As highlighted in National Council of Governmental Accounting (NCGA), the overall primary goals of accounting and...
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As highlighted in National Council of Governmental Accounting (NCGA), the overall primary goals of accounting and financial reporting for government/ public sector unit is to provide financial information useful for making economic, political and social decisions, and demonstrating accountability and stewardship. Required: i. Explain why the public sector in general should use a different reporting framework from the private sector. ii. Discuss on how the qualitative characteristics of financial report can enhance the quality of public sector reporting. As highlighted in National Council of Governmental Accounting (NCGA), the overall primary goals of accounting and financial reporting for government/ public sector unit is to provide financial information useful for making economic, political and social decisions, and demonstrating accountability and stewardship. Required: i. Explain why the public sector in general should use a different reporting framework from the private sector. ii. Discuss on how the qualitative characteristics of financial report can enhance the quality of public sector reporting.
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i The necessity for the government or the public sector to use a different reporting framework can b... View the full answer
Related Book For
Advanced Accounting
ISBN: 978-1934319307
2nd edition
Authors: Susan S. Hamlen, Ronald J. Huefner, James A. Largay III
Posted Date:
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