government can provide a better understanding of the relationship between the market and activities of the government and between financial statements and statistical bases of financial reporting IPSAS 23. Prescribes requirements for the Less challenge in Revenue from financial reporting of revenue application. Government arising from non-exchange Transactions (Taxes transactions, other than grants aid form a and Transfers) transactions that give substantial part rise to an entity combination. of revenue at In a non-exchange transaction, an and LGA’s entity either receives value from so its not a new another entity without directly thing. giving approximately equal value in exchange, or gives value to another entity without directly receiving approximately equal value in exchange IPSAS 24 Ensures that public sector entities Large history of Presentation of discharge their accountability variation may hamper honest Budget Information obligations and enhance the in Financial transparency of their financial presentation. Statements statements by demonstrating Also poor budget compliance with the approved performance budget for which they are held history. publicly accountable and, where the budget and the financial statements are prepared on the same basis, their financial performance in achieving the budgeted results. 25 Prescribes the accounting and The standard Employee Benefit disclosure for employee benefits. requires a lot of This includes: short-term benefits actuarial information, (wages, annual leave, sick leave, bonuses, profit-sharing and is currently not benefits); pensions; available. post-employment life insurance and medical benefits; termination benefits and other longterm employee benefits (long-service leave, disability, deferred compensation, and bonuses and longterm profit-sharing), except for share based transactions and
government can provide a better understanding of the relationship between the market and activities of the government and between financial statements and statistical bases of financial reporting IPSAS 23. Revenue from Transactions (Taxes and Transfers) Prescribes requirements for the financial reporting of revenue arising from non-exchange transactions, other than transactions that give rise to an entity combination. In a non-exchange transaction, an entity either receives value from another entity without directly giving approximately equal value in exchange, or gives value to another entity without directly receiving approximately equal value in exchange Less challenge in application. Government grants aid form a substantial part of revenue at and LGA’s so its not a new thing. IPSAS 24 Presentation of Budget Information in Financial Statements Ensures that public sector entities discharge their accountability obligations and enhance the transparency of their financial statements by demonstrating compliance with the approved budget for which they are held publicly accountable and, where the budget and the financial statements are prepared on the same basis, their financial performance in achieving the budgeted results. Large history of variation may hamper honest presentation. Also poor budget performance history. 25 Employee Benefit Prescribes the accounting and disclosure for employee benefits. This includes: short-term benefits (wages, annual leave, sick leave, bonuses, profit-sharing and benefits); pensions; post-employment life insurance and medical benefits; termination benefits and other longterm employee benefits (long-service leave, disability, deferred compensation, and bonuses and longterm profit-sharing), except for share based transactions and The standard requires a lot of actuarial information, is currently not available.
IPSAS-ICPAn-final.docx