IPSAS 3 – NBC Institute

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

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

Question

IPSAS 3 – Accounting Policies, Changes in Accounting Estimates, and Errors outlines criteria for selecting and changing accounting policies among other purposes.

Required:

Outline what constitutes changes in accounting policies under the standard.
Identify THREE disclosure requirements under the following headings:
- When the initial application of IPSAS 3 is made and has effects on prior, current, or future periods.
- When voluntary changes in accounting policy are made and have effects on current, prior, or future periods.

Answer

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Tags: Accounting Policies, Accounting Standards, Disclosure Requirements, IPSAS 3
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2021

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

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

PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework

Discuss the guiding principles for formulating accounting policies, conditions for changes, and treatment of changes under IPSAS 3.

Question

b) With reference to IPSAS 3: Accounting Policies, Changes in Estimates and Errors:

i) Explain the guiding principles for formulating accounting policy. (2 marks)

ii) The conditions that mandate a change in accounting policy. (2 marks)

iii) The treatment of changes in accounting policy required by IPSAS 3. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Policies, Changes in Estimates, Errors, IPSAS 3, Public Sector
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2019

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

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

Question

IPSAS 3 – Accounting Policies, Changes in Accounting Estimates, and Errors outlines criteria for selecting and changing accounting policies among other purposes.

Required:

Outline what constitutes changes in accounting policies under the standard.
Identify THREE disclosure requirements under the following headings:
- When the initial application of IPSAS 3 is made and has effects on prior, current, or future periods.
- When voluntary changes in accounting policy are made and have effects on current, prior, or future periods.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Policies, Accounting Standards, Disclosure Requirements, IPSAS 3
Level: Level 2

Topic: International public sector accounting standards
Series: NOV 2021

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

PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework

Discuss the guiding principles for formulating accounting policies, conditions for changes, and treatment of changes under IPSAS 3.

Question

b) With reference to IPSAS 3: Accounting Policies, Changes in Estimates and Errors:

i) Explain the guiding principles for formulating accounting policy. (2 marks)

ii) The conditions that mandate a change in accounting policy. (2 marks)

iii) The treatment of changes in accounting policy required by IPSAS 3. (2 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Accounting Policies, Changes in Estimates, Errors, IPSAS 3, Public Sector
Level: Level 2

Topic: General purpose financial reporting framework
Series: NOV 2019

Question Tag: IPSAS 3

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

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

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.

PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework

Discuss the guiding principles for formulating accounting policies, conditions for changes, and treatment of changes under IPSAS 3.

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

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

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.

PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework

Discuss the guiding principles for formulating accounting policies, conditions for changes, and treatment of changes under IPSAS 3.

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Question Tag: IPSAS 3

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

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

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

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"

PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework

Discuss the guiding principles for formulating accounting policies, conditions for changes, and treatment of changes under IPSAS 3.

You're reporting an error for "PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework"

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

Outline changes in accounting policies and identify disclosure requirements when applying IPSAS 3.

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

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"

PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework

Discuss the guiding principles for formulating accounting policies, conditions for changes, and treatment of changes under IPSAS 3.

You're reporting an error for "PSAF – Nov 2019 – L2 – Q2b -General purpose financial reporting framework"

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