Explain main drivers for changing to ipsas, Financial Management

Assignment Help:

Question:

PART A

With the view to modernise its accounting system Government is considering adopting International Public Sector Accounting Standards (IPSAS) so as to maximise the reliability and usefulness of reported financial information

Required:

(i) What are IPSAS and explain four main drivers for changing to IPSAS

(ii) Briefly explain six benefits government can derive from adopting IPSAS

PART B

(a) Government is currently using the Treasury Accounting System (TAS) to account for all financial transactions. Explain what TAS is and briefly explain the different Modules used to process the financial transactions of government.

(b) Government has recently set up a new Chart of Accounts to record its financial transactions. Identify and briefly explain two segments of the Chart of Account with one example of its application.


Related Discussions:- Explain main drivers for changing to ipsas

Define the risk of cost of capital, Risk of cost of capital A straight...

Risk of cost of capital A straightforward assumption of traditional cost of capital analysis is that firm's business and financial risk are unaffected by acceptance and financ

What are the government securities - debt securities, What are the Governm...

What are the Government Securities Government is one of the biggest borrowers from capital and money market. We have already taken a look at money market securities offered by

Show objections against profit maximization, Q. Show objections against pro...

Q. Show objections against profit maximization? 1) Profit cannot be ascertained well in advance to express the. Probability of return as future is Uncertain. It is not at all p

Outsourcing, Outsourcing Outsourcing is referring to purchase of parts ...

Outsourcing Outsourcing is referring to purchase of parts from outside suppliers. Outsourcing is the external acquisition of services or components used in the production of go

Bond with call and prepay options, Let us consider a bond with ...

Let us consider a bond with callable or prepayable feature. Figure shows the price/yield relationship of option-free bond and callable bond. The price yield

Define finance function and discuss its nature, Q. Define Finance Function ...

Q. Define Finance Function and discuss its nature and scope Ans. Meaning of Finance: - Finance is defined as the provision of funds at the time when it is required. The role of

What is benchmarking, What is Benchmarking "A continuous, systematic pr...

What is Benchmarking "A continuous, systematic process for evaluating the products, services and work processes of an organisation that are recognised as representing best prac

Importance of capital budgeting decision, Q. Importance of Capital Budgetin...

Q. Importance of Capital Budgeting Decision? 1. Such Decision affect the profitability of the Firm: - Capital Budgeting decision influences the long-term profitability of a fir

Government bonds, Government securities are the most important and un...

Government securities are the most important and unique financial instruments in the financial markets of any economy. Government of India Securities (GOI Sec) in

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd