- 3 Marks
PSAF – May 2016 – L2 – Q3b – Preparation and presentation of financial statements for central government
This question addresses how to ascertain the current market values of different public sector assets.
Question
In public sector accounting, assets and liabilities are valued at their current market values or at fair prices, which is defined as the amount of money that would have to be paid to acquire the asset on the valuation date.
Required: Explain how you would ascertain the current market values of the following public sector assets:
i) Securities;
ii) Motor Vehicles;
iii) Office buildings.
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