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Papers in this syllabus

Paper PFM 21

Public Sector Accounting and Reporting - II

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The aim of this subject is to provide the learner with the knowledge and skills required to apply advanced aspects of accounting for assets and liabilities, record and report addition- al specialised transactions, prepare consolidated financial reports and implement various recommended practice guidelines.

On completion, a candidate should be able to

  • Apply advanced aspects of accounting for assets and liabilities in the public sector.
  • Account for and report on specialised transactions.
  • Prepare segmental reports, financial reports in hyperinflationary economies and make related party disclosures.
  • Account for joint arrangements and make disclosures of interests in other entities.
  • Implement recommended practice guidelines.

Content

  1. 1

    Accounting for assets and liabilities

    Apply advanced aspects of accounting for assets and liabilities in the public sector.

    1. 1.1

      Financial Instruments: measurement, Impairment, hedging and disclosures

    2. 1.2

      Impairment

      1. f non-cash generating assets

    3. 1.3

      Impairment of cash generating assets

    4. 1.4

      Leases

  2. 2

    Accounting for specialised transactions

    Account for and report on specialised transactions.

    1. 2.1

      Employee benefits

    2. 2.2

      Agriculture

    3. 2.3

      Service concession arrangements

    4. 2.4

      Social benefits

  3. 3

    Preparation of financial reports

    Prepare segmental reports, financial reports in hyperinflationary economies and make related party disclosures.

    1. 3.1

      Segment reporting

    2. 3.2

      Financial reporting in hyperinflationary economies

    3. 3.3

      Related party disclosures

  4. 4

    Preparation of financial reports of entities with interests in other entities

    Account for joint arrange- ments and make disclosures of interests in other entities.

    1. 4.1

      Joint arrangements

    2. 4.2

      Disclosure of interest in other entities

  5. 5

    Other reports and recommended practice guidelines

    Implement recommended practice guidelines

    1. 5.1

      Disclosure

      1. f financial information about the general government sector

    2. 5.2

      Presentation of budget information in financial statements

    3. 5.3

      First time adoption of accrual basis of IPSAS

    4. 5.4

      Reporting service performance information

    5. 5.5

      Risk management reporting

    6. 5.6

      Sustainability reporting, environmental, social and governance (ESG) reporting, integrated reporting, climate related risk reporting