Question Tag: Accrual Basis

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PSAF – May 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Explain differences between accrual and cash accounting, justify IPSAS adoption, and describe commitment accounting benefits.

Question

You have received an official memo from your Permanent Secretary, which reads:

Director of Account and Finance: Hope you are doing well. We have just closed from a workshop organised by the Ministry of Finance on public finance management not long ago, and the discussion was all about the adoption of IPSAS accrual accounting in the public sector. It was emphasised that migration from IPSAS Cash Basis to IPSAS Accrual Basis is necessary to improve financial reporting and transparency in the public sector. You know I have little knowledge in accounting, so I was completely lost in the discussions and I wished you had attended the workshop with me.

Another issue discussed was commitment accounting. We were made to understand that commitment accounting strengthens public finance management and therefore all Ministries, Departments and Agencies (MDAs) must ensure that every expenditure is committed in accordance with the appropriation prior to spending.

Please could you help me with some information on these issues?

Required:
Explain to the Permanent Secretary:
i. THREE differences between accrual accounting and cash accounting. (3 Marks)
ii. THREE justifications for adopting IPSAS accrual accounting in the public sector. (3 Marks)
iii. The term “commitment accounting” and illustrate THREE ways it could strengthen public financial management. (4 Marks)

Answer

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Tags: Accrual Basis, Cash Basis, Financial Transparency, IPSAS, Public Finance Management
Level: Level 2

Topic: International public sector accounting standards
Series: MAY 2021

PSAF – Nov 2020 – L2 – Q1 – International Public Sector Accounting Standards (IPSAS)

Discuss IPSAS transition exemptions and prepare financial statements for Oranta State Government using IPSAS accrual.

Question

IPSAS 33, gives a transition relief (exemption) of up to three years within which to develop models for transiting to IPSAS accrual. However, the government of Nigeria adopted accrual IPSAS on revenue from exchange transactions effective January 1, 2016.

Oranta State Government mandated the Accountant-General of the State to implement the IPSAS accrual in the preparation of their financial statements with effect from January 2018 which was complied with accordingly.

For the smooth implementation of IPSAS accrual, the State Executive Council approved the following:

(i) Asset valuation committee to be chaired by the Deputy Governor with the Commissioner of Finance, Commissioner of Budget and Planning, Chairman State Internal Revenue Service, Accountant-General of the State, and Head of Service as members while a Director in the Office of the Secretary to the State Government was appointed as the Secretary.
(ii) The Committee was mandated to value all the State assets and liabilities on or before the implementation of IPSAS accrual.
(iii) The Committee was allowed to engage the services of competent valuers for the job.
(iv) The valuation of the assets and liabilities should be on a continuous basis and any value agreed and approved by the State Executive Council should be brought into the books in the year of valuation.
(v) All assets and liabilities incurred after implementation of IPSAS accrual should be recognized in the year they occurred.

The consolidated trial balance for the year ended December 31, 2017, based on IPSAS cash is as follows:

Extracted consolidated cashbook for the year 2018:

The following information is relevant:
(i) The employees‟ salaries and wages bill for the month of December 2018
amounting to N6.5billion was outstanding at the end of the year.
(ii) The following information was extracted from the unit in charge of
accounting for property, plant and equipment (PPE): 100 sets of HP
computers were received from Koko Computers Limited to assist the State
government to eradicate ghost workers from the payroll- the HP series
P1120, 2016 model. Based on this information, a call was made to three of
their computer suppliers to find out the current price of the HP P1120. Two of
the suppliers quoted N450,000 each, while one quoted N500,500 each.
Based on this information, the fair value of the computers, were taken as
N500,000 each.
(iii) The government during the year received an asset valuation report from the
Asset Valuation Committee that was set up to carry out the valuation of the
old assets and liabilities of the State.
(iv) The following values were recommended and approved by the State
Executive Council respectively:

(v) Pension and gratuity of N15 billion was outstanding at the end of the year
(vi) Some of the accounting policies adopted by the government for depreciation
include the following rates;

(vii) During the year, one of the contractors took the State to court for breach of
contract. The case was still in court as at the end of the year and from all
indications, judgment will eventually be in his favour. The legal adviser
estimated the judgment debt to be N50million.
(viii) Value of office consumables based on inventory sheet as at December 31,
2018 was N550million.
(ix) The following expenses were incurred but not settled as at end of the year.

(x) An extract from the foreign loan amortisation schedule indicates that a total
sum of N32billion comprising principal and interest of N2billion was due
and paid during the year. Also domestic loan of N13billion comprising
principal and interest of N1billion was paid during the year. The interest
payable on domestic and external loans at the end of the year amounted to
N3billion and N5 billion respectively.
(xi) The investment of 10% treasury bills for 360 days was due to mature on
January 1, 2018 and reinvested immediately for another term.
(xii) The revolving loan attracts interest of 4% per annum and it is paid along
with the principal.
Required:
a. In line with the provisions of IPSAS 33, explain how the following revenue
from exchange transactions should be recognised:
i. Aid and grants receivable as at December 31, 2015 (2 Marks)

ii. Debt forgiveness approved on or after January 1, 2016 (2 Marks)
iii. Personal income tax on or after January 1, 2016 (2 Marks)
b. Prepare in vertical form:
i. Statement of financial performance for the year December 31, 2018.
(17 Marks)
ii. Statement of financial position for the year December 31, 2018.
(17 Marks)
(Total 40 Marks)

Answer

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Tags: Accrual Basis, Asset Valuation, Government Accounting, IPSAS, Revenue Recognition
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2020

FA – Nov 2015 – L1 – SB – Q6a – Bases of Accounting: Accrual vs. Cash

Differentiate accounting bases and discuss a setback of the cash basis.

Question

i. Differences between Accounting Bases

Cash Basis: Recognizes revenue and expenses only when cash is received or paid. It does not match income with expenses incurred in the same period.
Accrual Basis: Recognizes revenue when earned and expenses when incurred, regardless of when cash transactions occur. It provides a more accurate picture of a company’s financial position.
Break-up Basis: Assumes that a business will not continue as a going concern, and assets are valued at their realizable amounts rather than their carrying amounts.

ii. Setback of Cash Basis

It does not provide a true picture of financial performance, as income and expenses may not be recorded in the period to which they relate.

Answer

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Tags: Accounting Concepts, Accrual Basis, Break-up Basis, Cash Basis
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: NOV 2015

FR – May 2018 – L2 – Q5b -Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Explain the differences between the accrual, cash, and break-up basis of accounting, with examples

Question

Explain the differences between the accrual, cash, and break-up basis of accounting.

Answer

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Tags: Accounting Methods, Accrual Basis, Break-up Basis, Cash Basis, Financial Reporting
Level: Level 2

Topic: Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)
Series: MAY 2018

FA – May 2018 – L1 – SA – Q14 – Bases of Accounting: Accrual vs. Cash

Determines the correct timing of income recognition under the accrual basis of accounting.

Question

In the statement of cashflows, when recognizing income under the accrual basis, which of the following statements is correct?
A. Income is recognized when earned and cash is received
B. Income is recognized only when it is not certain that cash will be received
C. Income is recognized only when cash is received
D. Income is recognized when earned and not necessarily when cash is received
E. Accrued income is only recognized in the financial statements.

Answer

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Tags: Accrual Basis, Income Recognition
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: MAY 2018

FA – Nov 2022 – L1 – SB – Q4a – Accounting Concepts

Explain the cash, accrual, and break-up accounting bases.

Question

Accounting concepts are the broad principles and general assumptions underlying the preparation of financial statements.

Required:
Explain the following accounting bases:
i. Cash basis
ii. Accrual basis
iii. Break-up basis
(6 Marks)

Answer

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Tags: Accounting principles, Accrual Basis, Break-up Basis, Cash Basis
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

FA – MAY 2015 – L1 – SA – Q15 – Bases of Accounting: Accrual vs. Cash

Identify the correct condition for recognizing income under the accrual basis of accounting.

Question

When recognizing income under the accrual basis, which of the following statements is correct?
A. Income is recognized when earned and cash is received.
B. Income is recognized only when it is not certain that cash will be received.
C. Income is recognized only when cash is received.
D. Income is recognized when earned and not necessarily when cash is received.
E. Accrued income is only recognized in the financial statements.

Answer

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Tags: Accrual Basis, Income Recognition
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: MAY 2015

PSAF – Nov 2016 – L2 – Q1a – Preparation and presentation of financial statements for central government

Prepare the Statement of Financial Performance and the Statement of Financial Position for the Consolidated Fund as of 31 December 2014 under accrual basis, in compliance with IPSAS.

Question

Below is the Trial Balance of the Consolidated Fund for the year ended 31 December 2014.

Additional Information:
i) It is the policy of Controller and Accountant General to adopt the accrual basis of preparing the public accounts of the Consolidated Fund for the first time in compliance with the Financial Administration Regulation 2004 and the International Public Sector Accounting Standards (IPSAS). The effective date is 31 December 2014.
ii) The current Chart of Accounts based on the GFS 2001 is used in the classification of revenues and expenditures.
iii) Consumption of fixed capital charged on cost for the year has been computed as GH¢156,000,000.
iv) Direct tax revenues due to government but were not received at 31 December 2014 amounted to GH¢49,000,000.
v) An established post salary in arrears as a result of salary increment in the fourth quarter of 2014 was GH¢56,000,000 and goods and services outstanding at the end of the year amounted to GH¢12,000,000.
vi) The grant shown in the trial balance as expenditure represents a statutory transfer to the District Assembly Common Fund (DACF). Any arrears in the DACF should be treated as payable. The current rate of transfer is 7.5% on the amount received.
vii) Public debt interest of GH¢14,000,000 was due to creditors but was not paid as at 31 December 2014.

Required:
a) Prepare in a form suitable for publication and in accordance with the relevant Financial Laws and IPSAS:
i) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2014.
ii) Statement of Financial Position of the Consolidated Fund as at 31 December 2014.
(Show all workings clearly)

b) Disclose any TWO significant accounting policies as part of the notes to your accounts, as much as the information provided will permit.

Answer

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Tags: Accounting Policies, Accrual Basis, Consolidated Fund, Financial Performance, Financial Position, Ghana, IPSAS, Public Sector Accounting, Trial Balance
Level: Level 2

PSAF – Nov 2016 – L2 – Q1b – International Public Sector Accounting Standard

Identify and disclose two significant accounting policies for the Consolidated Fund using the accrual basis for the first time.

Question

Disclose any TWO significant accounting policies as part of the notes to your accounts, as much as the information provided will permit.

Answer

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Tags: Accounting Policies, Accrual Basis, Financial Administration Regulation, IPSAS, Public Accounts
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2016

PSAF – Nov 2020 – L2 – Q2 – Preparation and presentation of financial statements for local government

Prepare financial statements (Statement of Financial Performance and Statement of Cash Flow) and explain basic disclosure requirements for Eminaa District Assembly.

Question

a) The following details relate to Eminaa District Assembly for the year 2018.

Details	GH¢’000
Dividend Received	93,250
Central Government Salaries	12,000,000
Basic Rates	370,900
Districts Development Facility	15,000,600
Rent from Land and Building	6,120,800
Established Posts	1,140,700
Other Expenditure	600,000
Non-Established Posts	580,000
Allowances	390,470
Court Fees	240,000
Inventory and Consumables	800,000
Sanitation Fees	370,000
General Cleaning	350,000
Common Fund	2,930,000
Social Benefit	840,300
Equity Investment Acquired	420,000
Infrastructure, Plant, and Equipment	980,000
Work-In-Progress	490,000
Loans Received	2,330,000
Interest Expense	200,000
Advances to Staff	660,000
Royalties	430,000
Consultancies cost	470,000
Training and Workshop cost	275,000
Transport and Travelling cost	620,000
Consumption of Fixed Assets	960,000
Special Services	820,000
Utilities	630,000
Market Tolls	870,000
Permit Fees	990,000
Fines and Penalties	330,000
Development Bonds Issued	1,300,000
Hostel License	630,920
Business Income	2,300,600
Chop Bar License	300,400
Proceeds from Sale of Equity	990,320
Accumulated Fund (1/1/2018)	370,600
Herbalist License	530,370
Cash and Cash Equivalent @ (1/1/2018)	12,300,240
Stool Land Revenue	600,000
Lorry Park Fees	720,400
Market Store Rent	300,750
Recoveries	194,000
Loan Repayment	143,000
Property Rate	820,900

Additional Information:

Eminaa District Assembly adopts the accrual basis of accounting in the preparation of its financial statements.
Established Post salaries outstanding as at 31/12/2018 were GH¢180,000,000.
Inventory at 31/12/2018 was GH¢170,000,000.

Required:
Prepare for Eminaa District Assembly:

Statement of Financial Performance for the year ended 31/12/2018.

(7 marks)

b) Prepare a statement of cash flow for Eminaa District Assembly for the year ended 31/12/2018. (8 marks)

c) Subject to IPSAS 6: Consolidated and Separate Financial Statements, a Controlling Entity that presents Consolidated Financial Statements shall disclose certain basic information.

Explain FIVE (5) basic information that an institution preparing Consolidated Financial Statements needs to disclose. (5 marks)

Answer

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Tags: Accrual Basis, Cash Flow, consolidated financial statements, Financial Performance, IPSAS, Local Government, Public Sector Accounting
Level: Level 2

Topic: Preparation and presentation of financial statements for local government
Series: NOV 2020

PSAF – May 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Explain differences between accrual and cash accounting, justify IPSAS adoption, and describe commitment accounting benefits.

Question

You have received an official memo from your Permanent Secretary, which reads:

Director of Account and Finance: Hope you are doing well. We have just closed from a workshop organised by the Ministry of Finance on public finance management not long ago, and the discussion was all about the adoption of IPSAS accrual accounting in the public sector. It was emphasised that migration from IPSAS Cash Basis to IPSAS Accrual Basis is necessary to improve financial reporting and transparency in the public sector. You know I have little knowledge in accounting, so I was completely lost in the discussions and I wished you had attended the workshop with me.

Another issue discussed was commitment accounting. We were made to understand that commitment accounting strengthens public finance management and therefore all Ministries, Departments and Agencies (MDAs) must ensure that every expenditure is committed in accordance with the appropriation prior to spending.

Please could you help me with some information on these issues?

Answer

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Tags: Accrual Basis, Cash Basis, Financial Transparency, IPSAS, Public Finance Management
Level: Level 2

Topic: International public sector accounting standards
Series: MAY 2021

PSAF – Nov 2020 – L2 – Q1 – International Public Sector Accounting Standards (IPSAS)

Discuss IPSAS transition exemptions and prepare financial statements for Oranta State Government using IPSAS accrual.

Question

For the smooth implementation of IPSAS accrual, the State Executive Council approved the following:

The consolidated trial balance for the year ended December 31, 2017, based on IPSAS cash is as follows:

Extracted consolidated cashbook for the year 2018:

(v) Pension and gratuity of N15 billion was outstanding at the end of the year
(vi) Some of the accounting policies adopted by the government for depreciation
include the following rates;

Answer

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Tags: Accrual Basis, Asset Valuation, Government Accounting, IPSAS, Revenue Recognition
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2020

FA – Nov 2015 – L1 – SB – Q6a – Bases of Accounting: Accrual vs. Cash

Differentiate accounting bases and discuss a setback of the cash basis.

Question

i. Differences between Accounting Bases

Cash Basis: Recognizes revenue and expenses only when cash is received or paid. It does not match income with expenses incurred in the same period.
Accrual Basis: Recognizes revenue when earned and expenses when incurred, regardless of when cash transactions occur. It provides a more accurate picture of a company’s financial position.
Break-up Basis: Assumes that a business will not continue as a going concern, and assets are valued at their realizable amounts rather than their carrying amounts.

ii. Setback of Cash Basis

It does not provide a true picture of financial performance, as income and expenses may not be recorded in the period to which they relate.

Answer

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Tags: Accounting Concepts, Accrual Basis, Break-up Basis, Cash Basis
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: NOV 2015

FR – May 2018 – L2 – Q5b -Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Explain the differences between the accrual, cash, and break-up basis of accounting, with examples

Question

Explain the differences between the accrual, cash, and break-up basis of accounting.

Answer

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Tags: Accounting Methods, Accrual Basis, Break-up Basis, Cash Basis, Financial Reporting
Level: Level 2

Topic: Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)
Series: MAY 2018

FA – May 2018 – L1 – SA – Q14 – Bases of Accounting: Accrual vs. Cash

Determines the correct timing of income recognition under the accrual basis of accounting.

Question

Answer

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Tags: Accrual Basis, Income Recognition
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: MAY 2018

FA – Nov 2022 – L1 – SB – Q4a – Accounting Concepts

Explain the cash, accrual, and break-up accounting bases.

Question

Accounting concepts are the broad principles and general assumptions underlying the preparation of financial statements.

Required:
Explain the following accounting bases:
i. Cash basis
ii. Accrual basis
iii. Break-up basis
(6 Marks)

Answer

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Tags: Accounting principles, Accrual Basis, Break-up Basis, Cash Basis
Level: Level 1

Topic: Accounting Concepts
Series: NOV 2022

FA – MAY 2015 – L1 – SA – Q15 – Bases of Accounting: Accrual vs. Cash

Identify the correct condition for recognizing income under the accrual basis of accounting.

Question

Answer

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Tags: Accrual Basis, Income Recognition
Level: Level 1

Topic: Bases of Accounting: Accrual vs. Cash
Series: MAY 2015

PSAF – Nov 2016 – L2 – Q1a – Preparation and presentation of financial statements for central government

Prepare the Statement of Financial Performance and the Statement of Financial Position for the Consolidated Fund as of 31 December 2014 under accrual basis, in compliance with IPSAS.

Question

Below is the Trial Balance of the Consolidated Fund for the year ended 31 December 2014.

b) Disclose any TWO significant accounting policies as part of the notes to your accounts, as much as the information provided will permit.

Answer

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Tags: Accounting Policies, Accrual Basis, Consolidated Fund, Financial Performance, Financial Position, Ghana, IPSAS, Public Sector Accounting, Trial Balance
Level: Level 2

PSAF – Nov 2016 – L2 – Q1b – International Public Sector Accounting Standard

Identify and disclose two significant accounting policies for the Consolidated Fund using the accrual basis for the first time.

Question

Disclose any TWO significant accounting policies as part of the notes to your accounts, as much as the information provided will permit.

Answer

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Tags: Accounting Policies, Accrual Basis, Financial Administration Regulation, IPSAS, Public Accounts
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2016

PSAF – Nov 2020 – L2 – Q2 – Preparation and presentation of financial statements for local government

Prepare financial statements (Statement of Financial Performance and Statement of Cash Flow) and explain basic disclosure requirements for Eminaa District Assembly.

Question

a) The following details relate to Eminaa District Assembly for the year 2018.

Details	GH¢’000
Dividend Received	93,250
Central Government Salaries	12,000,000
Basic Rates	370,900
Districts Development Facility	15,000,600
Rent from Land and Building	6,120,800
Established Posts	1,140,700
Other Expenditure	600,000
Non-Established Posts	580,000
Allowances	390,470
Court Fees	240,000
Inventory and Consumables	800,000
Sanitation Fees	370,000
General Cleaning	350,000
Common Fund	2,930,000
Social Benefit	840,300
Equity Investment Acquired	420,000
Infrastructure, Plant, and Equipment	980,000
Work-In-Progress	490,000
Loans Received	2,330,000
Interest Expense	200,000
Advances to Staff	660,000
Royalties	430,000
Consultancies cost	470,000
Training and Workshop cost	275,000
Transport and Travelling cost	620,000
Consumption of Fixed Assets	960,000
Special Services	820,000
Utilities	630,000
Market Tolls	870,000
Permit Fees	990,000
Fines and Penalties	330,000
Development Bonds Issued	1,300,000
Hostel License	630,920
Business Income	2,300,600
Chop Bar License	300,400
Proceeds from Sale of Equity	990,320
Accumulated Fund (1/1/2018)	370,600
Herbalist License	530,370
Cash and Cash Equivalent @ (1/1/2018)	12,300,240
Stool Land Revenue	600,000
Lorry Park Fees	720,400
Market Store Rent	300,750
Recoveries	194,000
Loan Repayment	143,000
Property Rate	820,900

Additional Information:

Eminaa District Assembly adopts the accrual basis of accounting in the preparation of its financial statements.
Established Post salaries outstanding as at 31/12/2018 were GH¢180,000,000.
Inventory at 31/12/2018 was GH¢170,000,000.

Required:
Prepare for Eminaa District Assembly:

Statement of Financial Performance for the year ended 31/12/2018.

(7 marks)

b) Prepare a statement of cash flow for Eminaa District Assembly for the year ended 31/12/2018. (8 marks)

c) Subject to IPSAS 6: Consolidated and Separate Financial Statements, a Controlling Entity that presents Consolidated Financial Statements shall disclose certain basic information.

Explain FIVE (5) basic information that an institution preparing Consolidated Financial Statements needs to disclose. (5 marks)

Answer

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Tags: Accrual Basis, Cash Flow, consolidated financial statements, Financial Performance, IPSAS, Local Government, Public Sector Accounting
Level: Level 2

Topic: Preparation and presentation of financial statements for local government
Series: NOV 2020

Question Tag: Accrual Basis

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PSAF – May 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Explain differences between accrual and cash accounting, justify IPSAS adoption, and describe commitment accounting benefits.

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PSAF – Nov 2020 – L2 – Q1 – International Public Sector Accounting Standards (IPSAS)

Discuss IPSAS transition exemptions and prepare financial statements for Oranta State Government using IPSAS accrual.

You're reporting an error for "PSAF – Nov 2020 – L2 – Q1 – International Public Sector Accounting Standards (IPSAS)"

FA – Nov 2015 – L1 – SB – Q6a – Bases of Accounting: Accrual vs. Cash

Differentiate accounting bases and discuss a setback of the cash basis.

i. Differences between Accounting Bases

ii. Setback of Cash Basis

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FR – May 2018 – L2 – Q5b -Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Explain the differences between the accrual, cash, and break-up basis of accounting, with examples

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FA – May 2018 – L1 – SA – Q14 – Bases of Accounting: Accrual vs. Cash

Determines the correct timing of income recognition under the accrual basis of accounting.

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FA – Nov 2022 – L1 – SB – Q4a – Accounting Concepts

Explain the cash, accrual, and break-up accounting bases.

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FA – MAY 2015 – L1 – SA – Q15 – Bases of Accounting: Accrual vs. Cash

Identify the correct condition for recognizing income under the accrual basis of accounting.

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PSAF – Nov 2016 – L2 – Q1a – Preparation and presentation of financial statements for central government

Prepare the Statement of Financial Performance and the Statement of Financial Position for the Consolidated Fund as of 31 December 2014 under accrual basis, in compliance with IPSAS.

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PSAF – Nov 2016 – L2 – Q1b – International Public Sector Accounting Standard

Identify and disclose two significant accounting policies for the Consolidated Fund using the accrual basis for the first time.

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PSAF – Nov 2020 – L2 – Q2 – Preparation and presentation of financial statements for local government

Prepare financial statements (Statement of Financial Performance and Statement of Cash Flow) and explain basic disclosure requirements for Eminaa District Assembly.

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PSAF – May 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)

Explain differences between accrual and cash accounting, justify IPSAS adoption, and describe commitment accounting benefits.

You're reporting an error for "PSAF – May 2021 – L2 – Q2b – International Public Sector Accounting Standards (IPSAS)"

PSAF – Nov 2020 – L2 – Q1 – International Public Sector Accounting Standards (IPSAS)

Discuss IPSAS transition exemptions and prepare financial statements for Oranta State Government using IPSAS accrual.

You're reporting an error for "PSAF – Nov 2020 – L2 – Q1 – International Public Sector Accounting Standards (IPSAS)"

FA – Nov 2015 – L1 – SB – Q6a – Bases of Accounting: Accrual vs. Cash

Differentiate accounting bases and discuss a setback of the cash basis.

i. Differences between Accounting Bases

ii. Setback of Cash Basis

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FR – May 2018 – L2 – Q5b -Accounting Policies, Changes in Accounting Estimates, and Errors (IAS 8)

Explain the differences between the accrual, cash, and break-up basis of accounting, with examples

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FA – May 2018 – L1 – SA – Q14 – Bases of Accounting: Accrual vs. Cash

Determines the correct timing of income recognition under the accrual basis of accounting.

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FA – Nov 2022 – L1 – SB – Q4a – Accounting Concepts

Explain the cash, accrual, and break-up accounting bases.

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FA – MAY 2015 – L1 – SA – Q15 – Bases of Accounting: Accrual vs. Cash

Identify the correct condition for recognizing income under the accrual basis of accounting.

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PSAF – Nov 2016 – L2 – Q1a – Preparation and presentation of financial statements for central government

Prepare the Statement of Financial Performance and the Statement of Financial Position for the Consolidated Fund as of 31 December 2014 under accrual basis, in compliance with IPSAS.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q1a – Preparation and presentation of financial statements for central government"

PSAF – Nov 2016 – L2 – Q1b – International Public Sector Accounting Standard

Identify and disclose two significant accounting policies for the Consolidated Fund using the accrual basis for the first time.

You're reporting an error for "PSAF – Nov 2016 – L2 – Q1b – International Public Sector Accounting Standard"

PSAF – Nov 2020 – L2 – Q2 – Preparation and presentation of financial statements for local government

Prepare financial statements (Statement of Financial Performance and Statement of Cash Flow) and explain basic disclosure requirements for Eminaa District Assembly.

You're reporting an error for "PSAF – Nov 2020 – L2 – Q2 – Preparation and presentation of financial statements for local government"

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