ONE You are a lead researcher with a public interest firm specializing in the financial reporting and audit of publicly funded organizations and have consulted widely across Africa on public sector financial reforms. Particularly, you have earned a reputation as a champion of the International Public Sector Accounting Standards (IPSAS) in Ghana and beyond. Following Ghana’s adoption of IPSAS, some members of the Institute of Chartered Accountants Ghana (ICAG) argued that IPSAS is a duplication of IFRS and that Ghana could have just opted to require IFRS application by publicly funded entities. Given the above, the Institute has engaged your team of experts to critically evaluate all existing IPSAS and IFR
ONE You are a lead researcher with a public interest firm specializing in the financial reporting and audit of publicly funded organizations and have consulted widely across Africa on public sector financial reforms. Particularly, you have earned a reputation as a champion of the International Public Sector Accounting Standards (IPSAS) in Ghana and beyond. Following Ghana’s adoption of IPSAS, some members of the Institute of Chartered Accountants Ghana (ICAG) argued that IPSAS is a duplication of IFRS and that Ghana could have just opted to require IFRS application by publicly funded entities. Given the above, the Institute has engaged your team of experts to critically evaluate all existing IPSAS and IFR
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter1: The Demand For And Supply Of Financial Accounting Information
Section: Chapter Questions
Problem 2C
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QUESTION ONE
You are a lead researcher with a public interest firm specializing in the financial reporting and
audit of publicly funded organizations and have consulted widely across Africa on public sector
financial reforms. Particularly, you have earned a reputation as a champion of the International
Public Sector Accounting Standards (IPSAS) in Ghana and beyond. Following Ghana’s adoption
of IPSAS, some members of the Institute of Chartered Accountants Ghana (ICAG) argued that
IPSAS is a duplication of IFRS and that Ghana could have just opted to require IFRS application
by publicly funded entities. Given the above, the Institute has engaged your team of experts to
critically evaluate all existing IPSAS and IFRS highlighting areas of significant differences
between the two reporting frameworks. Your report will be used by the Institute in its next
continuous professional development (CPD) for chartered accountants in Ghana. Your critical
review and comparison of the two reporting frameworks should be between 15 to 20 pages
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