Question Tag: GPFR

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  • 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.

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)

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  • 3 Marks

PSAF – Nov 2018 – L2 – Q1a – The context of public financial management

Identify primary users of GPFRs and their information needs in public sector financial reporting.

a) According to the Conceptual Framework for General Purpose Financial Reporting (GPFR) for Public Sector Entities issued by IPSASB, GPFR of public sector entities are developed primarily to respond to the information needs of the primary users who do not possess the authority to require a public sector entity to disclose the information they need for accountability and decision-making purposes. It adds that the objectives of financial reporting are therefore determined by reference to the users of GPFRs, and their information needs.

Required:
i) In relation to the Conceptual Framework, which category of users is regarded as primary users of the GPFRs of public sector entities? (2 marks)

ii) When preparing financial reports for the Consolidated Fund of Government, identify THREE (3) primary users and their information needs you would endeavour to meet. (3 marks)

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  • 10 Marks

PSAF – Nov 2021 – L2 – Q1b – General purpose financial reporting framework

Explain the information needs of primary users in GPFR and discuss why not every public sector entity is a reporting entity.

General purpose financial reporting is concerned with the provision of information to users for accountability and decision-making purposes. It is said that financial reporting is not an end in itself but a means to an end. However, this does not mean that every public sector entity is a reporting entity.

Required:
i) In reference to the Conceptual Framework of General Purpose Financial Reporting, explain the information needs of FIVE (5) primary users of general purpose financial reports.
(7 marks)

ii) Discuss the statement “This does not mean that every public sector entity is a reporting entity.”
(3 marks)

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  • 5 Marks

PSAF – May 2020 – L1 – Q5c – General purpose financial reporting framework

Explain the qualitative characteristics of GPFR based on observations of a public sector entity’s financial report.

Below are some observations made after an assessment of the General-Purpose Financial Report (GPFR) prepared by a public sector entity in 2018:

i) Not only were transactions not treated in accordance with the IPSAS, some were omitted unknowingly.
ii) In presenting the financial performance, position, and cash flow for the current financial year, 2018, the accountant has also provided information on the current year’s budget.
iii) Investment amounting to GH¢1,000,000 in short-term security reported in the financial position lacks supporting documents even though the investment may exist.
iv) The financial report was dated 30 June 2019, which is an improvement over the previous years, which was signed in September 2018.

Required:
In line with the Conceptual Framework for GPFR by public sector entity:
Explain the qualitative characteristics of GPFR for each observation in (i) to (iv) above and explain how each of the observations affects the usefulness of the GPFRs to the users.
(5 marks)

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  • 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.

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)

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  • 3 Marks

PSAF – Nov 2018 – L2 – Q1a – The context of public financial management

Identify primary users of GPFRs and their information needs in public sector financial reporting.

a) According to the Conceptual Framework for General Purpose Financial Reporting (GPFR) for Public Sector Entities issued by IPSASB, GPFR of public sector entities are developed primarily to respond to the information needs of the primary users who do not possess the authority to require a public sector entity to disclose the information they need for accountability and decision-making purposes. It adds that the objectives of financial reporting are therefore determined by reference to the users of GPFRs, and their information needs.

Required:
i) In relation to the Conceptual Framework, which category of users is regarded as primary users of the GPFRs of public sector entities? (2 marks)

ii) When preparing financial reports for the Consolidated Fund of Government, identify THREE (3) primary users and their information needs you would endeavour to meet. (3 marks)

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  • 10 Marks

PSAF – Nov 2021 – L2 – Q1b – General purpose financial reporting framework

Explain the information needs of primary users in GPFR and discuss why not every public sector entity is a reporting entity.

General purpose financial reporting is concerned with the provision of information to users for accountability and decision-making purposes. It is said that financial reporting is not an end in itself but a means to an end. However, this does not mean that every public sector entity is a reporting entity.

Required:
i) In reference to the Conceptual Framework of General Purpose Financial Reporting, explain the information needs of FIVE (5) primary users of general purpose financial reports.
(7 marks)

ii) Discuss the statement “This does not mean that every public sector entity is a reporting entity.”
(3 marks)

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  • 5 Marks

PSAF – May 2020 – L1 – Q5c – General purpose financial reporting framework

Explain the qualitative characteristics of GPFR based on observations of a public sector entity’s financial report.

Below are some observations made after an assessment of the General-Purpose Financial Report (GPFR) prepared by a public sector entity in 2018:

i) Not only were transactions not treated in accordance with the IPSAS, some were omitted unknowingly.
ii) In presenting the financial performance, position, and cash flow for the current financial year, 2018, the accountant has also provided information on the current year’s budget.
iii) Investment amounting to GH¢1,000,000 in short-term security reported in the financial position lacks supporting documents even though the investment may exist.
iv) The financial report was dated 30 June 2019, which is an improvement over the previous years, which was signed in September 2018.

Required:
In line with the Conceptual Framework for GPFR by public sector entity:
Explain the qualitative characteristics of GPFR for each observation in (i) to (iv) above and explain how each of the observations affects the usefulness of the GPFRs to the users.
(5 marks)

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