Consider the elements and indicators among reporting frameworks (Illustration 10.3).

In Illustration 10.3

Required
(a) Describe key financial indicators given in a financial statement presented in accordance with the CICA PSA Handbook. Contrast these indicators with indicators provided in the NPO, IFRS, and ASPE frameworks.
(b) Explain why net debt, the difference between liabilities and financial assets, bears directly on future revenue requirements and acts as a constraint upon the public sector's entity's ability to finance its activities, as well as meeting its liabilities and future commitments.
(c) Indicate how approaches under the frameworks vary when presenting changes in assets and liabilities and what challenges this can provide to users seeking to understand the results being reported by entities using these differ ent frameworks.

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Presentation Assets PSA Financial assets NPob FRS ASPE Current assets . Non-current assets . Current assets e Current assets . Non-financial Non-current assets Non-current assets assets Liabilities Liabilities . Current liabilities Current liabilities Current liabilities . Non-current Non-current liabilities e Non-current liabilities liabilities Shareholder equity Retained earnings .Net debt Financial position Net assets: . Shareholder Accumulated Permanently surplus/deficit restricted Internally restricted Unrestricted equity Retained earnings Accumulated other comprehensive income Separate funds No reported? Optional, using either deferral method or restricted fund method . Revenues e Expenses Not applicable Not applicable Approaches toRevenues presenting . Revenues * Revenues Expenses e Expenses e Expenses changes in assets and liabilities e Remeasurement Amounts added Other comprehensive gains and losses directly to net assets income Reporting cash flow Operating . Capital . Investing . Operating . Investing Financing Operating . Investing Financing Operating Investing Financing Financing