IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was...
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Accounting
IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was drawn from International Accounting Standard (IAS 1) which speaks to the Presentation of Financial Statements for Commercial Accounting purposes. Under IPSAS 1 the objectives of general purpose financial reporting in the public sector should be to provide information useful for decision making, and to demonstrate the accountability of the entity for the resources entrusted to it.
What are the 5 specific objectives of information that general purpose financial statements provide to the public sector entity that allow it to demonstrate accountability of these entrusted resources? (5 Marks)
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