- 10 Marks
PSAF – May 2021 – L2 – Q5a – Public Sector Financial Statements
Identification of inventory costs excluded under IPSAS 12 and disclosure requirements for financial statements.
Question
IPSAS 12 on Inventories deals with the valuation and presentation of inventories in the financial statements in the context of the historical cost system, the most widely adopted basis on which financial statements are presented.
Required:
In accordance with IPSAS 12, identify FOUR costs that are excluded from the cost of inventories and FOUR requirements to be disclosed in the financial statements.
Find Related Questions by Tags, levels, etc.
- Tags: Disclosure Requirements, Exclusions, Financial Reporting, Inventory Valuation, IPSAS 12
- Level: Level 2
- Topic: Government Expenditure, Public Sector Financial Statements
- Series: MAY 2021
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