- 20 Marks
PSAF – May 2023 – L1 – SA – Q3 – Pension Accounting in the Public Sector
Outline PTAD's functions and National Pension Commission's powers over PTAD as per the PRA 2014.
Question
a. Sections 42 and 44 of Pension Reform Act (PRA) 2014 established Pension Transitional Arrangements Directorate (PTAD) for public service of the Federation and Pension Transitional Arrangements Directorate (PTAD) for the Federal Capital Territory (FCT) respectively.
Required:
i. Identify SEVEN functions of the PTAD as contained in PRA (2014). (7 Marks)
ii. Identify THREE powers which National Pension Commission has over Pension Transitional Arrangements Directorate for public service of the Federation and Federal Capital Territory. (3 Marks)
b. Two accountants in the Ministry of Finance of Welfare State were in a debate as to which basis of accounting for revenue and expenditure should be adopted in the state. Five bases of accounting for the finance of the state were put forward: accrual basis, cash basis, modified cash basis, modified accrual basis, and commitment basis.
Required:
As a student of public sector accounting, explain any FOUR bases under the following headings:
i. Concepts of the FOUR bases.
ii. THREE merits of cash basis.
iii. THREE merits of accrual basis. (10 Marks)
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