Section 16 (1) of the Financial Procedures Act 1957 states that the public sector financial authority shall for the purposes of Section 9 of the Audit Act 1957, as soon as possible, report the finances after the end of each relevant financial year. As a guide to the preparation of financial reports, International Public Sector Accounting Standards Board (IPSASB) has released a conceptual framework for financial reporting of public sector entities ie The Conceptual Framework for General Purpose Financial Reporting By Public Sector Entities which outlines the objectives of financial reporting for general purposes, qualitative characteristics of financial reporting and elements in financial statements.

Be required:

a) Explain what is meant by fair presentation (fair presentation) financial statements for public sector entities.

b) Discuss how a public sector financial report can achieve reporting objectives for accountability and decision-making purposes. 

Answer rating: 100% (QA)

a Fair presentation financial statements for public sector entities refer to the financial statement... View the full answer