Aspire March 2023 Psaf Intervention - 04-03-2023

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PUBLIC SECTOR ACCOUNTING AND FINANCE (PAPER 2.5)
SYLLABUS COVERAGE WEIGHT
A Public sector financial reporting in Ghana 15
B Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities 15
C Public Financial Management Systems. e.g. Public Expenditure and Accountability (PEFA) 10
Framework
D Accounting policies for both cash and accrual bases in public sector 10
E Preparation of financial statements for public sector entities in line with generally 20
accepted accounting practices
F Evaluate financial position, performance and prospects of public sector entities using financial and 10
other information
G Rules and procedures in Public Procurement 10
H Public financing initiatives: public –private partnership and public-public partnership 10
TOTAL 100
The Paper 2.5 Examination Team
The examination team expects you to demonstrate a professional approach to all questions – not just presenting information
in a professional manner, but also integrating knowledge and understanding of topics from across the syllabus.
The interpretation of some of the questions has often times appeared to be problematic in the minds of the candidates.
Therefore, candidates are advised to take their time to carefully read and understand the requirements of questions before
answering.
DISCLAIMER
This document is strictly for the purpose of our revision towards the coming examination. The questions and some answers
provided or contained herein are not specific recommendations for the coming examination but must only serve as a guide.
Aspire Professional Consult is not responsible for your failure by strictly relying on this document.
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PART A- PUBLIC SECTOR FINANCIAL REPORTING IN GHANA
1. The current medium term strategic plan of Enkakyire Municipal Assembly (EMA) has overall objective of
improving the performance of the Assembly. One critical strategy towards attainment of this goal is adoption
of new public management strategy to increase participation of private sector in the provision of public
services without losing sight of the differences between public sector and private sector. In fact, some of these
differences are so fundamental that they cannot be washed away any time soon.
The Chief Executive suggested outsourcing as a key strategy in improving the delivery of public services at
local level through the private sector. EMA is currently bedeviled with poor revenue mobilization, lack of
proper data on the Assembly’s activities, and poor infrastructure provision. Other supporting activities like
cleaning and security are not well performed or performed at very high cost by internal staff. These issues have
been tabled at the first strategy meeting convened by the Chief Executive.
Required:
a) Describe FOUR(4) fundamental differences between public sector and private sector entities that EMA should take
cognizance of in pursuance of the new public management strategy.
b) Explain FOUR(4) objectives of public sector entities
2. Parliament of the Republic of Ghana performs several functions such as enactment of laws, securitization of law,
approval of national budget, among others. However, in reference to section 11 (1) of the Public Financial
Management Act 2016 (Act 921) provide that Parliament shall also provide oversight responsibilities in several areas.
In achieving this Parliament may assign responsibilities under this to a committee of Parliament or an Office
established by Parliament.
Required:
Explain THREE (3) responsibilities each of the Public Finance Committee and Public Account Committee of Parliament.
Public Finance Committee
1. Receiving and reviewing financial proposals (finance bill).
2. Examining and reviewing loan agreement of government.
3. Providing a general oversight over public financial management.
Public Account Committee
1. Obtain audit reports on covered as referred from parliaments.
2. Review of audit reports and investigate financial irregularities reported by the Auditor General.
3. Submit reports and recommendations to parliament for approval.
4. Conduct follow up on the extent of implementation of their recommendations.
3. A. Public officers are entrusted with resources with the responsibility to manage and safeguard public moneys, within
the public financial management legal framework. Therefore, public are entrusted with such responsibilities must be
knowledgeable in the relevant financial enactments.
Required:
a. Explain to a newly appointed officer in charge of public money, the key financial legislations he must be conversant with
in the conduct of his functions.
b. Discuss the responsibilities of the following officers under financial enactments:
i. Principal spending officer
ii. Principal account holder

Solution
Principal spending officers
• Ensures the regularity and proper use of money appropriated in that covered entity.
• Authorize commitment for the covered entity within a ceiling set by the minister of finance.
• Manage the resources received held of disposed of by or on account of the covered entity.
• Establish an effective system of risk management, internal control and internal audit in respect of resources and
transaction of a covered entity.
• Remit the subvention received on behalf on another entity to that entity in accordance with approved cash flow plan
for the subvention.
Principal account holder
• Directing policies f0r the sector.
• Submitting performance report of the covered entity.
• Providing oversight over the management of the covered entity to which they relate.
4. National budgeting a well thought through and rigorous process that succeeds on the collective effort of many
stakeholders.
Required:
a) Identify FIVE (5) key stakeholders in national budgeting and their respective contribution to the process.
b) Explain the stages of the budget cycle of government, indicating the activities associated with each.
c) Explain the following budgeting approaches, indicating advantages and disadvantages
i. Activity based budgeting
ii. Programmed based budgeting
iii. Zero based budgeting
iv. Incremental budgeting
Solution
a)
Stakeholder Role
Minister of finance Responsible for
• fiscal planning
• preparation of national budget
• presentation of budget for approval by parliament
• implementation of budget.
Bank of Ghana Responsible for the formulation monetary policy aspect of economic
policy of the country.
Ghana statistical Service Provision of fiscal statistical data as the basis for the estimation of
GDP, inflation rate and employment rate.
Ghana Revenue Estimation of tax revenues of government for the preparation of the
Authority budget and collection revenues approved by parliament
Controller and Accounting for budget implementation by capturing actuals
Accountant General outcomes.
National Development Ensures the development and compliance with national
Planning Commission development plans by providing strategic direction for national
budgeting.

c)
i. Activity based budgeting
It’s a variation of ZBB where resources are linked to the activities leading the attainment of set objectives (outcome). ABB
refers to the resource allocation based on relationship between activities and costs, and which provides greater detail on
overheads than the normal financial budgeting. Individual activities within the organisation are assesses in terms of their
contribution to the achievement of the organisation’s objectives success. Costs are transparent, understandable and
actionable.
ii. Programmed based budgeting
It is the process of developing budgets based on the relationship between program funding levels and expected results
from that program. Programme based budgeting placed emphasis on outcomes, service delivery and results. PBB
structures allow for the identification of necessary inputs to produce the core operations and projects required in order
to contribute to strategic objectives. It on the other hand difficult to define measurable outcome of most public sector
programmes.
iii. Zero based budgeting
This is budgeting approach which requires that all activities are re-evaluated each time budget is prepared so that each
activity can justify its inclusion in the budget. Each activity or project is treated as though it was being undertaken for the
first time and is expected to justify its inclusion in the budget in terms of benefits expected to derive from it. The
technique expects that organisations should even justify the need that they should continue to exist. It ensures that
inefficient or obsolete operations are eliminated. But Zero-based
iv. Incremental budgeting
his is budgeting approach where the previous year budget is adjusted to allow for changes in future conditions. This approach
involves the use of previous budget as a baseline and adds or subtracts amount to/from that budget in order to reflect
assumptions for the forthcoming budget year. It makes budgeting simple and ensures continuity in government programmes
and activities. On the other hand, It encourages budget slacks in putting together a budget and it leads to allocation of
resources to irrelevant item or activities.
5. Explain the concepts of Virement and its conditions under the Public Financial Management Act, 2016 (Act 921)
Solution
Virement refers to the reallocation of an appropriation from one expenditure head of sub-head to another. Sometimes
Virement is used to meet over spending in one expenditure head when there is a surplus balance on one expenditure
head. Under the PFM Act, the Minister for minister is responsible for approving virements. However, the Minister may
delegate the power to authorize virements to a head of department, indicating clearly the terms and extent of such
delegation.

Conditions of Virement
a. A virement of funds allocated for wages and salaries in an expenditure vote shall not be made unless the virement is in
respect of wages and salaries within that expenditure vote
b. A virement that involves a change in the spending plans approved by the Minister for the current financial year
shall require the prior written approval from the Minister
c. A virement may be made from a recurrent expenditure to capital expenditure as well as from one capital
expenditure to another capital expenditure but shall not be made from a capital expenditure to a recurrent expenditure
d. A virement shall not be made in respect of appropriated amounts between covered entities without the approval
of Parliament in a supplementary estimate.
e. Virement shall not result in a future liability for that covered entity or the Government.
6. Government through Public Financial Management Act, 2016, (Act 921) established the Treasury Single Account
(TSA) as part of the measures for regulating the Financial Management systems of Public Sector Entities. The
primary objective of the TSA is to ensure effective aggregate control over government cash balances.
Required:
a. Explain the TWO (2) models of the TSA system.
b. Explain THREE (3) general principles of operating the systems
c. Describe THREE (3) challenges of the TSA systems.
Solution
(a) Models of TSA
i. Where the main TSA and associated ledger accounts are to be maintained in a single financial institution.
ii. Where the main TSA is maintained in a single banking institution and associated zero balance ledger sub accounts are
maintained in other institutions from where balances are swept daily to the main treasury in central bank or any
appointed main TSA hosting financial institution.
(b) General principles

i No bank account shall be operated in any guise under the purview and oversight of the Treasury
ii Consolidation of government cash resources should be comprehensive and encompass all government cash
resources. That is all public monies irrespective of whether the corresponding cash flow are subject to
budgetary control or not, should be brought under the control of government.
iii Banking arrangement should be unified to enable the relevant government stakeholders such as MoF and
the CAG have full oversight government cash flow across banks accounts.
(c ) Challenges of TSA
i. Change over from multiple bank accounts arrangements to treasury single accounts may bring
management obstacles. For example, resistance, misunderstanding and other implications on
business operation.
ii. introduce bureaucracy into the payment process at covered entity level. Speed and flexibility
associated with IGFs may be negatively affected by the TSA.
iii. less efficient banking and systems will adversely affect the operation of the treasury single accounts
systems.

(B) a. Explain charts of accounts and discuss FIVE (5) objectives of GFS Chart of accounts.
Solution
The COA is a set of coding elements used to classify, record, budget and report all financial transactions in the most suitable
form for making informed and good financial decisions. A chart accounts (COA) is a critical element of the PFM framework
for classifying, recording and reporting information in a systematic and consistent way.
It is used to organize the finances of the entity and to segregate expenditures, revenue, assets and liabilities in order to give
interested parties a better understanding of the financial health of the entity.
Objectives of Charts of Accounts

i To control public spending
ii To ensure accountability of public resources
iii To strength budget management (e.g. facilitation of virement)
iv To improve financial planning and management
v To facilitate the use of management information systems to generate reliable and ensure timely dissemination of
information for decision making.
vi To enhancing general purpose financial reporting
vii To support statistical reporting
7. The rationale of Ghana Integrated Financial Management Information Systems (GIFMIS) platform is establish an
integrated ICT-based PFM information system in Ghana in all MDAs and MMDAs at national, regional and district
levels to improve efficiency in public financial management.
Required:
a. Discuss FOUR (4) specific problems in public financial management the GIFMIS seeks to address.
b. Identify the GIFMIS modules.
c. Explain FOUR (4) benefits and FOUR (4) challenges of GIFMIS implementation in Ghana.
8. Briefly describe the expenditure cycle in the public sector indicating the controls exercised at each stage.
9. Fiscal policy relates to government revenue(taxation), spending and borrowing, how these variables are used to
achieve economic stability.it is usually used to describe the effect on the aggregate economy of the overall levels
spending, taxation and more particularly the financing gap between them.
Required:
a) State the fiscal policy objective as contained in section 14 of the PFM Act 2016, (Act 921).
b) Explain five roles played by fical policies in ensuring economic development and stability.
10. Explain Public Expenditure Survey (PES) highlighting the key objectives of undertaking that exercise
as part of the budgeting processes in the public sector.

PART B- CONCEPTUAL FRAMEWORK FOR GENERAL PURPOSE FINANCIAL REPORTING BY PUBLIC SECTOR ENTITIES
11. Financial reporting of public sector entities are crucial for accountability and decision making purposes and there
must be in accordance with certain frameworks. The Conceptual framework is part of the framework used in financial
reporting in the public sector. Conceptual framework of General-Purpose Financial Reports is also part of the
pronouncement of the International Public Sector Accounting Standard Board.
Required:
Explain the roles and authority of the framework of financial reporting in the public sector.
Role of the Conceptual Framework
The Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities (the Conceptual
Framework) establishes the concepts that underpin general purpose financial reporting (financial reporting) by
public sector entities that adopt the accrual basis of accounting. The International Public Sector Accounting
Standards Board (IPSASB) will apply these concepts in developing International Public Sector Accounting Standards
(IPSASs) and Recommended Practice Guidelines (RPGs) applicable to the preparation and presentation of general
purpose financial reports (GPFRs) of public sector entities.
Authority of the Conceptual Framework

The Conceptual Framework does not establish authoritative requirements for financial reporting by public sector
entities that adopt IPSASs, nor does it override the requirements of IPSASs or RPGs. Authoritative requirements
relating to the recognition, measurement and presentation of transactions and other events and activities that are
reported in GPFRs are specified in IPSASs. The Conceptual Framework can provide guidance in dealing with
financial reporting issues not dealt with by IPSASs. In these circumstances, preparers and others can refer to and
consider the applicability of the definitions, recognition criteria, measurement principles, and other concepts
identified in the Conceptual Framework.
12. In line with the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities issued by
International Public Sector Accounting Standards Board (IPSASB) explain the difference, if any, between a General-Purpose
Financial Report and a Special Purpose Financial Report.
13. According to the Conceptual Framework for General Purpose Financial Reporting (GPFR) for Public Sector Entities
issued by IPSASB, GPFR of public sector entities are developed primarily to respond to the information needs of the primary
users who do not possess the authority to require a public sector entity to disclose the information they need for
accountability and decision-making purposes. It adds that the objectives of financial reporting are therefore determined by
reference to the users of GPFRs, and their information needs.
Required:
Explain the information provided by General-Purpose Financial Reports for users.
Solution
✓ Financial Position, Financial Performance, and Cash Flows
✓ Budget Information and Compliance with Legislation or Other Authority Governing the Raising and Use of Resources
✓ Service Delivery Achievements
✓ Prospective Financial and Non-Financial Information
✓ Explanatory Information

14. Discuss the recognition of the elements in the financial statements in accordance with Conceptual
Framework for General Purpose Financial Reporting by Public Sector Entities issued by International Public Sector
Accounting Standards Board (IPSASB).
15. Implementation of the International Public Sector Accounting Standards (IPSAS) is a priority of Government
in 2021, and the Controller and Accountant General is doing everything possible to ensure effective
implementation. One major concern of the implementors is a measurement of public assets, as these assets are
numerous, varied and acquired in different ways. Nevertheless, assets need to be measured and recognised in
accordance with IPSAS.
Required:
i. Explain the objectives of Measurement in Financial Reporting under IPSAS.
ii. Explain FOUR (4) Measurement Bases for assets in line with the Conceptual Framework of General-
Purpose Financial Report.
16. The objective of IPSAS 1-Presenataion of Financial Statements is to set out the manner in which general
purpose financial statements shall be prepared under accrual basis of accounting including guidance for their
structure and the minimum requirement for contents. The standard is however not applicable to Government
Business Enterprises as they are required to present the financial reports using IFRS due to their peculiar
characteristics that separate them from other public sector entities.
Required:
Identify FOUR (4) characteristics of Government Business Enterprises according to IPSAS 1: Presentation of Financial
Statements.
Features of GBEs According to IPSAS 1
✓ It is an entity with the power to contract in its own name.

✓ Has been assigned the financial and operational authority to carry on a business.
✓ Sells goods and services, in the normal course of its business, to other entities at a profit or full cost recovery.
✓ Is not reliant on continuing government funding to be a going concern (other than purchases of outputs at arm’s length),
and
✓ Is controlled by a public sector entity.

PART C- PUBLIC FINANCIAL MANAGEMENT SYSTEMS PUBLIC EXPENDITURE AND ACCOUNTABILITY (PEFA) FRAMEWORK
AND VALUE FOR MONEY
17.The Public Expenditure and Financial Accountability (PEFA) program provides a framework for assessing and reporting on
the strengths and weaknesses of public financial management (PFM) using quantitative indicators to measure performance.
Public Expenditure and Financial Accountability (PEFA) framework is a tool for assessing the status of a country’s public
financial management (PFM) system management at central and local government levels of governance. The PEFA
framework provides the foundation for evidence-based measurement of PFM performance at a specific point in time. The
methodology can be reapplied in successive assessments to track changes over time.
PEFA is a methodology for assessing public financial management performance. It identifies 94 characteristics (dimensions)
across 31 key components of public financial management (indicators) in 7 broad areas of activity(pillars).
Also, the purpose of a good PFM system is to ensure that the policies of governments are implemented as intended and
achieve their objectives. An open and orderly PFM system is one of the enabling elements needed for desirable fiscal and
budgetary outcomes.
Required:
a) Explain the key pillars of an open and orderly public financial management system under the PEFA framework.
b) Explain three key outcomes of an open and orderly public financial management systems.
18. PEFA reports on countries PFM performance has gained prominence in Ghana in recent times. This largely attributed
to the robustness of its scoring methodology, the wide coverage of their measurements and factors considered in drawing
conclusions of the status of a PFM system.
a. Discuss briefly the structure of the PEFA Reports.
b. Explain the scoring methodology of the PEFA in measuring PFM performance.
Solution.
The procedures for measuring PFM performance is as follow:
✓ The Pillars of the PFM is reflective of some indicators or elements of PFM. Therefore, the Pillars are measured
based on the indicators of the Pillars.
✓ The indicators of each Pillar are scored based on certain dimensions.
✓ The dimensions of each indicator are assessed based on scoring criterion ranking from ‘A’ to ‘D’.
Most indicators have a number of separate dimensions each of which must be assessed separately. Each dimension is scored
separately on a four-point ordinal scale: A, B C or D according to precise criteria established for each dimension. In order to
justify a particular score, dimension every specified in the scoring requirement must be fulfilled. If the requirements are only
partly met the criteria are not satisfied and a lower score should be given that coincides with achievement of all requirement
for the lower performance rating. A score of C reflect the basic level of performance for each indicator and dimension,
consistent with good international practice. A score D means that feature being measured is present at less that the basic
level of performance or it is absent altogether, or three is insufficient information to score the dimension. The overall score
for an indicator is based on the scores for the individual dimensions. The scores for multiple dimensions are combined into
the overall score for the indicator using either the Weakest Link Method (WL) or the Averaging Method (AV). Each indicator
specifies the method to be used.

19. The core PEFA methodology was initially focused on central government, including related oversight and
accountability institutions, such as the legislature and supreme audit institutions. However, PEFA has increasingly
been used to cover the assessment of PFM performance.
Required:
a. Discuss the institutional coverage of the PEFA framework.
b. Explain the scope limitation inherent in conducting PEFA assessment and issuing reports of such
assessments based on the PEFA framework.
Solution
a. The core PEFA methodology was initially focused on central government, including related oversight and
accountability institutions, such as the legislature and supreme audit institutions. The scope of the category of
“central government”, as used in PEFA, is based on the classification structure developed by the International
Monetary Fund (IMF) for Government Finance Statistics (GFS). However, PEFA has increasingly been used to cover
the assessment of PFM performance in the following:
✓ Subnational government (state government and local government)
✓ Extra budgetary units (activities of central governments implemented outside the budget
✓ Public corporations
20. Government of Ghana’s performance of PFM dimensions for the 2018 PEFA assessment report are as
follows:
a.
Indicator/ Method Description Score Overall
dimension of for score(
scoring Dimensi To be
on determ
ined)
PI-3 Revenue outturn
M2 Aggregate revenue A
Revenue composition D
outturn
PI-24 Procurement
M2 Procurement monitoring A
Procurement methods D
Public access to D
procurement information
Procurement complaints D
management
PI-30 External audit
M1 Audit coverage and A
standard
Submission of audit reports A
to the legislature
External audit follow-up A
Supreme Audit Institution D
(SAI) Independence

Required
Compute the score of each of the three indicators of Ghana and interpret the results.
Solution
a. Using the Average Method, the Ghana whose scores are C, D and B has an overall score of C on that
indicator, which is considered as the average performance under the PEFA Framework. This depicts the basic level
of performance and requires improvement in that regard.
21. The National Health Insurance Scheme (NHIS) is a social intervention program introduced by the
government to provide financial access to quality health care for residents in Ghana.
Required
Discuss the procedures that should be undertaken to ensure value for money in the implementation of National
Health Insurance Scheme.
22. (a)The transaction and event of a public sector entity fall into these three groups
• Rendering of services
• Sale of goods
• Use of other assets yielding interest, royalties and dividend.
Required:
ln line with IPSAS 9: Revenue from Exchange Transactions, explain how each of the above categories of
transaction s!1ould be measured and recognized in the financial statements. {10 marks)
(b) Discuss how the following transactions should be recognized and measured in the financial statement
under IPSAS Revenue from Non- Exchange Transactions:
(i)Revenues from tax (ii)Debt forgiveness (iii) Donation of goods in kind

PART D- ACCOUNTING POLICIES FOR BOTH CASH AND ACCRUAL BASES IN PUBLIC SECTOR
23. In the public Sector, there are number of approaches or technique applied in keeping or processing financial
statements. These techniques include vote accounting, commitment accounting and fund accounting.
Required:
Explain each of the above stated approached to accounting as used in the public sector.
24. In preparing general purpose financial reports for public sector entities, the choice of basis of accounting to apply is a
crucial matter. The decision has to be made on whether to prepare the accounts on cash basis, modified cash basis, modified
accrual or accrual basis. Also, the choice has an implication for the disclosure in the financial statements.
Required
As a newly appointed Deputy Head of Public Accounts Division of the Controller and Accountant General’s Department, you
are required to write a report to your Head:
a. Explaining each of the FOUR (4) bases of accounting indicated above.
b. In reference to a specific financial enactment, explain the responsibility for making accounting policy in the public sector.
c. Discuss the factors to consider in making accounting policy choice in terms of basis accounting.
d. Explain why the disclosure of accounting policy in terms of basis accounting is important in the public sector.
Solution
a. Cash bases, Accrual bases, Modified Cash and Modified Accrual.
b. The Public Financial Management Act, 2016(Act 921) entrusted the responsibility of formulating accounting standards
to the Controller and Accountant General.
The Section 8 provides that the Controller and Accountant General shall in consultation with the Auditor-General, specify
for a covered entity, the accounting standards, policies and the classification system to be applied in public accounting to
ensure that a proper system of accounting operates.
It subsequently provides in Section 82 that the Controller and Accountant-General may introduce changes to the
accounting or classification system but shall provide a justification in respect of the change; and how the accounting or
classification system introduced shall ensure that public funds are properly accounted for.
b.
✓ Requirement of financial legislation
✓ Requirement of accounting standards
✓ Transparency and accountability. ie the basis of accounting will determine the level of disclosure made in financial reports.
✓ Cost consideration
✓ Availability of expertise
✓ Users information need
c. The disclosure of accounting policy in terms of basis of accounting is important due to the following reasons:
✓ The basis of accounting affects the recognition and measurement in the financial statements and providing information
about it will make it possible for the user to understand the financial information better.
✓ The accounting policy regarding the basis of accounting affects the reported financial performance, financial position, and
cash flows condition of the entity and therefore disclosure will enhance the accountability and decision usefulness of the
information.
25. Cash accounting policies and accrual accounting policies when applied respectively to the same transaction or
events of the same entity will produce different pictures of the financial performance, position and cash flow
information of the entity. Thus, the choice of alternative policies needs to be given much consideration. The
International Public Sector Accounting Standards Board (IPSASB) permits the use of cash accounting policies whilst
encouraging the application of accrual accounting policies in the preparation of financial reports for public sector.

Required:
Discuss the difference between cash accounting policies and accrual accounting policies in terms of recognition and or
treatment of the following in the Financial Statements.
(a) Non-current asset acquired during the year

(b) Salary advance paid to an employee during the year
(c) Inventory of supplies at the end of the financial year
(d) Goods and services unpaid for during the year
(e) Service received in kind
(f) Deposits for future services to be delivered
(g) Investment income due but not received
26. Explain the usefulness of accrual basis of accounting over cash basis of accounting applied in the public sector
accounting.
27. The public sector applies the cash basis, modified cash basis, modified accrual or accrual basis in their financial
reporting. Of all the basis of accounting, which will you recommend to the government of Ghana and why?

PART E - PREPARATION OF FINANCIAL STATEMENTS FOR PUBLIC SECTOR ENTITIES IN LINE WITH GENERALLY ACCEPTED
ACCOUNTING PRACTICES
28.
A. CENTRAL GOVERMEMNT
QUESTION ONE
The following transactions were extracted from the books of Controller and Accountant General for the
consolidated fund for the year ended 31st December 2020.
GH₵ 000
Accumulated Fund (01/01/2020) - Debit 1,480,000
Donation in Kind 990,000
Taxes paid by individuals 2,760,000
Taxes paid by corporation 3,670,000
Other direct taxes 760,000
General taxes on goods and services 3,560,000
Excise 1,250,000
Customs and other import duties 4,780,000
Other indirect taxes 565,000
Grants from Multilateral partners 1,040,000
Grants from bilateral partners 800,000
Property Incomes 800,000
Sales of goods and services 650,000
Penalties and Fines 960,000
Established position 5,640,000
Non-established position 1,440,000
Allowances 500,000
Contract appointment 150,000
Foreign travel Per-Diem 120,000
National pension contribution 650,000
Materials and office consumables 250,000
Utilities 150,000
General cleaning 102,000
Rent 50,000
Travel and transport 120,000
Repair and maintenance 100,000
Training,Seminar and conference 200,000
Consultancy 300,000
Purchase of property,plant and equipment 4,650,000
Construction of infrastructure 2,250,000
Other non-financial assets 750,000
Transfer to DACF 600,000
Debt forgiveness 1,200,000
Public debt Interest 5,650,000

Grant to other governments 950,000
Transfer to Road Fund 100,000
Transfer to GetFund 330,000
Oil Subsidy 240,000
Utility Subsidy 150,000
Schools Subsidy (BECE and SHS) 50,000
Social benefits 420,000
Loans and advances 860,000
Equity investment 1,250,000
Sale of equity investment 450,000
Auction of unserviceable assets 240,000
Recovery of loans and advances 70,000
Domestic debt 3,770,000
External debt 4,550,000
Repayment of domestic debt 2,120,000
Repayment of external debt 2,560,000
Cash and cash equivalent at start (debit balance) 45,000
Cash and cash equivalent at start (Credit balance) 2,650,000
Additional Notes:
i. The Government of Ghana applies the full accrual basis International Public Sector Accounting Standards
(IPSAS) as the basis for preparing its financial statements.
ii. During the year, Parliament of Ghana approved a transfer of 7.5% of total tax revenue to the District
Assemblies Common Fund (DACF).
iii. It is the policy of the government to provide for consumption of fixed assets based on the rates of the assets:
property, plant and equipment-10%, Infrastructure - 5% and other depreciable assets- 20%.
iv. The property, plant and equipment has included motor vehicle donated to the government by the Netherland
Government. The fair value of the motor vehicle is GH₵ 950,000,000.
v. Inventory included in use of goods and services available at the end of the year was as follows:
Inventory for use Inventory for sale
GH₵’000 GH₵’000
Historical Cost 350,000 525,000
Replacement Cost 300,000 400,000
Net Realizable value 250,000 205,000
vi. The exchanged rate losses on external debt at the reporting date was GH₵ 200,000,000.
vii. Car and bicycle Maintenance allowance of GH₵ 900,000,000 were outstanding during the year. In addition,
National Health Insurance amounting to GH₵ 700,000,000 and Staff Welfare and Medical refund expenses of GH₵
500,000,00 remained unpaid at year end.
viii. During the year, the government incurred GH₵ 1,100,000,000 for the purpose national awards, scholarships and
bursaries to students. In addition, professional fees of GH₵ 850,000,000 was also incurred. No records were made
in respect of that.
ix. During the year 2019, a non-financial asset received as donation GH₵700,000,000 was completely
omitted from the books. This error was not identified and corrected.

Required:
In accordance with the Public Financial Management Act,2016 (Act 921), Public Financial Management
Regulation,2019 (L.I.2378) and the International Public Sector Accounting Standards (IPSAS), prepare:
a) Statement of financial Performance of the consolidated fund for the year ended 31 December 2020.
b) Statement of Cash flow of the consolidated fund for the year 31st December 2020 in compliance with IPSAS
2: Cash Flow Statement.
c) Statements of changes in Net Assets.
d) Notes to the financial statements

Solution
Republic of Ghana
a. Statement of Financial Performance of the Consolidated Fund for the year 31st December, 2020
Notes GH₵’000 GH₵’000

Revenue
Direct taxes 2 7,190,000
Indirect taxes 3 10,155,000
Non-tax 4 2,410,000
Grants 5b 5,330,000
Total revenue 25,085,000
Expenditure
Compensation for employees 6b 8,830,000
Goods and services 7b 1,040,000
Interest 5,650,000
Social benefit 8b 1,620,000
Subsidies 9 440,000
Exchange difference 200,000
Grants 10 2,680,875
Consumption of fixed assets 12 867,500
Other expenditure 11 1,950,000
Total Expenditure 23,278,375
Surplus 1,806,625

b. Statements of cashflow for the year ended 31 December 2020
Cash flow from operating activities GH₵’000 GH₵’000

Direct taxes 2 7,190,000
Indirect taxes 3 10,155,000
Non-tax 4 2,410,000
Grants 5a 1,840,000
Compensation for employees 6a (7,930,000)
Goods and services 7a (1,542,000)
Interest (5,650,000)
Social benefit 8a (420,000)
Subsidies 9 (440,000)
Grants 10a (1,980,000)
Other expenditure 11 (1,950,000)
Net cash flow from operating activities 1,683,000
Cash flow from investing activities

Acquisition of PPE (4,650k – 950k) (3,700,000)
Construction of infrastructure (2,250,000)
Other non-financial assets (750,000)
Loans and advance granted (860,000)
Loans and advance recovery 70,000
Equity Investment (1,250,000)
Sales of Equity Investment 450,000
Auction Of Unserviceable Asset 240,000
Net cash flow from investing activities (8,050,000)
Cash flow from financing activities

Domestic borrowings 3,770,000
External borrowings 4,550,000
Repayment of external borrowings (2,120,000)
Repayment of Domestic borrowings (2,560,000)
Net cash flow from financing activities 3,640,000
Net cash flow (2,727,000)

Add cash at start 77,000
(2,650,000)
Closing cash balance

c. Statement of Changes in Net Asset
Accumulated Fund
GH₵’000
Balance b/f (1,480,000)
Prior year adjustments- Cost (non-financial asset) 700,000
-depreciation (140,000)
Restated balance (920,000)
Surplus 1,806,625
Balance 886,625
d. Notes to the financial statements

1. Accounting policies
The following accounting policies and compliances have been applied in the preparation and presentation of the
financial statements.
(a) Statement of compliance

The financial statements are prepared and presented in accordance with International Public Sector Accounting
Standards (IPSASs), Public Financial Management Act, 2016 (Act 921) and Financial Management Regulation,2016
(L.I 2378).
(b) Basis of accounting
The financial statements have been prepared on accrual basis of accounting in line with IPSAS where financial
transactions are recognized when they occur.
(c) Consumption of fixed asset policy

Consumption charge for non-current asset is on straight line basis. The rates of consumption are as follows
Assets Rate
Property, plant and equipment 10%
Infrastructure asset completed 5%
Other depreciable assets 20%
(d) Borrowing costs

Borrowing cost incurred during the year are expensed.
(e) Valuation of inventories

Inventories for use are valued on the lower of historical cost and replacement costs while inventories for sale are
valued on lower of historical cost and net realizable value.
(f) Functional and presentation currency

These financial statements are presented in Ghana Cedis (GH¢), which is the Country’s functional currency.

2. Direct taxes GH₵’000
Taxes paid by individuals 2,760,000
Taxes paid by corporation 3,670,000
Other direct taxes 760,000
Total 7,190,000
3. Indirect taxes GH₵’000

General taxes on goods and services 3,560,000
Excise 1,250,000
Customs and other import duties 4,780,000
Other indirect taxes 565,000
Total 10,155,000
4. Non-tax revenue GH₵’000

Property Incomes 800,000
Sales of goods and services 650,000
Penalties and Fines 960,000
2,410,000
5. Grants GH₵’000
Grants from Multilateral partners 1,040,000
Grants from bilateral partners 800,000
Total a 1,840,000
Debt Forgiveness 1,200,000
Donation in Kind 990,000
Motor Vehicle 1,300,000
Total b 5,330,000
6. Compensation for employees GH₵’000

Established position 5,640,000
Non-established position 1,440,000
Allowances 500,000
National pension contribution 650,000
Total a 7,930,000
Car and bicycle Maintenance 900,000
Total b 8,830,000

7 Goods and services GH₵’000
Foreign travel Per-Diem 120,000
Materials and office consumables 250,000
Utilities 150,000
Rent 50,000
Repair and maintenance 100,000
Training, Seminar and conference 200,000
Consultancy 300,000
Total a 1,542,000
Closing Stock (use and sales- 300k + 205K) (502,000)
Total b 1,040,000
8. Social Benefit
Per TB 420,000
Total a 420,000
NHIS 700,000
Staff Welfare and Medical refund expenses 500,000
Total b 1,620,000
9. Subsidies
Oil Subsidy 240,000
Utility Subsidy 150,000
Schools Subsidy (BECE and SHS) 50,000
440,000
10. Grants GH₵’000

Transfer to DACF 600,000
Grant to other governments 950,000
Transfer to Road Fund 100,000
Transfer to GetFund 330,000
Total a 1,980,000
DACF{ (7.5% * 17,345k)-600k} 700,875
Total b 2,680,875

11 Other Expenses GH₵’000
National awards, scholarships and bursaries 1,100,000
Professional fees 850,000
1,950,000
12 Non-financial (PPE) asset schedule
Construction of Other non-financial

PPE Total
infrastructure assets
Rate 10% 5% 20%
Costs GH₵’000 GH₵’000 GH₵’000 GH₵’000
Cost 4,650,000 2,250,000 750,000 7,650,000
- 700,000 700,000
4,650,000 2,250,000 1,450,000 8,350,000
Consumption of fixed
Balance b/f - - 140,000 140,000
Charge for the year 465,000 112,500 290,000 867,500
465,000 112,5000 430,000 1,007,500
Carrying amount 4,185,000 2,137,500 1,020,000 7,342,500

29.
B. MINISTRIES, DEPARTMENTS AND AGENCIES (OTHER COVERED ENTITIES)
Below is the trail balance of the Information Service Department under the Ministry of Information.
Trial Balance as at 31st December 2020

GH₵’000 GH₵’000
Compensation for employees - 50,000
Goods and services - 40,000
Non- Financial assets - 25,000
Bank and Cash 5,000 -
Advances and loans 20,110 -
Fixed deposit Investment 15,280 -
Receivables 630 -
Sundry Payables - 23,350
Capital work in progress 3,500 -
Established post 37,250 -
Casual Labour 6,000 -
Contract appointments 4,000 -
Secondment 1,150 -
Insurance 2,500 -
Travel and Transport 5,000 -
General Cleaning 8,350 -
Seminar and workshops 2,750 -
Local Consultancy 5,800 -
Rent 1,900 -
Printing and Publication 1,990 -
Repairs and Maintenance 1,435 -
Office consumables 1,080 -
Foreign Travels 5,490 -
Property Plant and Equipment 19,350 -
Accumulated depreciation - 8,350
Internally generated revenues - 14,000
Donor supports - 3,500
Other expenditures 10,500 -
Accumulated fund 5,135 -
164,202 164,200

Additional Information
(i) Inventories of office consumables at the end of the year with a historical cost of GH₵300,000 was valued at
replacement cost GH₵ 280,000. The estimated net realizable value is GH₵ 335,000.
(ii) Utility expenses outstanding at 31st December 2020 amounted to GH₵ 615,000 and consultancy fees paid in advance
amounted to GH₵ 1,500,000. In addition, casual labour arrears on compensation for newly recruited employees during
the year was GH₵ 2500,000.
(iii) Consumption of fixed capital is charged on straight line basis for the year as follows:
Cost Accumulated Consumption Useful life estimated

GH₵’000 c GH₵’000
Motor vehicles 10,000 4,500 5 years
Furniture, Fixtures and fittings 5,000 2,500 10 years
Equipment 4,350 1,350 4 years
(iv) During the year, the Aneka Media Association have given free air to the Information Service Department to promoting
civic education on election 2024. The estimated cost of the airtime was GH₵ 6,000,000.
(v) The Ministry of Information has also transferred some communication equipment worth GH₵ 225,000 to the
department. No recognition was made in the financial records in respect of this transaction.
(vi) Internally generated revenues earned but not received during the year amounts to GH₵ 400,000. It is the policy of
the Department to make allowance of 5% for uncollectible revenues.
(vii) Other expenses included equipment installation cost of GH₵ 20,000 paid during the year.
(viii) Budget extract of the Department is given below:

Annual Budget Revised Budget
GH₵’000 GH₵’000
Compensation for employees 60,000 70,000
Goods and Servies 50,000 57,000
GoG Subvention 100,000 105,000
Internally generated Fund 20,000 15,000
Donations and grants 12,000 13,000
Other expenditures 9,000 8,500
Required:
Prepare in accordance with the Public Financial Management Act, 2016 (Act 921) and the International Public Sector
Accounting Standards:
a. Statement of financial performance for the year ended 31st December 2020.
b. Statement of changes in net asset and equity; and
c. Statement of financial position as at 31st December,2020.
d. Statements of Budget Information in comparison with Actual performance.
e. Notes to the accounts

SOLUTION
a. Statement of financial performance for the year ended 31st December 2020.
Revenue Notes Actual Revised budget

GH₵’000 GH₵’000
Government subvention 2 115,000 105,000
Internally generated funds 3 14,400 15,000
Donations and other Revenues 4 9,725 13,000
Total revenue 139,125 123,000
-
Expenses -
Compensation of employees 5 44,650 70,000
Goods and services 6 45,130 57,000
Consumption of fixed assets 7 3,649 -
Other Expenses 8 10,500 8,500
Total expenses 103,929 135,550
Surplus/Deficit 35,196 (12,550)
b. Statement of changes in net asset and equity
GH₵’000
Balance b/f (5,135)
Surplus 35,196
Balance 30,061

c. Statement of financial position as at 31st December,2020.
Current Assets Notes GH₵’000

Cash and cash equivalent 5,000
Advances and Loans 20,110
Prepayment 1,500
Fixed deposit investment 15,280
Receivables 9 1,010
Inventory 280
43,180
Non-current assets -
Property plant and equipment 7,596
Capital work in progress 3,500
11,096
Total Assets 54,276
Liabilities -
Payable 10 24,215
Accumulated Fund 11 30,061
54,276
d. Statements of Budget Information in comparison with Actual performance.
Revenue Notes Actual Revised budget

Outturn Outturn Percent
GH₵’000 GH₵’000 GH₵’000 %
Government subvention 2 115,000 105,000 10,000.00 10%
Internally generated funds 3 14,400 15,000 (600.00) (4%)
Donations and other Revenues 4 9,725 13,000 (3,275.00) (25%)
Total revenue 139,125 123,000 16,125.00 13%
-
Expenses -
Compensation of employees 5 44,650 70,000 25,350.00 36%
Goods and services 6 45,130 57,000 11,870.00 21%
Consumption of fixed assets 7 3,649 - - -
Other Expenses 8 10,500 8,500 (2,000.00) (24%)
Total expenses 103,929 135,550 31,621.00 23%
Surplus/Deficit 35,196 (12,550)

e. Notes to the account
Refer to discussion above
2. GOG Receipts GH₵’000

Compensation for Employees 50,000
Use of goods and services 40,000
Non-financial assets 25,000
115,000
-
3. Internally generated funds GH₵’000
Per trail balance 14,000
Receivables 400
14,400
4. Donations and grants GH₵’000

Per trail balance 3,500
Free air time donation 6,000
Transfer of asset 225
9,725
5. Compensation for Employees GH₵’000

Established position 37,250
Casual Labour 6,000
Secondment 1,150
44,400
Casual labour arrears 250
44,650
-
6. Goods and services GH₵’000
Seminar and workshop 2,750
Local consultancy 5,800
Rent 1,900
Printing and publication 1,990
Repairs and maintenance 1,435
Office consumable 1,080

Foreign travel 5,490
Insurance 2,500
40,295
Closing inventory (280)
Utilities accrued 615
Consultancy prepaid (1,500)
Civic education services 6,000
45,130
7. Non-current asset schedule

Furniture, fixturtes and
Motor vehicles fittings Equipment Total
GH₵’000 GH₵’000 GH₵’000 GH₵’000
Cost b/f 10,000 5,000 4,350 19,350
Additions - - 245 245
10,000 5,000 4,595 19,595
Accumulated Depreciation b/f 4,500 2,500 1,350 8,350

Depreciation 2,000 500 1,149 3,649
6,500 3,000 2,499 11,999
Carrying amount 3,500 2,000 2,096 7,596
8. Other expenses GH₵’000

Per trial balance 10,500
Provision for doubtful receivable 20
Equipment installation (20)
10,500
-
9. Receivables GH₵’000
Per trial balance 630
Revenue receivable 400
Provision for doubtful receivable (20)
1,010
-
10. Payables -
Per trial balance 23,350
Electricity 615
Casual labour 250
24,215

30.
C. METROPOLITAN, MUNICIPAL AND DISTRICT ASSEMBLIES
Below is the most recent Trial Balance as at 31st December, 2020 for Gushegu Metropolitan Assembly (GMA) is the
Northern Region.
GH₵’000 GH₵’000
GOG Subvention-salary 50,000
Basic rates 11,500
Ceded revenue 14,125
Share of district assembly common fund 33,303
Hawkers licenses 724
Training workshop 995
Fixed deposit 7,000
Contract retention 16,075
Tax withholdings 1,173
Advances to staff 52,995
Contract mobilization 29,173
Bank and Cash 10,555
Special sanitation grants 10,000
Loans 617
Established Post 25,620
Assemblymen allowances 525
Printing and publications 100
Rent 67
Repairs and maintenance 459
Rehabilitation of facilities 1,784
Construction works completed 109,550
Construction works in progress 59,950
Purchase of furniture and fittings 15,550
Purchase of computer and accessories 620
Consultancy 112
Conference and seminar 280
Finance charges 49
Allowances to staff 16,600
Casual labour 2,123
Other donor support 25,385
Market toll 44,450
Lorry parks 22,330
Court fines and penalties 5,130

Share of stool land revenue 7,800
Property rate 43,910
Hiring of equipment and facilities 790
Market store rent 930
Rent of residential accommodation 1,060
Utilities and office consumables 610
Accumulated fund 17,242
Foreign travels cost and per diem 325
Other expenditure 118
Interest on fixed deposits 3,350
NIB Loan 6,500
HIPC grant 20,000
335,777 335,777
Additional information
i) During the year, court, slaughter and lorry park fines amounting to GH₵ 250,000 have not been accounted
for.
ii) The assembly acquired a computer software costing GH₵ 300,000 on credit with an estimated useful life of
10 years. No records were made in relation with this acquisition.
iii) During the year newly constructed market stores were let out to traders who paid two years rent in advance
on July 1st 2020 and this rent will expire on June 30th, 2022.
iv) The fixed deposit amounting to GH₵ 5,000,000 was made with GCB Bank on July 1st, 2020 at the rate of 20%
per annum. Interest is receivable every three months. The last quarter interest is yet to be received.
v) Inventory of consumables at 31 December,2020 amounted to 100,000 at historical costs and had a net selling price of
150,000 but a replacement cost of 120,000.
vi) Consumption of fixed capital on all assets as follows on cost: Computer and accessories 30%, Furniture and fitting at
20%, Construction works completed 10%.
vii) Electricity and water of GH₵ 200,000 was outstanding at the year end.
viii) The budget performance report at the year revealed that Assembly exceeded its internally generated fund and
donation targets by GH₵ 1,000,000 and GH₵ 100,000 respectively. Further, expected government support for the
year dropped by GH₵ 500,000. However, it has overspent its compensation of employee budget by GH₵ 250 whilst
underspent goods and services by GH₵ 400,000. Other expenses out turn was exactly what was expected for the
year.
ix) In the year 2019, property rate, basic rate and ground rent amounting to GH₵ 325,000 were assessed by the assembly
but no records in respect of that were made.
Required:
Prepare suitable for external use in accordance with the Public Financial Management Act 2016, Local Governance
Act 2016 and the International Public Sector Accounting Standards:
i) Statement of Financial Performance for the year ended 31st December 2020.
ii) Statement of Financial Position as at 31st December 2020.
iii) Statement of Budget Information in Comparison with actual performance in accordance with IPSAS 24.
iv) Notes to the accounts.

Solution
Gushegu Metropolitan Assembly (GMA)
Statement of Financial Performance for the year ended 31st December 2020
Notes Actual Budget
Revenue GH₵’000 GH₵’000
Decentralized transfer 2 115,228
Internally Generated Fund(IGF) 3 133,976
Donation and Grants 4 45,385
Total revenue 294,589
Expenditure
Compensation for employees 5 44,668
Goods and services 6 34,205
Interest 49
Consumption of fixed assets 7 14,281
Other expenditure 118
Total expenditure 93,321
Surplus 201,268
iii. Statement of Financial Position as at 31st December 2020.

Non-current assets Notes GH₵’000
Property, plant& equipment 7 12,874
Construction completed 7 98,595
Construction WIP 7 59,950
Intangible 7 270
171,689
Current assets
Bank and Cash 10,555
Receivables 825
Inventory 100
Loans and advances 9 53,612
Fixed deposit 7,000
72,092
Total assets 243,781
Current liabilities
Payables 8 17,748
Deferred market store income 698
Bank loan 6,500
Total current liabilities 24,946
Accumulate fund 10 218,835

218,835
Total assets and liabilities 218,781

iv. Statement of Budget Information in Comparison with actual performance in accordance with IPSAS 24
Refer to discussion under CF.
v. Notes to the accounts.
Refer to discussion under CF.
2. Decentralized transfer
GOG Subvention-salary 50,000
Ceded revenue 14,125
Share of district assembly common fund 33,303
Special sanitation grants 10,000
Share of stool land revenue 7,800
115,228
3.Internally Generated Fund

Basic rates 11,500
Hawkers licenses 724
Market toll 44,450
Lorry parks 22,330
Court fines and penalties 5,130
Property rate 43,910
Hiring of equipment and facilities 790
Market store rent 930
Rent of residential accommodation 1,060
Interest on fixed deposits 3,350
Prepayment(rent)-3/4*930 (698)
court, slaughter and lorry park fines 250
Investment income arrears 250
133,976
4. Donation and grants

Other donor support 25,385
HIPC grant 20,000
45,385
5. Compensation for employees

Established Post 25,620
Casual labour 2,123
Allowances to staff 16,600
Foreign travels cost and per diem 325
44,668

6. Goods and services
Training workshop 995
Contract mobilization 29,173
Assemblymen allowances 525
Printing and publications 100
Rent 67
Repairs and maintenance 459
Rehabilitation of facilities 1784
Consultancy 112
Conference and seminar 280
Utilities and office consumables 610
Electricity and water arrears 200
Inventory (100)
34,205
7. Non-financial assets schedule
Computer and Furniture and Construction

Constructin WIP Software Total
accessories fittings completed
Bal b/f - - - - -
Additions 620 15,550 109,550 59,950 300 185,970
620 15,550 109,550 59,950 300 185,970

Consumption
Bal b/f - - - - - -
Charge for the
year 186 3,110 10,955 30 14,281
186 3,110 10,955 - 30 14,281
Carrying amount 434 12,440 98,595 59,950 270 171,689
8. Payables
Contract retention 16,075
Tax withholdings 1,173
Software payable 300
Electricity and water 200
17,748
9. Loans and advances
Advances to staff 52,995
Loans 617
53,612

10. Accumulated fund
Bal b/f 17,242
Prior year adjustment 325
Surplus 201,0268
218,835
11. Receivables
Investment 250
property rate, basic rate and ground rent 325
court, slaughter and lorry park fines 250
825
31.Given below are the revenues of government for the second half of year 2020.
Import Fees& Total
duties Company charges
Dividend Gift tax GHS000 P.A.Y.E tax Loans GHS000 Revenue
Month GHS000 GHS000 GHS000 GHS000 GHS000 GHS000
July 2,000 450 8,550 12,000 16,000 100,000 3,000 142,000
August 1,200 0 7,000 10,400 17,000 0 7,000 42,600
September 1,800 0 6,000 11,000 12,500 20,000 6,000 57,300
October 2,200 850 4,000 8,000 18,000 320,000 5,000 358,050
November 3,200 600 9,500 7,800 10,000 0 6,800 37,900
December 2,000 500 10,000 26,000 14,500 0 4,600 57,600
TOTAL 12,400 2,400 45,050 75,200 88,000 440,000 32,400 695,450
The Controller and Accountant General (CAG) is mandated to transfer at least 5% (currently 5%) of the total revenue to the
District Assembly Common Fund on quarterly basis for onward distribution to all the Metropolitan, Municipal and District
Assemblies (MMDAs). The District Assembly Common Fund Administrator upon the receipt of the transfers from the CAG,
disburses 80% of the fund to the

MMDAs based on a formula approved as follows:
Factor Weight (%)
Needs 40
Responsiveness 10
Service presure 20
equalization 30
100
Assuming that there are only three assemblies in Ghana; Mfantsiman Metropolitan Assembly (JMA), Ejura Sekyredumasi
Municipal Assembly (ESMA) and Shai-Osudoku District Assembly (SDA). Below is the factor analysis result of the three
assemblies.
Factor MMA ESMA SDA Total
Need 2 3 5 10
Responsiveness 3 4 3 10
Service presure 5 3 2 10
Equalization 1 1 1 3
Required:
a) Compute the amount to be transferred to the District Assembly Common Fund for the third quarter and fourth
quarter respectively in accordance with the provisions of the District Assembly Common Fund Act 1993 (Act 455),
using the current rate of 5%.
b) Prepare a statement of distribution of the District Assembly Common Fund to the three assemblies (MMA, ESMA
and SDA) for the fourth quarter based on the approved sharing formula.
32. The following information were produced by the Ministry of Finance for the 2021 fiscal year:
GH¢ million
Grants 1,130.70
Non Tax Revenue 4,358.70
Taxes on income and Property 9,238.30
Taxes on Domestic Goods and Services 7,061.70
International Trade Taxes 4,051.10
Other taxes 161.40
Required:
The 1992 Constitution and the District Assemblies Common Fund Act 455 requires Parliament to annually allocate
portions of national revenue into the District Assemblies Common Fund (DACF) for distribution to local
governments. From the above:
i) Calculate the statutory total amount to be transferred into DACF required by law and grant policy for the 2021 fiscal
year.
ii) Assuming that Parliament approves for an equal distribution of the DACF for 2021 to all local governments, how
much would one typical local government in Ghana receive as its share of the DACF for the 2021 fiscal year for
development.

PART F- EVALUATE FINANCIAL POSITION, PERFORMANCE AND PROSPECTS OF PUBLIC SECTOR ENTITIES USING FINANCIAL
REPORTS AND OTHER INFORMATION
33. The financial information below relates to the Consolidated Fund of Ghana.
Consolidated Fund Statement of Financial Performance forThe Year Ended 31st December 2022.
2022 2021
Actual Actual
GH¢ million GH¢ million
Revenue
Direct Tax 38,000 41,000
Indirect Tax 53,000 60,000
Non-Tax Revenue 15,000 20,000
Grants 16,000 15,000
Total revenue 122,000 136,000
Expenditure
Compensation for employee 59,100 47,400
Use of Goods and Service 53,500 35,000
Public Debt Interest 42,000 28,700
Subsidies 24,500 24,000
Social Benefit 31,500 25,000
Grants 29,000 26,000
Consumption of Fixed Asset 5,000 4,300
Other Expense 2,000 1,800
Total expenditure 246,600 192,200
Surplus/Deficit (124,600) (56,200)
Statement of Financial Position as at 31st December 2022.

Assets 2022 2021
Non-Current Asset GH¢ million GH¢ million
Property, Plant and Equipment 23,000 21,200
Infrastructure 29,000 20,800

Equity investment 20,000 10,000
Total non-current asset 72,000 52,000
Current Asset
Cash and Cash Equivalent 60,000 100,000
Loans and advances 25,000 22,000
Receivables 5,000 8,500
90,000 135,000
Total Assets 162,000 187,000

LIABILITIES AND FUND
Current liabilities
Payables 70,000 60,000
Deposits and Trust Monies 12,000 15,000
Total current liabilities 82,000 65,000
Non-Current Liabilities
Domestic Debt 120,000 90,000
External Debt 162,600 110,000
Total non-current liabilities 282,600 200,000
Accumulated Fund (202,600) (78,000)
162,000 187,000
Additional Information:
i) The statistical data indicates that the population of the country is estimated as 26,000,000 in 2022 and
25,000,000 in 2021.
ii) The total capital asset acquired in 2021 and 20202 are GH¢ 6,165,000,000 and GH¢6,880,000,000
respectively.
iii) The total market value of all final goods and services produced domestically in Ghana for 2021 and 2020 fiscal
year amounted to GH¢376,800,000,000 and GH¢350,000,000,000 respectively.
iv) The non-tax revenue included an Annual Budget Funding Amount of GH¢1,800,000,000 in GH¢1,700,000,000
in 2022 and 2021 respectively. Additionally, non-tax revenue reported include dividend received from the
State Owned Enterprises of the governments in the respective years. Dividend income constitutes 30% of
the non- tax revenues in the year 2022 and 20% of the non-tax revenues in the year 2021.
Required:
a) Compute the following ratios
i) Debt to GDP
ii) Non-oil primary fiscal balance
iii) Non-oil fiscal balance
iv) Capital spending to total expenditure
v) Interest to tax revenue ratio
vi) Wage bill to tax revenue ratio
vii) Tax per capita
viii)Return on equity
b) Based on your computations in question (a), write a report to the Joint Financial Management Committee analysing
and discussing the financial performance and financial position over the two-year period indicating clearly the
strength and weaknesses of each year. The report should however also highlight, among others key assumptions
that underpin your analysis and conclusion and limitations of your analysis.

Solution
Ratio analysis
2021 2020
GH¢ million GH¢ million
𝑇𝑜𝑡𝑎𝑙 𝐷𝑒𝑏𝑡 282,600 200,000
i) Debt to GDP= 𝐺𝐷𝑃
× 100 × 100= 75% × 100= 57.14%
376,800 350,000
ii) Non-oil Primary fiscal balance to GDP = (124,600)+42,000−1,800 (56,200)+28,700−1,700
𝐹𝑖𝑠𝑐𝑎𝑙 𝑏𝑎𝑙𝑎𝑛𝑐𝑒+𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡−𝑜𝑖𝑙 𝑟𝑒𝑣𝑒𝑛𝑢𝑒
× 100 × 100
376,800 350,000
×100
𝐺𝐷𝑃 = (22.39%) = (8.34%)
iii) Non-oil fiscal balance to GDP = (124,600)−1,800 (56,200)−1,700
𝐹𝑖𝑠𝑐𝑎𝑙 𝑏𝑎𝑙𝑎𝑛𝑐𝑒−𝑜𝑖𝑙 𝑟𝑒𝑣𝑒𝑛𝑢𝑒
× 100 × 100
376,800 350,000
×100
𝐺𝐷𝑃 = (33.55%) =(16.54%)
iv) Capital spending to total expenditure= 6,165 6,880
× 100 × 100
𝐶𝑎𝑝𝑖𝑡𝑎𝑙 𝑒𝑥𝑝𝑒𝑛𝑑𝑖𝑡𝑢𝑟𝑒 246,600 192,200
× 100
𝑇𝑜𝑡𝑎𝑙 𝑒𝑥𝑝𝑒𝑛𝑑𝑖𝑡𝑢𝑟𝑒 = 2.5% = 3.58%
42,000 28,700
v) Interest to total tax = × 100= 46.15% × 100=28.42%
𝐼𝑛𝑡𝑒𝑟𝑒𝑠𝑡 91,000 101,000
× 100
𝑇𝑜𝑡𝑎𝑙 𝑡𝑎𝑥 𝑟𝑒𝑣𝑒𝑛𝑢𝑒
59,100 47,000
vi) Wage bill to tax × 100= 64.95% 101,000
× 100=46.53%
𝐶𝑜𝑚𝑝𝑒𝑛𝑠𝑎𝑡𝑖𝑜𝑛 𝑜𝑓 𝑒𝑚𝑝𝑙𝑜𝑦𝑒𝑒𝑠 91,000
revenue= 𝑇𝑜𝑡𝑎𝑙 𝑡𝑎𝑥 𝑟𝑒𝑣𝑒𝑛𝑢𝑒
× 100
vii) Tax per capita 91,000 101,000

𝑝𝑒𝑟 𝑐𝑖𝑡𝑖𝑧𝑒𝑛 = 𝑝𝑒𝑟 𝑐𝑖𝑡𝑖𝑧𝑒𝑛 =
𝑇𝑜𝑡𝑎𝑙 𝑡𝑎𝑥 𝑟𝑒𝑣𝑒𝑛𝑢𝑒 26 25
= (𝑖𝑛 𝐺𝐻𝐶 𝑝𝑒𝑟 𝑐𝑖𝑡𝑖𝑧𝑒𝑛) GH¢3,500 𝑝𝑒𝑟 𝑐𝑖𝑡𝑖𝑧𝑒𝑛 GH¢4,040𝑝𝑒𝑟 𝑐𝑖𝑡𝑖𝑧𝑒𝑛
𝑃𝑜𝑝𝑢𝑙𝑎𝑡𝑖𝑜𝑛
𝐷𝑖𝑣𝑖𝑑𝑒𝑛𝑑 4,500 4,000
viii) Return on equity =
𝐸𝑞𝑢𝑡𝑦 𝐼𝑛𝑣𝑒𝑠𝑡𝑚𝑒𝑛𝑡
× 100 × 100 =22.50% × 100 =40.00%
20,000 10,000

QUESTION TWO
Below is the Statement of financial Position of the Ogundipe College of Education as at 31 December 2022 prepared in
accordance with International Public Sector Accounting Standards.
NON-CURRENT ASSETS: Note GH¢’000 GH¢’000

Property, Plant and Equipment 11,976,100
Investment Property 1,312,250
Software 806,355
14,094,705
CURRENT ASSETS:
Cash and Cash Equivalent 264,810
Inventory 159,500
Receivables 563,101 987,411
Total Assets 15,082,116
LIABILITIES AND FUND:

Current Liabilities:
Payable 382,550
Non-Current Liabilities:
Bank Loans 685,000
Total Liabilities 1,067,550
Accumulated Fund 14,014,566

15,082,116
Required:
Based on a Common Size Statement of Financial Position, write a report discussing and analysing the financial
position of the Ogundipe College of Education in line with the Recommended Practice Guide 2, Financial Statement
Discussion and Analysis.

34. Recommended Practice Guideline (RPG) provides guidance for preparing and presenting financial
statement discussion and analysis.
Required:
a) In reference with Recommended Practice Guide 2, explain financial statements discussion and analysis
and discuss its usefulness.
b) Explain the general considerations in providing financial statements discussion and analysis.
c) Explain THREE (3) common tools used in analysis of financial statement of public sector entities.
Solution
a) Financial statement discussion and analysis is an explanation of the significant items, transactions and events
presented in an entity’s financial statements and the factors that influenced them
Usefulness of Financial statement discussion and analysis

✓ It assists users in understanding the financial position, financial performance, and cash flows presented in the financial
statements.
✓ It provides useful information to the users for accountability and decision-making purposes by enabling the user gain
insight into the operation from the perspective of the entity itself.
✓ It allows the entity to reflect its perspective on key items, transactions and events that affect the financial position,
financial performance and cash flows of the entity within the reporting period.
✓ It provides users with better understanding of the trends the entity’s operations.
✓ Financial statements discussion and analysis completes the information in the financial statements.
✓ It helps to discuss the financial statements of the entity to the understanding of users that are distant from the
organisation.
✓ It is a narrative reporting providing preparers interpretation of the results that will be valuable to the users in assessing
accountability and decision making.
b) General Considerations of Financial statement discussion and analysis

✓ information provided in financial statement discussion and analysis should meet the qualitative characteristics of
financial reporting taking into account the constraints on information included in general purpose financial
reports.
✓ It should not be a mere repetition of information already provided in the financial statements but to analyse and
explain the significant items, transactions and events in the financial statement.
✓ Financial statement discussion and analysis should be presented at least annually and should use the same
reporting period as that covered by the financial statements.
✓ The reporting boundary for financial statement discussion and analysis should be the same as that used for the
financial statements.
✓ Financial statement discussion and analysis should be issued with the financial statements.
✓ It should be clearly identified and distinguished from the financial statements and other information
✓ Financial statement discussion and analysis should not be described as complying with this RPG unless it complies
with all the requirements of this RPG.

PART G - RULES AND PROCEDURES IN PUBLIC PROCUREMENT
35. The Section 14 of Public Procurement Act 2003, Act (663) as amended by the Public Procurement Act,2016(Act 914)
provides for the scope and application of the Act.
Required:
According to Section 14(1) (2) of the Public Procurement (Amendment) Act 2016, discuss the scope and application of the Act.
36. Generally, public procurement is built on certain key and universal principles and these are what must
guide the public procurement processes. These principles flow through every aspect of the procurement
process and is meant to ensure that government get the best value in their use of public funds and that the
whole country benefits from.
Required:
Explain any FIVE(5) general principles of public procurement.
37. The University of Cape Coast advertised a national tender to build a water harvesting system for the
School of Agriculture in the University. There was a lot of interest from contractors because it was a big
project worth a lot millions of Ghana Cedis. The Vice Chancellor asked the Senior Works Officer to provide
one particular contractor information about the estimated price for the contract to help him prepare his bid.
The Vice Chancellor said that the said contractor was based in the Cape Coast, so he deserved to get more
assistance than other contractors. The Senior Works Officer argued that, this is unfair and that all contractors
should receive same information about the contract or the procurement processes.
Required:
a) In accordance with the Public Procurement Act 2003, Act (663) as amended, which of the two officers (Vice
Chancellor and Senior Works Officer) is right. Explain the bases of your position?
b) In accordance with the Public Procurement Act 2003, Act (663) as amended, explain offences relating to the
public procurement.
38. Section 14 of the Public Procurement Act 2003, as amended stipulates the scope and application of
the Act therefore covers disposal of public stores, vehicle and equipment.
Required
a. Discuss the procedures involved in the disposing off unserviceable, obsolete and surplus stores, vehicles,
plants and equipment.
b. Explain the methods of disposal under the Act.
39. The public procurement Act 2003, as amended has provided clear rules to follow in the public procurement
to eliminate the use of discretion capriciously.
Required:
Explain the procurement rules in the following matters
i. Rejection of tenders, proposals and quotations
ii. Suspension of suppliers, contractors and consultants

Solution
i. Rejection of tenders, proposals and quotations

Section 29 provides that a procurement entity may reject tenders, proposals and quotations at any time prior to acceptance
if the grounds for the rejection are specified in the tender documents. The ground for rejection shall be communicated to the
tenderer but justification for rejection is not required. No liability arises to the procurement entity upon rejection.Notice of
rejection must be given to participating tenderers within two days from the date the procurement entity decides to
discontinue with the tender process. If the decision to reject tenders is taken before the closing date, tenders received shall
be returned unopened to the tenderers submitting them
ii. The board of the Public Procurement Authority may suspend a supplier, contractor or consultant from engaging in any
0public procurement or disposal process for a period determined by the board on the bases of a recommendation of a
procurement entity or an investigation initiated by the board itself.
The grounds for suspension may include:
✓ the supplier or consultant is debarred from the procurement processes of an international agency of which the Republic
of Ghana is a member
✓ Unsatisfactory performance determined by Auditor General
✓ Failure to substantially perform obligation under contract
✓ Suspension of supplier by a professional body for misconduct
✓ Non-compliance to obligations under an Act of Parliament.
✓ Conviction for corrupt practices or fraudulent acts under Public Procurement Act as amended.
40. The selection of an appropriation method of procurement is a critical matter in public procurement.
Required:
Explain the following methods of procurement and how they are conducted.
i. Competitive tendering
ii. Two stage tendering
iii. Restricted tendering
iv. Request for quotation
v. Framework contracting
41. The Hemodialysis Machine is a very important machine used to filter blood for patients in respect of which
dialysis are performed got broken up in Kpando Teaching Hospital in the Volta Region. The hospital has an urgent
need for the procurement of the machine to prevent loss of lives in the Hospital. As a result, the newly appointed
CEO mentioned at a management meeting to institute process of procuring the item that due to the urgency of
the machine, he has a doctor friend in Cuba who can get some for hospital as soon as possible than going through
the open competitive tendering that usually takes a lot of time. The Head of Finance indicated the he does not
want to find himself in any problem with the auditors or government and hence thinks they should use the
competitive tendering as required the public procurement Act.
Required:
i. Advise and explain the best method of tendering that will appropriate for the procurement.
ii. Explain the other conditions under which the method explained in (i) above will be appropriate under the Public
Procurement Act 2003, as amended.
iii. Discuss the likely risk associated with indiscriminate use of the method explained in (i) above.

42. The procurement of procurement of consulting services is a specialized form of procurement requiring
tender procedures and documents which are very different from those for standard goods and services.
Required:
Explain the following methods of procuring consultants;
i. Quality and cost-based selection (QCBS)
ii. Quality based selection (QBS)
iii. Least cost selection (LCS)
iv. Selection under fixed budget (SFB)
43. Competitive tendering is a method of public procurement that seeks tenders from all potential suppliers or contracts
in order to achieve value for money in public procurement. Competitive tendering is carried out in accordance with the
competitive tendering procedures under the public procurement law.
Required:
Explain procedures involved in carrying out national competitive tendering for the procurement of goods, services and works.
44. The Section 78 provides that any supplier, contractor or consultant that claims to have suffered, or that may suffer
loss or injury due to a breach of a duty imposed on the procurement entity by the Public Procurement Act as amended, may
seek redress. Under the Public Procurement Act as amended there are two types of issues.
Required:
a) Explain the review procedures under Public Procurement Act as amended.
b) Discuss the matters excluded from complaints and administrative review under Act.
Solution
a) Review procedures
✓ Complaints procedures by procurement entity
❖ A complaint shall, in the first instance, be submitted in writing to the head of the procurement entity if the procurement
contract has not already entered into force. Correspondence pertaining to any complaint shall be copied to the Board
of the Public Procurement Authority.
❖ The head of the procurement entity shall not entertain a complaint unless it was submitted within twenty days after the
supplier, contractor or consultant submitting it became aware of the circumstances giving rise to the complaint or when
that supplier, contractor, or consultant should have become aware of those circumstances, whichever is earlier.
❖ A procurement entity shall attempt to resolve a complaint by mutual agreement of the supplier or contractor and the
procurement entity.
❖ The procurement entity shall, within twenty-one days after the submission of the complaint, issue a written decision.
✓ Administrative review
Administrative review is presided over by the Board of the Public Procurement Authority. A supplier, contractor or
consultant entitled to seek review may submit a complaint to the Board only when:
• The head of the procurement entity does not entertain the complaint because the procurement contract has entered into
force; or
• The supplier, contractor or consultant claims to be adversely affected by a decision of the head of the procurement entity.
Procedure
❖ The petition shall be submitted within twenty-one days after the supplier, contractor or consultant became aware of the
circumstances giving rise to the complaint, or the time when the supplier, contractor or consultant ought to have become
aware of those circumstances.
❖ On receipt of a complaint, the Authority shall give notice of the complaint promptly to the procurement entity.

❖ The Board shall issue a written decision concerning the complaint within twenty-one days after starting an administrative
review, stating the reasons for the decision.
a. Exclusion of matters
✓ The selection of a method of procurement;
✓ The choice of a selection procedure;
✓ The limitation of procurement proceedings only domestic suppliers or contractors;
✓ A decision by the procurement entity rightfully rejected tenders, proposal offers or quotation.
45. The Section 80 of the Public Procurement Act 2003, Act (663) as amended provides that a supplier, contractor or
consultants entitled to seek administrative review may submit a petition to the Board. Subsequently, upon receipts of the
compliant, the Board shall give notice of the compliant to procurement the entity.
Required:
Discuss FOUR (4) actions available to the Board of the Public Procurement Authority in respect of its power in
addressing administrative reviews under Section 80(4).

PART H - PUBLIC FINANCING INITIATIVES: PUBLIC –PRIVATE PARTNERSHIP AND PUBLIC –PUBLIC PARTNERSHIP
46. Minister of Health and his Chief Director attended an international conference on health administration and
they found out that most countries around the world are leveraging the private sector in the provision of health
infrastructure and the management of the operations of the existing facilities to secure value for the public money.
Upon their return, they decided to explore avenues for Public Private Partnerships (PPPs) in the areas of
construction of health facilities on build-operate and transfer options and management of regional and teaching
hospital on maintain and operate basis or rehabilitate and operate basis. The Minister is passionate about the move
and wants to implement it as quickly as possible. However, the Chief Finance Director has drawn his attention to the
National Public Private Partnership Policy of the country and advices that they consider it seriously. The Minister has
ordered the Chief Finance Director to furnish him with the guiding principles of the PPP arrangements to ensure
compliance.The Chief Finance Director has asked you to critically examine the national PPP policy document and
furnish him with key guiding principles on feasible PPP arrangements he can enter into.
Required:
a) Explain FIVE (5) guiding principles that the Ministry should observe in the proposed Public-Private Partnership
projects in the health sector in accordance with the national Public-Private Partnership policy.
b) Discuss the benefits of PPP arrangements to the government, citizens and private business partners.
c) Briefly explain the following PPP arrangements
(i) Maintain -Operate (ii) Build Operate and transfer (iii) Build transfer operate(iv)Rehabilitate-Operate and
transfer (v)Service Concession
47. Whilst certain transactions or contracts such as contracting out, leasing, privatization are regarded as PPP in some
other contexts, under the PPP policy of Ghana some arrangements are specifically exempted from PPP arrangement.
Required:
Identify FOUR (4) exemptions of PPP in Ghana under the PPP Policy.
48. Public-Public Partnerships (PUP) which is a collaboration of between two or more public authorities or non-profit
organizations based on solidarity to improve the capacity and effectiveness of one partner in providing public service like
public water and sanitation services is an alternative to Public Private Partnership arrangements.
Required:
a. Explain the TWO (2) main forms of Public-Public Partnership (PUP) arrangements in use in Ghana.
b.
49. Unlike public procurement where government bears all or most of the risks, the risks in PPP arrangement
are allocated between the public and the private sector partners which is best to manage.
Required
Explain FIVE (5) risks associated with PPP arrangement that requires allocation between the contracting partners in
accordance with the policy.
50. IPSAS 32: Service Concession Arrangement –Grantor prescribes accounting for service concessions
arrangement by the grantor, a public sector entity.
Required.
Explain the following terms as applied to IPSAS 32:
i. Service concession arrangement
ii. A service concession asset
iii. Whole-of-asset
iv. Financial liability Model

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1 | www.aspireproconsult.

com | 0555 213 559

The Paper 2.5 Examination Team

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ii. Programmed based budgeting

iii. Zero based budgeting

iv. Incremental budgeting

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(b) General principles

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Objectives of Charts of Accounts

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Authority of the Conceptual Framework

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Features of GBEs According to IPSAS 1

✓ It is an entity with the power to contract in its own name.

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(a) Non-current asset acquired during the year

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Notes GH₵’000 GH₵’000

Total revenue 25,085,000

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Cash flow from operating activities GH₵’000 GH₵’000

Cash flow from investing activities

Cash flow from financing activities

Net cash flow (2,727,000)

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d. Notes to the financial statements

(a) Statement of compliance

(c) Consumption of fixed asset policy

(d) Borrowing costs

(e) Valuation of inventories

(f) Functional and presentation currency

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3. Indirect taxes GH₵’000

4. Non-tax revenue GH₵’000

6. Compensation for employees GH₵’000

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10. Grants GH₵’000

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12 Non-financial (PPE) asset schedule

Construction of Other non-financial

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Trial Balance as at 31st December 2020

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Cost Accumulated Consumption Useful life estimated

(viii) Budget extract of the Department is given below:

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Revenue Notes Actual Revised budget

Surplus/Deficit 35,196 (12,550)

b. Statement of changes in net asset and equity

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Current Assets Notes GH₵’000

d. Statements of Budget Information in comparison with Actual performance.

Revenue Notes Actual Revised budget