Accounting Changes – NBC Institute

PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

Question

IPSAS 3 – Accounting policies, changes in accounting estimates and errors, outlines criteria for selecting and changing accounting policies among other purposes.

a. Explain what constitutes changes in accounting policies under the standard.
(4 Marks)

b. Outline THREE disclosure requirements in the standard:

(i) When initial application of IPSAS 3 is made and has effects on current, prior, or future period.
(ii) When voluntary changes in accounting policy are made and have effects on current, prior, or future period.
(6 Marks)

c. Expenditure assignment refers to division or sharing of expenditure, regulatory, and tax functions or responsibilities among multi-levels of governments in a federation. Identify and explain FIVE challenges prevalent on expenditure assignment.
(10 Marks)

Answer

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Tags: Accounting Changes, Accounting Policies, Expenditure assignment, IPSAS 3
Level: Level 2

Topic: International public sector accounting standards
Series: MAR/JULY 2020

FA – May 2022 – L1 – SA – Q3 – Accounting Concepts

Identify the type of adjustment under IAS 8 described in a scenario of changing depreciation estimates.

Question

An item of plant was purchased for ₦300,000 on January 1, 2017. Its expected useful life was estimated to be ten years with nil residual value. The asset was depreciated on a straight-line basis. However, a review on December 31, 2018, showed that, due to technological changes, the useful life of the plant is only five years in total. The plant has a remaining useful life of three years. The adjustment under IAS 8 is:

A. Change in accounting estimate
B. Change in accounting policy
C. Correction of error
D. Retrospective adjustment
E. Reclassification of non-current asset

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Changes, Depreciation, IAS 8
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2022

PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

Question

IPSAS 3 – Accounting policies, changes in accounting estimates and errors, outlines criteria for selecting and changing accounting policies among other purposes.

a. Explain what constitutes changes in accounting policies under the standard.
(4 Marks)

b. Outline THREE disclosure requirements in the standard:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Changes, Accounting Policies, Expenditure assignment, IPSAS 3
Level: Level 2

Topic: International public sector accounting standards
Series: MAR/JULY 2020

FA – May 2022 – L1 – SA – Q3 – Accounting Concepts

Identify the type of adjustment under IAS 8 described in a scenario of changing depreciation estimates.

Question

A. Change in accounting estimate
B. Change in accounting policy
C. Correction of error
D. Retrospective adjustment
E. Reclassification of non-current asset

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Changes, Depreciation, IAS 8
Level: Level 1

Topic: Accounting Concepts
Series: MAY 2022

Question Tag: Accounting Changes

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PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

FA – May 2022 – L1 – SA – Q3 – Accounting Concepts

Identify the type of adjustment under IAS 8 described in a scenario of changing depreciation estimates.

PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

FA – May 2022 – L1 – SA – Q3 – Accounting Concepts

Identify the type of adjustment under IAS 8 described in a scenario of changing depreciation estimates.

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PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

You're reporting an error for "PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges"

FA – May 2022 – L1 – SA – Q3 – Accounting Concepts

Identify the type of adjustment under IAS 8 described in a scenario of changing depreciation estimates.

You're reporting an error for "FA – May 2022 – L1 – SA – Q3 – Accounting Concepts"

PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges

Explanation of changes in accounting policies and challenges in expenditure assignment according to IPSAS 3.

You're reporting an error for "PSAF – Mar/July 2020 – L2 – Q2 – IPSAS 3 Changes and Expenditure Assignment Challenges"

FA – May 2022 – L1 – SA – Q3 – Accounting Concepts

Identify the type of adjustment under IAS 8 described in a scenario of changing depreciation estimates.

You're reporting an error for "FA – May 2022 – L1 – SA – Q3 – Accounting Concepts"

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