- 20 Marks
PSAF – Nov 2018 – L2 – Q2 – International Public Sector Accounting Standards (IPSAS)
Discuss reasons for holding investment properties and IPSAS 16 measurement methods, providing examples of investment and non-investment properties.
Question
In line with the Government’s efforts at promoting accountability and transparency, the Federal Government of Nigeria has adopted and is implementing the International Public Sector Accounting Standards (IPSAS). The IPSAS 16 specifically deals with Investment Property which could be land, building, or both. A public sector entity may be established to manage such property portfolios on a commercial basis. An example of such an entity could be a University or Local Government.
Required:
a. Discuss two reasons for holding investment property and the two methods of measurement as contained in IPSAS 16.
(8 Marks)
b. Illustrate with four examples each of investment property and non-investment property.
(12 Marks)
Find Related Questions by Tags, levels, etc.
- Tags: Investment Property, IPSAS 16, property management, Public Sector Accounting
- Level: Level 2
- Topic: International public sector accounting standards
- Series: NOV 2018