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Q.1 The following is a summarized list of the receipts and payments extracled from the ledger 0 3 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: 3. During the year, the Parliament of Ghana approved a transfer of 10% of accrued total tax revenue to the District Assembly Common Fund. 4. The capital project grant was received from the UK Government in October 2018. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH c450 million of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant for the People Republic of China amounting to GHc2,450 milion. This grant is highly probable to be received in the first month after the financial year end. 5. The approved budget for the 2018 fiscal year excluding that of capital expenditure and investments is as follows: 6. Domestic debt interest and external debt interest amounting to GHc30 million and GHc230 million respectively was due but not paid due to the financial constraints during the year. 7. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment. In this respect, a professional valuer was engaged who produced the following values as at 30hn June, 2019: Property, Plant and Equipment GHc12,000 million; Infrastructural assets completed GHc22,000 million and Infrastructural assets in progress GHc18,000 million. GHc8,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31st December, 2019. 8. It is the policy of government to provide for consumption of fixed assets on all nonfinancial assets acquired during the year and those already existing using the straight line method: Property, Plant and Equipment 25% Infrastructure asset completed 20% Page 4 of 5 9. Salaries and other emoluments outstanding during the year amounted to GHc450 million while that of use of goods and services amounted GHc150 million. Additionally, GHc1,620 million of rent paid during the year relate to 2020 . GHc150 million relating to other expenses was outstanding as at 31st December, 2019. 10. As at 31st December, 2019, corporate tax assessments amounting to GHc3,350 million was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31me December. 2019 in respect of taxes on goods and services stood at GHc2,500 milion. It is estimated that, only 60% of the outstanding debt to government may be recovered. 11. Inventory included in use of goods and services available at the end of the year was as follows: You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2019; 15 marks b) Statement of Financial Position of the Consolidated Fund as at the year ended 31 December 2019; 15 marks Q.2 a) Critically examine the accounting treatment of PPP in accordance with the requirements of IPSAS 32, Public Concessions: Grantor. (10 marks) b) Briefly discuss the reporting requirements of IPSAS 22: Disclosure of Information about the General Government Sector. (10 marks) (Total: 20 marks) Q.1 The following is a summarized list of the receipts and payments extracled from the ledger 0 3 The following additional information is made available: 1. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards (IPSAS) as the basis for preparing its financial statements. 2. Balances extracted from the ledger of the Consolidated Fund as at 1/01/19 consisted of: 3. During the year, the Parliament of Ghana approved a transfer of 10% of accrued total tax revenue to the District Assembly Common Fund. 4. The capital project grant was received from the UK Government in October 2018. The Government of Ghana reasonably expects to comply with the grant agreement. The Government of Ghana is unlikely to comply with some of the conditions for grants amounting to GH c450 million of the other bilateral grants. The Government of Ghana has already complied with grant condition in respect of a bilateral grant for the People Republic of China amounting to GHc2,450 milion. This grant is highly probable to be received in the first month after the financial year end. 5. The approved budget for the 2018 fiscal year excluding that of capital expenditure and investments is as follows: 6. Domestic debt interest and external debt interest amounting to GHc30 million and GHc230 million respectively was due but not paid due to the financial constraints during the year. 7. The Government of Ghana applies the revaluation model for its non-current assets (existing prior to the adoption) in line with IPSAS 17: Property. Plant and Equipment. In this respect, a professional valuer was engaged who produced the following values as at 30hn June, 2019: Property, Plant and Equipment GHc12,000 million; Infrastructural assets completed GHc22,000 million and Infrastructural assets in progress GHc18,000 million. GHc8,000 of Infrastructure in progress was completed and transferred to Infrastructure at 31st December, 2019. 8. It is the policy of government to provide for consumption of fixed assets on all nonfinancial assets acquired during the year and those already existing using the straight line method: Property, Plant and Equipment 25% Infrastructure asset completed 20% Page 4 of 5 9. Salaries and other emoluments outstanding during the year amounted to GHc450 million while that of use of goods and services amounted GHc150 million. Additionally, GHc1,620 million of rent paid during the year relate to 2020 . GHc150 million relating to other expenses was outstanding as at 31st December, 2019. 10. As at 31st December, 2019, corporate tax assessments amounting to GHc3,350 million was still outstanding to be paid by corporate entities to government, whilst the total amount owed to government as at 31me December. 2019 in respect of taxes on goods and services stood at GHc2,500 milion. It is estimated that, only 60% of the outstanding debt to government may be recovered. 11. Inventory included in use of goods and services available at the end of the year was as follows: You are required to: Prepare the following financial statements in accordance with the PFM laws of Ghana, the Chart of Accounts of government and relevant accrual basis IPSAS: a) Statement of Financial Performance of the Consolidated Fund for the year ended 31 December 2019; 15 marks b) Statement of Financial Position of the Consolidated Fund as at the year ended 31 December 2019; 15 marks Q.2 a) Critically examine the accounting treatment of PPP in accordance with the requirements of IPSAS 32, Public Concessions: Grantor. (10 marks) b) Briefly discuss the reporting requirements of IPSAS 22: Disclosure of Information about the General Government Sector. (10 marks) (Total: 20 marks)

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