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The conceptual framework includes the measurement bases of the elements of the financial statements together with recognition criteria for them.
Required:
Explain the FOUR bases of measurement used in the financial statements.
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You are the Head of Finance of Public Sector Reform Secretariat, Office of the President. You have received the following e-mail from the Chief Executive Officer.
Email:
“Dear Head of Finance,
I have been invited by the Office of Head of Civil Service to attend a seminar on the theme ‘Fundamentals of Public Financial Reporting’. Among the topics listed for discussion are the following:
I am aware of your expertise in public financial management and will greatly appreciate it if you could prepare some briefing notes for me to bridge my knowledge gap prior to the conference.”
Required:
As Head of Finance and a recipient of the e-mail, provide your response in a memo to the Chief Executive Officer.
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According to the Conceptual Framework for General Purpose Financial Reports (GPFR), the objective of measurement in financial reporting in public sector entities is to select those measurement bases that most fairly reflect the cost of services, operational capacity, and financial capacity of the entity in a manner that is useful for accountability and decision-making purposes.
Required: Explain the under listed bases and discuss the extent to which each measurement reflects the cost of service, operational capacity, and financial capacity of an entity.
i) Historical cost
ii) Market Value
iii) Replacement cost
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Ghana is determined to implement an Accrual-based Accounting policy to enhance accountability and aid decision-making in the public sector.
Required:
Explain the policy implications on FOUR (4) measurement bases in public sector accounting as a result of the adoption and implementation of Accrual Based Accounting.
Find Related Questions by Tags, levels, etc.
Find Related Questions by Tags, levels, etc.
The conceptual framework includes the measurement bases of the elements of the financial statements together with recognition criteria for them.
Required:
Explain the FOUR bases of measurement used in the financial statements.
Find Related Questions by Tags, levels, etc.
You are the Head of Finance of Public Sector Reform Secretariat, Office of the President. You have received the following e-mail from the Chief Executive Officer.
Email:
“Dear Head of Finance,
I have been invited by the Office of Head of Civil Service to attend a seminar on the theme ‘Fundamentals of Public Financial Reporting’. Among the topics listed for discussion are the following:
I am aware of your expertise in public financial management and will greatly appreciate it if you could prepare some briefing notes for me to bridge my knowledge gap prior to the conference.”
Required:
As Head of Finance and a recipient of the e-mail, provide your response in a memo to the Chief Executive Officer.
Find Related Questions by Tags, levels, etc.
According to the Conceptual Framework for General Purpose Financial Reports (GPFR), the objective of measurement in financial reporting in public sector entities is to select those measurement bases that most fairly reflect the cost of services, operational capacity, and financial capacity of the entity in a manner that is useful for accountability and decision-making purposes.
Required: Explain the under listed bases and discuss the extent to which each measurement reflects the cost of service, operational capacity, and financial capacity of an entity.
i) Historical cost
ii) Market Value
iii) Replacement cost
Find Related Questions by Tags, levels, etc.
Ghana is determined to implement an Accrual-based Accounting policy to enhance accountability and aid decision-making in the public sector.
Required:
Explain the policy implications on FOUR (4) measurement bases in public sector accounting as a result of the adoption and implementation of Accrual Based Accounting.
Find Related Questions by Tags, levels, etc.
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