standards (IPSAS). However, Government Business Enterprises (GBEs) are to present the financial reports using IFRS due to their peculiar characteristics that separate them from other public sector entities.
In determining whether an entity is a GBE for financial report purposes, one must examine their nature and characteristic rather than the legal form. In the entity you work for, there is controversy among top management about whether to use IPSAS or IFRS.
Required: Identify FOUR characteristics of GBEs in accordance with IPSAS 1, Presentation of Financial Statements. (4 marks)
Find Related Questions by Tags, levels, etc.
- Tags: GBEs, Government Business Enterprises, IFRS, IPSAS, Public Sector Reporting
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: MAY 2017
- 10 Marks
PSAF – Nov 2023 – L2 – Q1b -General purpose financial reporting framework
Analyze the impact of specific financial reporting scenarios on qualitative characteristics of financial statements.
Question
The following revelations were made about the financial reporting process of a covered entity:
i) The users of the financial statements of the entity is less interested in the financial information because it does not provide information that enables the users to either confirm their expectation or make predictions.
ii) Equipment purchased during the year was recognized as an expense in the statement of financial performance, even though the entity applies the accrual principles.
iii) A revenue transaction of a significant value was completely omitted from the financial statement of the entity unintentionally.
iv) The financial statements showed the budget amounts alongside the actual amounts of the year in the Statement of Financial Performance.
v) The Accountant confirmed that some records relating to expenses were done based on WhatsApp messages (online texting app) from the Principal Spending Officer.
Required: Explain how each of the transactions (i) to (v) would affect a specific qualitative characteristic of the financial statements of the entity. (10 marks)
Find Related Questions by Tags, levels, etc.
- Tags: Application, Financial Reporting, Public Sector, Qualitative Characteristics
- Level: Level 2
- Topic: General purpose financial reporting framework
- Series: NOV 2023