Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. ipsas 1 deals with the presentation of financial s

IPSAS 1 deals with the Presentation of Financial Statements for the public sector, and was...

60.1K

Verified Solution

Question

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)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Write (3a) without exponents.(30) =

Algebra
Q

Suppose U.S. consumers 21 years and older consumed 26.2 gallons of beer and cider per person...

Statistics
Q

discuss the controversies with forfeiture in America. What are the issues and where do you fall...

Psychology
Q

1.What is the purpose of the diffuser section of a gas turbine engine, and under what...

Mechanical Engineering
Q

For example, Adelphi, Inc., is considering the purchase of a machine that would cost $370,000 now,...

Accounting
Q

Let f (x) be defined as shown below. Find (?2), (0), (2)....

Basic Math
Q

certain polynomial p x in U has p x 1 1 2 Find p x...

Algebra
Q

Willie Nelson's Boots uses the conventional retail method to estimate ending inventory. Cost data for...

Accounting
Q

Advance payments made by the lessee on an operating lease are considered to be: ...

Accounting
Q

The declaration, record, and payment dates in connection with a cash dividend of $1,250,000 on...

Accounting
Q

I need a help in Financial accounting questions.(3) 1. A company has $40,000 available to...

Accounting
Q

Which of the following are characteristics of break-even analysis There is no loss and no...

Accounting