General Instructions

This checklist assists preparers of financial statements in accordance with International Public Sector
Accounting Standards (IPSAS) issued by the International Public Sector Accounting Standards Board
(IPSASB). It shows all the disclosures required by these Standards, but does not explain other accounting
requirements nor does it reflect the requirements of the Cash Basis IPSAS. In some instances, to simplify
use of the checklist, disclosure requirements have been paraphrased, so you may need to refer to the
Standards for more and full details.

In addition to the mandatory disclosure requirements, this checklist includes, in italics, the IPSASB's
encouraged and suggested disclosure requirements under IPSAS. In addition, comment boxes have been
included that summarise and/or refer to relevant IPSAS guidance regarding the scope and interpretation of
certain disclosure requirements. Comparative amounts in the financial statement disclosures are always
required, unless explicitly exempted by the IPSASs.

This checklist reflects all IPSAS issued through 1 January, 2019.

Each item should be answered with a tick in the appropriate column:

Yes = Disclosure has been made. Reference should be made to the relevant note in which the requirement
has been met
No = Disclosure has not been made even though it is mandatory for the entity to make such a disclosure.
Any item marked 'No' should be explained (for example, amount deemed immaterial) on the checklist or on
a separate working paper, including the amounts or percentage involved, to help make an assessment of
overall compliance with IPSAS
N/A = The question is not applicable to the entity or disclosure is not mandatory for the entity and has not
been made.
nal Public Sector
Standards Board
lain other accounting
nstances, to simplify
d to refer to the

cs, the IPSASB's

ent boxes have been
e and interpretation of
closures are always

which the requirement

ake such a disclosure.

) on the checklist or on
ke an assessment of

the entity and has not

 THE GENERAL CHECKLIST FOR EVALUATING FINAN
S/R Referenc
e
PART A:
DISLOSURES AS PER DIRECTORS’ REPORT

1 Para 14.1

Para 14.2

2 Para 15

3 Para 16

4 Para 17
5 Para 19

6 Para 20

7 Para 21

8 Para 22

Para 22.1

Para 22.3
9 Para 23

10 Para 24

11 Para 25

Para 25.1

Para 25.2

12 Para 25.3
13 Para 26

14

15

16 Para 27

17 Para 28a

18 Para 28b

19 Para 30a
20 Para 30b

21 Para 33

22 Para 34
23

24

25 Para 35

26 Para 36

27 Para 37

28 Para 38
 29 Para 39

30 Para 40

31 Para 43

PART B:
NBAA TECHNICAL PRONOUNCEMENTS

32 Para 5

33 Para 6

34 Para 7
PART C:
IPSAS DISCLOSURE CHECKLIST
IPSAS 1 – Presentation of financial statements
Identification and components of financial statements
35 IPSAS 1.61

36 IPSAS
1.121
37 IPSAS
1.121(e)

IPSAS 4

38 IPSAS
1.150
39 IPSAS
1.28, 1.29,
1.127

40 IPSAS 1.28

IPSAS 1.28

41 IPSAS
1.31, 1.32
42 IPSAS
1.33,
IPSAS 1.32

43 IPSAS
1.35
 IPSAS
1.38,
IPSAS
14.18
44 IPSAS 1.38

45 IPSAS 1.38

46 IPSAS 1.66

47 IPSAS 1.53

48 IPSAS 1.53

49 IPSAS
1.53A
49 IPSAS
1.53A

50 IPSAS 1.55

51 IPSAS 1.56

IPSAS 1.42

52 IPSAS 1.42

53 IPSAS
14.26
53 IPSAS
14.26

54 IPSAS 1.45

55 IPSAS 1.45

56 IPSAS 1.48

IPSAS
28.47
IPSAS
57 IPSAS 1.70

IPSAS 1.70

58 IPSAS 1.70

IPSAS 1.76
IPSAS 1.79

IPSAS 1.80

IPSAS 1.82

IPSAS 1.83
 IPSAS 1.84

IPSAS 1.85

IPSAS 1.86

59 IPSAS 1.71

60 IPSAS
36.21

61 IPSAS 1.88
 IPSAS 1.90

62 IPSAS 1.89

63 IPSAS 1.93

64 IPSAS 1.45

65 IPSAS 1.45

66 IPSAS 1.48
 IPSAS
1.50,
IPSAS 1.51

67 IPSAS 1.99

IPSAS
1.100 ,
IPSAS
1.101,
IPSAS
1.123
 IPSAS
28.40

68 IPSAS
1.102,
IPSAS
36.16

IPSAS 28.45

69 IPSAS 1.103

70 IPSAS 1.104
71 IPSAS 1.106

IPSAS 1.107

72 IPSAS 1.108

73 IPSAS 1.109

74 IPSAS 1.110

75 IPSAS 1.115

76 IPSAS 1.117
76 IPSAS 1.117

77 IPSAS 1.45

78 IPSAS 1.45

79 IPSAS 1.118

IPSAS 3.27

80 IPSAS 1.119
 IPSAS
28.40,
IPSAS
28.40A

81 IPSAS
28.44
IPSAS
1.120
IPSAS 28.44

82 IPSAS 28.11

IPSAS 1.28
IPSAS
1.129
IPSAS
1.132

83 IPSAS 1.127
 83 IPSAS 1.127

84 IPSAS 1.128

85 IPSAS 1.128

86 1.95, IPSAS 1.98

IPSAS

87 IPSAS 1.98
88 IPSAS 1.98

89 IPSAS
28.39,
IPSAS
20.27
90 IPSAS 1.148A

91 IPSAS
1.148B
 IPSAS 1.148C

IPSAS
1.148B
(a)(ii)

92 IPSAS
3.44,
IPSAS 3.45

IPSAS
17.91,
IPSAS
31.120
 IPSAS
31.120

IPSAS 2 – Cash flow statements

93 IPSAS 1.45

94 IPSAS 1.45

95 IPSAS 2.18

IPSAS 2.8

96 IPSAS 2.27

97 IPSAS 2.31

98 IPSAS 2.32
99 IPSAS 2.35

IPSAS 2.10

100 IPSAS 2.56

101 IPSAS 2.57

102 IPSAS 2.56

103 IPSAS 2.49

IPSAS 2.49

104 IPSAS 2.50

104 IPSAS 2.50

105 IPSAS 2.49

IPSAS 2.52

106 IPSAS 2.50

 IPSAS
2.50A

107 IPSAS 2.40

108 IPSAS
2.44,
IPSAS
2.462.54
109 IPSAS

110 IPSAS 2.59

111 IPSAS 2.61

IPSAS 3 – Accounting policies, changes in accounting e

and errors
112 IPSAS
1.132

IPSAS
1.133

113 IPSAS
1.136

114 IPSAS
1.137

IPSAS
1.139

115 IPSAS 3.17

116 IPSAS 3.27

117 IPSAS 3.33

IPSAS 3.33
118 IPSAS 3.34
 IPSAS 3.34
119 IPSAS
3.35,
IPSAS 3.36

IPSAS 3.36

120 IPSAS
1.140

121 IPSAS
1.140
 IPSAS
1.144

IPSAS
1.148

IPSAS 4.60

122 IPSAS
4.61,
IPSAS
29.10
122 IPSAS
4.61,
IPSAS
29.10

123 IPSAS 4.62

124 IPSAS 4.63

IPSAS
4.64, 4.44,
4.48

125 IPSAS
4.64,
IPSAS 4.66

IPSAS 5 – Borrowing costs

126 IPSAS
1.132,
IPSAS
5.16,
127 IPSAS 5.40

IPSAS 9 – Revenue from exchange transactions

128 IPSAS 9.11

129 IPSAS 9.39

IPSAS 11 – Construction contracts

130 IPSAS
11.53

131 IPSAS
11.50

147 IPSAS
11.51

148 IPSAS
11.56

IPSAS 12 - Inventories
149 IPSAS
12.48

IPSAS
12.49
IPSAS 13 – Leases

150 IPSAS
13.48
151 IPSAS
13.61

152 IPSAS
13.62,
IPSAS
13.67

153 IPSAS
13.77

IPSAS
13.78

154 IPSAS
1.132
 IPSAS
13.41

155 IPSAS
13.40

156 IPSAS
13.44
156 IPSAS
13.44

157 IPSAS
13.77

IPSAS
13.78
IPSAS 1.48
IPSAS 1.49
IPSAS
158 IPSAS
1.132
IPSAS 14 – Events after the reporting period
159 IPSAS
14.26

160 IPSAS
14.28

161 127 IPSAS

14.30
IPSAS
14.31

IPSAS 16 – Investment property

IPSAS
16.85

162 IPSAS
16.86
163 IPSAS
16.87

164 IPSAS
16.88

165 IPSAS
16.89
166 IPSAS
16.90

IPSAS 21,
IPSAS 26
 IPSAS
16.62

IPSAS 17 – Property, plant and equipment

167 IPSAS
17.88

IPSAS
17.90
 IPSAS
17.90

IPSAS
17.93

168 IPSAS
17.89

169 IPSAS
17.92
170 IPSAS
17.94

IPSAS 18 – Segment reporting

IPSAS 18.6

171 IPSAS
18.52
172 IPSAS
18.52
172 IPSAS
18.52

173 IPSAS
18.56

174 IPSAS
175 18.45
IPSAS
18.53
176 IPSAS
18.54
177 IPSAS
18.55

IPSAS
18.58

178 IPSAS
18.59
179 IPSAS
18.60

180 IPSAS
18.61
181 IPSAS
18.63

182 IPSAS
18.64

IPSAS 18.9
IPSAS
18.12
IPSAS
18.65

183 IPSAS
18.66
184 IPSAS
18.66

185 IPSAS
18.73

IPSAS
18.74

186 IPSAS
18.67
187 IPSAS
18.68
188 IPSAS
18.74

IPSAS 19 – Provisions, contingent liabilities and Contin

Assets
189 IPSAS19.9
7

190 IPSAS
19.10,
IPSAS
19.99

191 IPSAS
19.98,
IPSAS
19.58
191 IPSAS
19.98,
IPSAS
19.58

192 IPSAS
19.100,
IPSAS
19.108,
IPSAS
19.44

193 IPSAS
19.102

194 IPSAS19.1
05
IPSAS
19.108
195 IPSAS
19.109

IPSAS 20 - Related Party Disclosures

196 IPSAS
20.25

197 IPSAS
20.14
IPSAS
20.24

198 IPSAS
20.27

199 IPSAS
20.28
199 IPSAS
20.28

IPSAS
20.23

IPSAS
20.32

IPSAS
20.24
200 IPSAS
20.34

IPSAS 21 – Impairment of non-cash-generating assets

201 167 IPSAS
21.72A
IPSAS
26.114
IPSAS
21.14
21.16

202 IPSAS
21.73
202 IPSAS
21.73

203 169 IPSAS

21. 72A

204 IPSAS
21.76

205 IPSAS
21.77
206 IPSAS 21.78

207 IPSAS 21.79

IPSAS 22 – Information about the general government

IPSAS 22.2
IPSAS
22.15

IPSAS
22.37

208 IPSAS
22.35
 IPSAS
22.35

209 IPSAS
22.40

IPSAS
22.43

IPSAS 23 – Revenue from non-exchange transactions (t

transfers)
IPSAS 9.11

210 IPSAS
23.106
211 IPSAS
23.107

212 IPSAS
23.108

IPSAS
23.108
IPSAS 24 – Presentation of budget information
 IPSAS
24.3,
IPSAS 24.7

IPSAS
24.14

IPSAS
24.21

IPSAS
24.31
IPSAS
24.52
213 IPSAS
24.14
 24.14

214 IPSAS
24.29

215 IPSAS
24.39
216 IPSAS
24.43
217 IPSAS
24.45

218 IPSAS
24.47

IPSAS
24.47(a)
 IPSAS
24.47 (b)

IPSAS
24.47

IPSAS 26 – Impairment of cash-generating assets

219 IPSAS
21.72A

IPSAS
26.14

220 IPSAS
26.115

221 IPSAS
26.119
 26.119

222 IPSAS
26.120
223 IPSAS
26.121

224 IPSAS
26.122

225 IPSAS
26.123
226 IPSAS
26.123(e)
(ii)

227 IPSAS
26.124

228 IPSAS
26.124
IPSAS 27 – Agriculture
229 IPSAS 27.38

230 IPSAS 27.39

231 IPSAS
27.41

232 IPSAS
27.42

233 IPSAS
27.44

234 IPSAS
27.45

235 IPSAS
27.46

236 IPSAS
27.47
237 IPSAS
27.48

238 IPSAS
27.51

239 IPSAS
27.49

240 IPSAS
27.52
IPSAS
27.34
241 IPSAS
27.53,
IPSAS
27.48

242 IPSAS
27.54
242 IPSAS
27.54

IPSAS 28/29/30 – Financial instruments

IPSAS
29.10B818:
B825C100
1B818:B82
4
243 IPSAS 1.132

244 IPSAS 30.9

IPSAS
30.AG1-
AG3
245 IPSAS 30.10

246 IPSAS
30.11,
IPSAS
29.10
247 IPSAS
30.12,
IPSAS
30.43 (a)

IPSAS 30.12

IPSAS
30.12,
IPSAS
30.43 (a)
248 IPSAS
30.13,
IPSAS

IPSAS
30.AG4
 IPSAS
30.13

249 IPSAS 30.14

250 IPSAS
30.15,
IPSAS
29.60

251 IPSAS
30.16,
IPSAS
29.55,
IPSAS
29.57,
29.55,
IPSAS
29.57,

IPSAS
29.55

IPSAS
29.57

IPSAS
29.58
252 IPSAS
30.17,
IPSAS
29.17

253 IPSAS
30.18,
IPSAS
29.39

IAS 29.39

254 IPSAS
30.19
255 IPSAS 30.20

256 IPSAS
30.21,
IPSAS
28.33

257 IPSAS
30.22
258 IPSAS 30.23

259 IPSAS
30.24,
IPSAS
29.10,
IPSAS
29.AG126
260 IPSAS 30.25

261 IPSAS
30.AG5,
IPSAS
29.10,
IPSAS
29.13,
IPSAS
29.14
262 IPSAS
30.AG5

IPSAS 29.40

IPSAS 30.20

IPSAS
30.24(a)

IPSAS
30.24 ( e )
IPSAS
30.43 (d)
263 IPSAS
30AG5,
IPSAS
1.137
264 IPSAS
30.26, IAS
29.39

265 IPSAS
30.27
266 IPSAS
30.28

IPSAS 30.35

267 IPSAS
30.29 ,
IPSAS
30.35
268 IPSAS 30.30

269 IPSAS
30.31
 IPSAS
30.31

270 IPSAS
30.32

IPSAS
30.32

271 IPSAS
30.33

IPSAS 30.33
 IPSAS
30.33

IPSAS
30.33 (e)
272 IPSAS 30.34

IPSAS
29.AG 109

IPSAS
29.AG 109

273 IPSAS
30.36
 IPSAS 30.37

274 IPSAS
30.37
 IPSAS
30.39 ,IPS
AS 30.AG6

275 IPSAS
30.40

276 IPSAS 30.41

IPSAS 3.12
 IPSAS
30.AG8 ,IP
SAS 30.IG
20
277 IPSAS
30.AG8

IPSAS
30.IG 21

278 IPSAS 30.42

IPSAS 30
IG 22

279 IPSAS
30.43,
IPSAS
28.47
279 IPSAS
30.43,
IPSAS
28.47

IPSAS
30.IG 24
IPSAS
30.IG 25-
27

IPSAS
30.AG 9-10
280 IPSAS
30.44
IPSAS
30.IG 30
IPSAS
30.IG 31

281 IPSAS
30.45

282 IPSAS 30.46

 IPSAS
30.AG 11-
13
IPSAS
30.AG15-
16

IPSAS
30.AG14
 IPSAS
30.AG17-
18

IPSAS
30.AG11
283 IPSAS
30.47,
IPSAS
30.AG 33-
34

IPSAS
30.AG 19-
23
284 IPSAS
30.48

IPSAS
30.AG25-
26
285

IPSAS
30.AG 27-
30

286 IPSAS 30.49

 IPSAS
30.IG 37-
40

IPSAS
30.IG 39

IPSAS
30.IG 40

287 IPSAS
1.95A

288 IPSAS1.148D
IPSAS 31 – Intangible assets
289 259 IPSAS
31.117,
IPSAS
31.74
31.84
31.85
IPSAS
31.125

IPSAS
31.125
 IPSAS
31.118
IPSAS
31.124

290 IPSAS
31.121
291 IPSAS
31.123,
IPSAS
31.73

292 IPSAS
31.125

293 IPSAS
31.127

IPSAS 32 - Service Concession Arrangement

 IPSAS 32.8

294 IPSAS
32.32
IPSAS
32.33

IPSAS 33 – First-time adoption of accrual basis IPSASs

295 IPSAS
33.28

IPSAS
33.28

296 IPSAS
33.136

297 IPSAS
33.137
298 IPSAS
33.138

299 IPSAS
33.139

300 IPSAS
33.141

301 IPSAS
33.142
 IPSAS
33.2143

302 IPSAS
33.143

303 IPSAS
33.144

304 IPSAS
33.145

305 IPSAS
33.146
306 IPSAS
33.148

307 IPSAS
33.149

308 IPSAS
33.150

IPSAS 34 – Separate financial statements

IPSAS
34.19

309 IPSAS
34.20
IPSAS 35.5
309 IPSAS
34.20
IPSAS 35.5

310 280 IPSAS

34.21
IPSAS
34.20
IPSAS 38

311 281 IPSAS

34.22
IPSAS
35.56

312 IPSAS
34.23
313 IPSAS
34.23

314 IPSAS
34.32

IPSAS 35 —Consolidated financial statements

315 IPSAS
35.61
IPSAS
35.62
IPSAS
38.15
 35.61
IPSAS
35.62
IPSAS
38.15

316 285 IPSAS

35.79

IPSAS 36 — Investments in associates and joint ventur

317 IPSAS
36.51

IPSAS 37 — Joint arrangements

318 IPSAS
37.34

319 IPSAS
37.35
IPSAS
37.32–36
320 IPSAS
37.42

IPSAS 38 – Disclosure of interests in other entities

IPSAS 38.1

321 IPSAS 38.9

322 IPSAS
38.10
323 IPSAS
38.11

324 IPSAS
38.12
IPSAS
35.18
IPSAS
35.20

325 IPSAS
38.13

326 IPSAS
38.14,
IPSAS
38.12
327 IPSAS
38.15
IPSAS
35.61

328 IPSAS
38.16

329 IPSAS
38.17
 38.17

330 IPSAS
38.18

331 300 IPSAS

38.19
IPSAS
38.AG10
332 301 IPSAS
38.20
333 IPSAS
38.21

334 IPSAS
38.22

335 IPSAS
38.23

336 IPSAS
38.24

337 IPSAS
38.25
338 IPSAS
35.52

339 IPSAS
38.27

340 IPSAS
38.28

341 IPSAS
38.29

342 IPSAS
38.30
342 IPSAS
38.30

343 IPSAS
38.32

344
IPSAS
38.33
345 IPSAS
38.34

346 IPSAS
38.35

347 IPSAS
38.36
 IPSAS
38.37
348 IPSAS
38.38
349 IPSAS 38.39

350 IPSAS
38.40

IPSAS
38.42

351 IPSAS
38.43
352 IPSAS
38.44

353 IPSAS
38.45

354 IPSAS
38.46
355 IPSAS
38.47

356 IPSAS
38.48

357 IPSAS
38.49

358 IPSAS
38.50

359 IPSAS
38.51
360 IPSAS
38.55

361 IPSAS
38.56

362 IPSAS
38.57

IPSAS 39 — Employee benefits

IPSAS
39.25
363 IPSAS
39.33

364 IPSAS
39.34

IPSAS
39.40,
IPSAS
39.43
365 IPSAS
39.42
366 IPSAS
39.43

367 IPSAS
39.55
368 IPSAS
39.56
 IPSAS
39.57-59

369IPSAS 39.137

IPSAS
39.138

361IPSAS 39.139
362 IPSAS
39.140

363 IPSAS
39.141
364 IPSAS
39.142

365 IPSAS
39.143
366 IPSAS
39.144
367 IPSAS
39.145

368 IPSAS
39.146

369 IPSAS
39.147

370 IPSAS
39.148

371 IPSAS
39.149
 39.149

372IPSAS 39.150
373 IPSAS
39.151

IPSAS
39.152

374 IPSAS
39.153,
374
39.153,
IPSAS
39.161,
IPSAS
39.174
375 IPSAS
39.154

IPSAS 40 – Public sector combinations

376 IPSAS
40.53

377 IPSAS
40.54
378 IPSAS
40.55,
IPSAS
40.56
 IPSAS
40.57

379 IPSAS
40.119

380 IPSAS
40.120
381 IPSAS
40.121

382 IPSAS
40.122

IPSAS
40.123

383 IPSAS
40.124
384 IPSAS
40.124
NERAL CHECKLIST FOR EVALUATING FINANCIAL STATEMENTS - IPS
Disclosure
Requirement YES

S AS PER DIRECTORS’ REPORT

The nature, objectives and strategies of the
business
In order to provide members with an understanding
of the industry in which the entity operates, it is
recommended that the directors’ reports include
description of the business.
Does the directors’ report include a description of the
business on its main products, services, customers,
business processes, structures of the business and its
economic
As everymodel?
entity is affected by its external
environment, does the directors’ report include
discussion on the external environment factors such
as entity’s major market, significant features of legal
and requlatory,and macro economic and social
environment that influence the business.
Does the directors discuss the objectives of the
business to generate or preserve value over the
longer-term.
Does the directors’ report disclose directors’
strategies for the entity’s stated objectives?
Does the directors report indicate the key
performance indicators, both financial and non
financial which are used by the directors in assessing
the progress against the stated objectives?
Current and future development and
performance
Does the directors’ report describes the significant
features of the development and performance of the
business in the financial year covered by the financial
statements on those business segments that are
relevant to understanding of the development and
performance as a whole?
Does the directors’ report indicate the main trends
and factors that are likely to affect the future
development and performance of the business?This
should Include the development of the new products
and services, benefit expected from capital
investment, current level of investment expenditure
together with planned future investment,
Resources
The directors’ report must include a description of
the resources available to the entity i.e. corporate
reputation and brand strength; natural resources;
employees; research and development; intellectual
capital; licenses, patents, copyright and trademarks;
market position and Government policies/regulations.
Does the directors’ report indicate the key strengths
and resources, tangible and intangible available to
the business and can assist the business in pursuit of
its objectives and in particular those items that are
not reflected in the statement of financial position?.
Principal risks and uncertainties
The directors’ report is required to include a
description of the principal risks and uncertainties
facing the entity, together with a commentary on the
directors’ approach report
Does the directors’ to them.
indicate the following with
regard to risks and uncertainties:-
a. Strategic, commercial, operational and financial
risks which may significantly affect the entity’s
strategies and development of the entity’s value.
b.The directors’ policy for managing principal risks
Relationships
Director’ report should include information about
significant relationships with stakeholders other than
members, which are likely, directly or indirectly, to
influence the performance
Does the directors’ of the business
report disclose and its
the Relationships
with customers, suppliers, employees, contractors,
lenders, creditors and regulators
Does the directors’ report disclose the receipts from,
and returns to, shareholders in relation to shares held
by them. This should include a description of any
distributions, capital raising and share repurchase
Financial position
Does the directors’ report contain an analysis of the
financial position of the entity on the following
issues:-
a. Comment on the events that have impacted the
financial position of the entity during the financial
year, and future factors that are likely to affect the
financial position going forward. The analysis should
supplement the disclosures required in accounting
standards, in particular those required by IPSAS 29
‘Financial Instruments: Presentation’ or IPSAS 30
‘Financial Instruments: Disclosures’.
b.Highlights on accounting policies set out in the
notes to the financial statements and discuss those
accounting policies that are critical to an
understanding of the performance and financial
position of the entity together with accounting
policies which have changed during the financial year
Does the directors' report contain a discussion of the
capital structure of the entity?
This could include the balance between equity and
debt, the maturity profile of debt, type of capital
instruments used, currency, regulatory capital and
Treasury policies
interest rate and objectives.
structure.
Does the directors' report discuss the entity's
treasury policies and objectives?
Does the directors' report discuss the
implementation of treasury policies and objectives
during the financial year under review.
Does the directors' report disclose the purpose and
effect of major financing transactions undertaken up
to the date of approval of the financial statements?
The effect of interest costs on profits and the
potential impact of interest rate changes should also
be discussed.
Cash flows
Does the directors’ report supplement the
information provided in the financial statements by,
For example, commenting on any special factors that
have influenced cash flows in the financial year and
those that may have a significant effect on future
cash flows including, for example, the existence and
timing of commitments for capital expenditures and
other known or probable cash requirements?.
Liquidity
Does the directors’ report contain discussion on the
entity’s current liquidity including commentary on
the level of borrowings, the seasonality of borrowing
requirements (indicated by the peak level of
borrowings during that period)?
Does the directors’ report contain discussion on the
entity’s prospective liquidity including commentary
on the target level of borrowings, the seasonality of
borrowing requirements (indicated by the peak level
of borrowings during that period) and the maturity
profile of both borrowings and undrawn committed
borrowing facilities?
Key performance indicators (KPIs)
Does the directors' report disclose and quantify
(where relevant) the KPIs for the year under review?
For each KPI disclosed/ quantified, Does the
directors' report discloseits comparative for the
financial year immediately preceding the current
year?
Membership of the Board of Directors
Does the directors’ report state the names of all
persons who at any time during the accounting period
or at the time the financial statements were adopted
by the Board, functioned either as the Chief
Executive or as members of the Board of together
with their particulars of nationality and position
Does the directors’ report state Committees of the
Board?
Does the directors’ report state the names of
members of the Committees of the Board?
Does the directors’ report state the number of times
each Committee of the Board held meetings during
the period covered by the report?
Does the directors' report contain a corporate
governance statement?
Does the directors' disclose the name of the entity's
auditors for the period covered by the report?
Does the directorts' report clearly state the
responsibility of the directors to prepare financial
statements showing a true and fair view in
accordance with has
Where an entity International Standards?
made political or charitable
donations during the accounting period, has the
Directors’ Report disclosed the following
information?
(a) separate totals of the political and charitable
(b) names of the individual political recipients of the
donations
donations.
It is not necessary to include the names of recipients
of charitable donations in the Directors’ Report.
 Has the directors' report included a statement which
describes the actions that have been taken during the
accounting period to introduce, maintain or develop
arrangements whose objectives are to increase
employees’ welfare, and make them aware and
possibly participate in decisions affecting their
interests and the performance of the entity?
For revealing the efforts of the entity to promote the
welfare of disabled persons,has the directors' report
disclosed the policy of the entity in respect of:
(a) employment of disabled persons;
(b) the continued employment and training of persons
who become disabled whilst employed by the entity;
and
(c) the training, development and promotion of
disabled persons.
Has Director’s Report been approved by the directors
and signed by the person(s) authorized by the Board
of Directors?
CHNICAL PRONOUNCEMENTS
Declaration
The Technicalby the Head of Finance
Pronouncement No.1 of 2016 requires
all financial statements to include the Declaration by
Head of Finance/Accounting, Does the financial
statements includes the declaration indicating:-
(a) name of the professional accountant involved and
the NBAA membership number of registration.
(b) his/her signature and the date signed.
Does the declaration state compliance with applicable
accounting standards and statutory requirements
relating to financial reporting and confirm that the
financial ststements give a true and fair view position
of the concerned entity
Does the Declaration by the Head of
Finance/Accounting appear immediately after the
Statement of Directors’ Responsibility.
CLOSURE CHECKLIST
Presentation of financial statements
ion and components of financial statements
Have the financial statements been clearly identified
(using an unambiguous title), and distinguished from
other information in the same published document?
Have the following components clearly identified and
been included in the financial statements:
(a) statement of financial position?
Note: this may be known as and titled a balance sheet
or statement of assets and liabilities.
(b) statement of financial performance?
Note: this may be known as and titled a statement of
revenues and expenses, an income statement, an
operating
statement, or of
(c) statement a profit andinloss
changes netstatement.
assets/equity?
(d) cash flow statement?
(e) where the entity makes publicly available its
approved budget, a comparison of budget and actual
amounts, either as a separate additional financial
statement or as a budget column in the financial
statements?
(f) notes disclosing, in summary, significant
accounting policies and other explanatory notes?
(g) Comparative information in respectic of
preceeding period as specified in IPSAS 1:53, 53 A?
Note: the notes may include items referred to as
“schedules” in some jurisdictions.
An entity may use different names to describe the
individual financ ial statements, for example, the
statement of financial position may also be referred
to as the balance sheet or as the statement of assets
When the entity makes publicly available its approved
and liabilities (IPSAS 1.22
budget, a comparison of budget and actual amounts
either:
a.As a separate additional financial statement Or
b.As a budget column in the financial statements
Has the following information been prominently
displayed, and repeated where it is necessary for a
proper
(a) theunderstanding of the information
name of the reporting presented:
entity or other means
of identification, and any change in that information
from the preceding reporting date?
(b) whether the financial statements cover the
individual entity or the economic entity?
(c) the reporting date or the period covered by the
financial statements, whichever is appropriate to that
component of the financial statements?
(d) the presentation currency, as defined in IPSAS 4
The Effects of Changes in Foreign Exchange Rates?
(e) the level of rounding used in presenting amounts
in the financial statements?
The requirements of IPSAS 1.63 are usually met by
presenting page headings and abbreviated column
headings on each page of the financial statements
(IPSAS 1.64).
Entity information
Has the following been disclosed, where not disclosed
elsewhere in information published with the financial
statements:
(a) the domicile and legal form of the entity, and the
jurisdiction within which it operates?
(b) a description of the nature of the entity’s
operations and principal activities?
(c) a reference to the relevant legislation governing
the entity’s operations?
(d) the name of the controlling entity and the ultimate
controlling entity of the economic entity (where
applicable)?
(e) where it is a limited life entity, infiormation
regarding the length of its life?
Compliance with IPSAS
Does the entity provide additional disclosures if the
requirements in the IPSAS are insufficient to enable
users to understand the impact of particular
transactions, other events, and conditions on the
entity’s financial position and financial performance.
Does the entity disclose an explicit and unreserved st
atement of compliance with the IPSAS
The entity is not allowed to describe financial
statements as complying with IPSAS unless they
In the extremely
comply rare
with all the circumstances
requirements in which
of IPSAS.
management concludes that compliance with a
requirement in a Standard would be so misleading
that it would conflict with the objective of financial
statements set out in this IPSAS, and departs from
that requirement (if the relevant regulatory
framework requires or otherwise does not prohibit
a.That management concluded that the financial
statements present fairly the entity’s financial
position, financial performance
b.That it complies and
with applicable cash flows
IPSAS, except that
it departs from a requirement of IPSAS to achieve a
fair presentation
c.The title of the IPSAS from which the entity departs
d.The nature of the departure
e.The
f. The treatment
reason why that the
that IPSAS would
treatment wouldrequire
be so
misleading in the circumstances that it would conflict
with the objective of financial statements set out in
this IPSAS
g.The
h.The treatment adopted
financial impact of the departure on each item
in the financial state ments that would have been
reported in complying with the requirement, for each
period presented
If the entity departed from a requirement of IPSAS in
a prior period, and the departure affects the amounts
recognized in the financial statements for the current
reporting
a. The titleperiod,
of the does
IPSAS the entity
from disclose:
which the entity has
departed
b. The nature of the departure
c.
d. The
The treatment
reason why that the
that IPSAS would
treatment wouldrequire
be so
misleading in the circumstances that it would conflict
with the objective of financial statements set out in
this IPSAS
e. Theeach
f. For treatment
periodadopted
presented, the financial impact of
the departure on each item in the financial
statements that would have been reported in
complying with the requirement
In the extremely rare circumstances in which
management concludes that compliance with a
requirement in a Standard would be so misleading
that it would conflict with the objective of financial
statements set out in this IPSAS, but the relevant
regulatory framework prohibits departure from the
requirement, does the entity, to the maximum extent
a.The title of the IPSAS in question
b. The nature of the requirement
c. The reason why management concluded that
complying with that requirement is so misleading in
the circumstances that it conflicts with the objective
of financial
d. For each statements set out the
period presented, in this IPSAS
adjustments to
each item in the financial statements that
management concluded would be necessary to
achieve a fair presentation
Going Concern
The entity does not prepare its financial statements
on a going concern ba sis if management determines
after the reporting period either that it intends to
liquidate the entity or to cease trading, or that it has
no realistic
Does alternative
the entity disclosebut to do so.
material uncertainties
related to events or conditions that may cast
significant doubt upon the entity’s ability to continue
as a going concern.
If the financial statements are not prepared on a
going concern basis, does the entity disclose:
a. The fact that the financial statements are not
prepared
b. on on
The basis a going
whichconcern basis statements are
the financial
prepared
c. The reason why the entity is not regarded as a
going concern
Reporting period
If the entity’s reporting period changes and the
annual financial statements are presented for a
period longer or shorter than one year, does the
entity
a. The disclose:
reporting period covered by the financial
statements
b. The reason for using longer or shorter periods
comparative
c. The fact that amounts presented in the financial
statements are not entirely comparable
Comparative
Does the entityinformation
disclose comparative information for
the previous period for all amounts reported in the
financial statements, unless an IPSAS permits or
requires
Does the otherwise
entity include comparative information for
narrative and descriptive information, if it is relevant
to an understanding of the current reporting period’s
financial statements
As a minimum , does the entity present comparative
information for the following
a. Statement of financial position with comparative
information for the preceding period
b. Statement of financial performance with
comparative information for the preceding period
c. Cash flow statement with comparative information
f or the preceding period
d. Statement of changes in net assets/equity with
comparative information for the preceding period
If the presentation or classification of items in the
financial statements is amended and comparative
amounts are reclassified (unless the reclassification
cannot be applied after making every reasonable
effort to do so), does the entity disclose:
a.The nature
b.The amountofofthe reclassification
each item or class of items that is
reclassified
c.The reasoncannot
If the entity for thereclassify
reclassification
comparative amounts
after making every reasonable effort to do so, does
the entity disclose:
a.The reason for not re classifying the amounts
b.The nature of the adjustments that would have been
made if the amounts were reclassified
Consistency of presentation
The entity presents and classifies items the same in
the financial statements from one reporting period to
the next unless it is apparent, following a significant
change in the nature of the operations of the entity or
a review of its financial statement demonstration,
that another presentation or classification is more
Does the entity
appropriate, retain in
or unless the financial
a change statementsis
in presentation
from one period to the next:
a. The presentation of items
b. The classification of items
Date of Authorization
Does the entity disclose:
a.The date when the financial statements were
authorized for issue
b.Who authorized
c.The fact that thethe financial
entity’s statements
owners or others have the
power to amend the financial statements after issue,
if applicable
Statement of financial position
Does the entity present each material class of similar
items separately in the statement of financial position
Does the entity present items of a dissimilar nature or
function separately in the statement of financial
position, unless they
Unless required are immaterial.
or permitted by another IPSAS, does
the entity present items separately , and not offset
assets and liabilities.
Guidance on offsetting a financial asset and a
financial liability is in IPSAS 1.49 – 1.52, IPSAS and
IPSAS 29.38
Current/non-current distinction
If the entity does not present separately current and
non -current assets in its statement of financial
position, does it present all assets in order of
liquidity.
The entity presents current and non -current assets
separately in its statement of financial position,
except when a liquidity presentation is more reliable
and more relevant.
If the entity separately presents current and non -
current assets, and current and non - current
liabilities in its statement of financial position, does
the entity:
a. Classify an asset as current when it:
(i) Is expected to be realized in, or is intended for sale
or consumption in, the entity’s normal operating
cycle
(ii) Is held primarily for being traded
(iii) Is expected to be realized within 12 months after
the reporting period Or
(iv) Is cash or a cash equivalent asset unless it is
restricted from being exch anged or used to settle a
liability for at least 12 months after the reporting
Current
period assets also include assets held primarily for
trading and the current portion of non - current
financial assets
b. Classify a liability as current when it:
(i) Is expected to be settled in the entity’s normal
operating cycle
(ii) Is held primarily for being traded
(iii) Is due to be settled within 12 months after the
reporting period Or
(iv) Is not attached to an unconditional right to defer
settlement of the liability for at least 12 months after
the reporting period; terms of a liability that could, at
the option of the counterparty, result in its settlement
by the current
Other issue ofliabilities
equity instruments do notasaffect
ar e not settled its the
part of
classification
normal operating cycle, but are due for settlement
within 12 months after the reporting period or held
primarily for the purpose of trading. Some of the
examples include financial liabilities classified as held
for trading in accordance with IPSAS 29, bank
overdrafts, and the current portion of non-current
financial liabilities, dividends or similar distributions
payable, income taxes and other non-trade payables.
Financial liabilities that provide financing on a long-
term basis (i.e., are not part of the working capital
used in the entity’s normal operating cycle), and are
not due for settlement within 12 months after the
c. Classify its financial liabilities as current, if they
reporting date , are non-current liabilities, subject to
are due to be settled within 12 months after the
paragraphs 1.85 and 1.86.
reporting period,
(i) The original even
term if: for a period longer than 12
was
months
(ii) An agreement to refinance, or to reschedule
payments, on a long -term basis is completed after
the reporting period and before the financial
statements are authorized for issue
However, if the entity expects, and has the discretion
to refinance or roll over an obligation for at least 12
months after the reporting period under an existing
loan facility, a financial liability is classified as non-
d. Classify its long -term liability as current, if the
entity breaches a long -term loan agreement on or
before the end of the reporting period with the effect
that the liability becomes payable on demand, even if
the lender agrees, after the reporting period and
before the authorization of the financial statements
for issue, not to demand payment as a consequence
However, an entity classifies a long -term loan
arrangement as non -current if:
a. The lender agreed by the end of the reporting
period to provide a period of grace ending at least 12
Does
months theafter
entity
thedisclose theperiod,
reporting amountwithin
expected to the
which be
recovered or settled
entity can rectify theafter
breachmore than 12 months for
each asset and liability line item that combines
amounts expected to be recovered or settled within
12 months and amounts expected to be recovered or
settled
Does themore than
entity 12 months
classify after the
investments inreporting
associates
accounted for using the equity method as non-current
assets
Information to be presented on the face of the
statement of financial position
As a minimum, does the entity include the following
line items in its statement of financial position:
a.Property, plant and equipment
b.Investment property
c.Intangible assets(excluding amounts shown under
d.Financial assets
(e), (g), (h) and (i)
e.Investments accounted for using the equity method
f.Inventories
g.Recoverables from non -exchange transactions
(taxes and transfers)
h.Receivables from exchange transactions
i.Cash and cash equivalents
j.Taxes and transfers payable
k.Payables under exchange transactions
l.Provisions liabilities (excluding amounts shown
m.Financial
under (j), (k),
n.Minority and (l)(non-controlling interest) ,
interest
presented within net
o.Net assets/equity assets/equity
attributable to owners of the
controlling entity
An entity may amend the descriptions and ordering of
items or aggregation of similar items , according to
the nature of the entity and its transactions, to
provide information that is relevant to an
Does the entityof
understanding present additional
the entity’s line position.
financial items,
headings and subtotals in the statement of financial
position if such presentation is relevant to an
understanding of the entity’s financial position
Information presented either in the statement of
financial position or in the notes
Does the entity disclose further subclassifications of
the line items presented, classified in a manner
appropriate to the entity’s operations
Statement of financial
Does the entity performance
present each material class of similar
items separately in the statement of financial
performance
Does the entity present items of a dissimilar nature or
function separately in the statement of financial
performance, unless
Unless required they are by
or permitted immaterial
another IPSAS, does
the entity present revenue and expenses separately,
and not offset them
a.Gains and losses on the disposal of non -current
assets, including investments and operating assets,
are reported by deducting from the proceeds on
disposal the carrying amount of the asset and related
selling expenses
b.Expenditure related to a provision that is
recognized in accordance with IPSAS 19 and
reimbursed under a contractual arrangement with a
third party (for example, a supplier’s warranty
agreement) may be netted against the related
reimbursement
c.Gains and losses arising from a group of similar
transactions are reported on a net basis, for example,
Does the entity include all items of revenue and
expense in a reporting period in the surplus or deficit
(unless an IPSAS requires otherwise).
entity recognizes items outside of surplus or deficit —
corrections of errors and the effect of changes in
accounting policies.
Some items are required to be recognized directly as
changes in net assets/equity . The statement of
changes in net assets/equity comprises revenue and
expenses (including reclassification adjustments) that
are not recognized in surplus or deficit as required or
permitted by other IPSAS. These items include:
a.Changes in revaluation surplus (see IPSAS 17 and
IPSAS 31)
b.Actuarial gains and losses on defined benefit plans
recogni zed under IAS 19.93A
c.Gains and losses arising from translating the
financial statements of a foreign operation (see IPSAS
4)
d.Gains and losses on remeasuring available -for -sale
Information to be presented on the face of the
statement of financial performance
and gains relating to a financial instrument or a
component that is a financial liability shall be
recognized as revenue or expense in surplus or
deficit. Distributions to holders of an equity
instrument shall be recognized by the entity directly
in net assets/equity. Transaction costs incurred on
transactions in net assets/equity shall be accounted
As a minimum, does the entity include the following
line items in the statement of f inancial performance:
a.Revenue
b.Finance costs
c.Share of the surplus or deficit of associates and join
td.The
ventures accounted
pre-tax for using
gain or loss thezed
recogni equity method
on the disposal
of the assets or settlement of liabilities attributable to
discontinuing operations
e.Surplus or deficit
An entity may classify dividends recogni zed as an
expense either with interest on other liabilities, or as
a separate item in the statement of financial
performance. Disclosure of interest and dividends is
subject to the requirements of IPSAS 1 and IPSAS 30.
In some circumstances, because of differences
between interest and dividends with respect to
matters
Have thesuch as taxline
following deductibility,
items beenitincluded
is desirable
as to
allocations of surplus or deficit for the period in the
statement of deficit
a.Surplus or financial performance:
attributable to non -controlling
interest
b.Surplus or deficit attributable to owners of the
controlling entity
Does the entity present additional line items,
headings and subtotals in the statement of financial
performance if such presentation is relevant to an
understanding
Information to ofbe
thepresented
entity’s financial
either performance
on the face
of the statement of financial performance or in
the notes
If items of revenue and expense are material, does
the entity disclose the following information:
a.The amount
b.The nature of the item
Circumstances that may result in the separate
disclosure of itemsplant
value or property, of revenue and expense:
and equipment to
recoverable amount, as well as reversals of such
write-downs
b. A restructuring of the activities of the entity and
reversals of any provisions for the costs of
restructuring
c. Disposals of items of property, plant and equipment
d. Disposals of investments
e. Discontinued operations
f. Litigation settlements
g.
DoesOther reversals
the entity of provisions
present, on the face of the statement
of financial performance or in the notes, a
subclassification of total revenue (classified in a
manner
Does theappropriate to the
entity present entity’s operations
or disclose an analysis of
expenses using a classification (whichever is reliable
and more relevant) based on either:
a.
b. The
The nature
functionofof
expenses
expensesOrwithin the entity (in
which case , the entity discloses as a minimum its
cost
Doesof sales)
the entity present the analysis of expenses, as
described in IPSAS 1.109 , in its statement of
financial performance
If the entity classifies expenses by function, does it
disclose additional information on the nature of
expenses, including:
a. Depreciation and amorti zation expense
b.
DoesEmployee benefits
the entity expense
disclose either on the face of the
statement of financial performance or the statement
of changes in net assets/equity, or in the notes, the
following information:
a. The amount of dividends or similar distributions
recognized as distributions to owners during the
period
b. The related amount per share
Statement of changes
Does the entity in net
present each assets/
material equity
class of similar
items separately in the statement of changes in net
assets/equity
Does the entity present items of a dissimilar nature or
function separately in the statement of changes in net
assets/equity, unlessofthey
Does the statement are immaterial.
changes in net assets/equity
show:
a.
b. Surplus or of
Each item deficit for the
revenue andperiod
expense for the period
that, a s required by other Standards, is recognized
directly in net assets/equity, and the total of these
items
c. Total revenue and expense for the period (sum of
(a)and (b) above), showing separate ly the total
amounts attributable to owners of the controlling
entity
d. For and
eachtocomponent
minority interest
of net assets/equity, the
effects of changes in accounting polici es and
corrections of errors recognized in accordance with
IPSAS 3
Does the entity disclose, either in the statement of
changes in net assets/equity, or in the notes:
a.The amount of transactions with owners acting in
their capacity as owners, showing separately
distributions to owners during the period
b.The balance of accumulated surpluses or deficits at
the beginning of the period and at the reporting date,
and the changes during the period
c.The extent to which the components of net
assets/equity are separately disclosed, a
reconciliation between the carrying amount of each
component of net assets/equity at the beginning and
the end of the period, separately disclosing each
Distributions to holders of an equity instrument shall
be debited by the entity directly to net assets/equity.
Transaction costs incurred on transactions in net
assets/equity shall be accounted for as a deduction
from net assets/equity.Income tax relating to
distributions to holders of an equity instrument and
to transaction costs of an equity transaction shall be
accounted for inseparately
Does the entity accordance with the
disclose therelevant
amountorof
transaction costs accounted for as a deduction from
net assets/equity in the reporting period in the
statement
The amount ofof
changes in equity.
transaction costs accounted for as a
deduction from net assets/equity in the period is
disclosed separately on the face of the statement
Does an entity that is a co -operative di sclose the
amount, timing and reason for transfer when a
change in the redemption prohibition leads to a
transfer between financial liabilities and net
assets/equity
Notes to the financial statements
which assists users in understanding the financial
statements and comparing them with financial
statements of other entities:
a.A statem ent of compliance with IPSAS
b.A summary of significant accounting policies
applied
c.Supporting information for items presented in each
financial statement in the order in which each
statement and each line item is presented
d.Other disclosures, including:
(i)Contingent liabilities and unrecogni zed contractual
commitments
(ii)Non-financial disclosures, such as the entity’s
Do the notes to the financial statements disclose:
a.The basis of preparation of the financial statements
b. The specific accounting policies used
c.The information required by IPSAS that is not
presented in the statement of financial position,
statement of financial performance, statement of
changes in net assets/equity or the statement of cash
flows
d.The additional information that is not presented in
the statement of financial position, statement of
financial performance, statement of changes in net
assets/equity or the statement of cash flows but is
relevant
Does the to an understanding
entity present notes of
to any
the of them
financial
statements in a systematic manner, as far as
practical.
Does the entity cross -reference each item in the
statement of financial position, statement of financial
performance, statement of changes in net
assets/equity and statement of cash flows to any
related information in the notes
If the entity has no share capital, it shall disclose net
assets/equity, either on the face of the statement of
financial position or in the notes, showing separately:
a.Contributed capital, being the cumulative total at
the reporting date of contributions from owners, less
distributions to owners
b.Accumulated surpluses or deficits
c.Reserves, including a description of the nature and
purpose of each reserve within net assets/equity
d.Minority
If the entityinterests (non-controlling
has share interest)
capital, does the entity disclose
, in addition to the disclosures required in item 113,
all of the following information for each class of share
capital:
a.The number of shares authorized
b.The number of shares issued and fully paid , and
issued but not
c.Par value perfully
sharepaid
or that the shares have no par
value
d.A reconciliation of the shares outstanding at the
beginning and at the end of the year
e.The rights, preferences and restrictions attaching
to that class , including restrictions on the
distribution of dividends and the repayment of capital
f.Shares in the entity held by the entity or by its
controlled entities for
g.Shares reserved or associates (‘treasury
issue under options ashares’)
nd
contracts for the sale of shares, including terms and
amounts
Does the entity disclose the nature and purpose of
each reserve within net assets/equity
Does the entity provide disclosures in accordance
with IPSAS 20, if the entity reacquires its own shares
from related parties.
Capital
Does the entity disclose information that enables
users of its financial statements to evaluate the
entity’s objectives, policies and processes for
managing capital
Does the entity disclose the following, based on the
information provided internally to the entity’s key
management personnel: about its objectives, policies
a.Qualitative information
and processes for managing capital, including (but
not limited to):
(i)A
(ii)Ifdescription
the entity isofsubject
what itto
manages as imposed
externally capital capital
requirements, the nature of those requirements and
how those requirements are incorporated into the
management
(iii)How of capital
it is meeting its objectives for managing
capital
b.Summary of quantitative data about what it
manages as capital, some entities regard some
financial liabilities (for example, some forms of
subordinated debt) as part of capital while other
entities regard capital as excluding some components
of equity (for example, components arising from cash
c.Any changes in (a) and (b) from the previous period
d.Whether d uring the period it complied with any
externally imposed capital requirements to which it is
subject
e.If the entity did not comply with the externally
imposed capital requirements to which i t is subject,
the consequences of such non-compliance
The entity may manage capital in many ways and be
subject to a number of different capital requirements.
For example, a conglomerate may include entities
that undertake insurance activities and banking
activities, and those entities may operate in several
jurisdictions. If an aggregate disclosure of capital
requirements and how the entity manages capital
does not provide useful information or distorts a
financial statement user’s understanding of an
Externally imposed ca pital requirements, referred to
in IPSAS 1.148(a)(ii) only reflect capital requirements
imposed by a regulator or a prudential supervisor.
Capital requirements, as imposed by a bank or
creditor, are considered a contractual obligation and
are
Does therefore not
the entity in the scope
disclose of IPSAS
the following 1.148(a)(ii).
information for
a change in accounting estimates that have an effect
in the current period or is expected to have an effect
in future periods:
a.The nature of the change
b.The amount of the change Or
c.If applicable, the fact that the amount of the effect
in future periods is not disclosed because estimating
it requires undue cost or effort
In accordance with IPSAS 3, the entity discloses the
nature and effect of a change in an accounting
estimate that has an effect in the current period or is
expected to have an effect in subsequent periods.
Such disclosure may arise from changes in estimates
a.Residual values
 b.The estimated costs of dismantling, removing or
restoring items of property, plant and equipment
c.Useful lives
d.Depreciation/amorti zation methods

Cash flow statements

Does the entity present each material class of similar
items separately in the cash flow statement.
Does the entity present items of a dissimilar nature of
function separately in the cash flow statement, unless
they are immaterial.
Are the cash flows during the period classified by
operating, investing and financing activities.
Definitions of different categories of cash flows are
presented in IPSAS 2.8 and examples are presented
in IPSAS 2.22.
Does the entity report cash flows from operating activities using eithe
a.The direct method, disclosing major classes of gross
cash receipts and gross cash payments (this method
is encouraged) Or
b.The indirect method, in which the entity adjusts
surplus or loss for the effects of transactions of a non-
cash nature, any deferrals or accruals of past or
future operating cash receipts or payments, and
items of revenue or expense associated with investing
or financing cash flows
Does the entity report major classes of gross receipts
and gross cash payments arising from investing and
financing activities separately, except where
disclosed on a net basis as allowed by IPSAS 2.32 and
IPSAS 2.35.
Are cash flows arising from the following operating,
inves ting or financing activities reported on a net
basis:
a.Cash receipts and payments on behalf of customers,
if the cash flows reflect the activities of the customer
rather than those of the entity
b.Cash receipts and payments for items in which the
turnover is quick, the amounts are large and the
maturities
Cash flows are short
arising from each of the follow ing
activities of a public financial institution may be
reported on a net basis:
a. Cash receipts and payments for the acceptance and
repayment of deposits with a fixed maturity date
b. The placement of deposits with and withdrawal of
deposits from other
c.Cash advances andfinancial institutions
loans made to customers, and
the repayment
financing activities. However, in some countries,
bank overdrafts, which are repayable on demand
form an integral part of an entity’s cash management.
In these circumstances, bank overdrafts are included
as a component of cash and cash equivalents. A
characteristic of such banking arrangements is that
the bank balance often fluctuates from being positive
Does the entity disclose the components of cash and
cash equivalents.
Does the entity disclose the policy for determining
the composition of cash and cash equivalents.
Does the entity reconcile the amounts of cash and
cash equivalents in the cash flow statement with the
equivalent items in the statement of financial
position.
Acquisitions of controlled entities and other operating units
Have the aggregate cash flows arising from
acquisitions of controlled entities or other operating
entities been presented separately and classified as
investing activities in the statement of cash flows
An entity presents any cash flows associated with
changes in ownership interest as investing activities.
For acquisitions of controlled entities or other
operating units during the period, has the following,
in
(a)aggregate, been disclosed:
the total purchase consideration?
(b) the portion of the purchase consideration
discharged by means of cash and cash equivalents?
(c) the amount of cash and cash equivalents in the
controlled entity or operating unit acquired?
(d) the amount of the assets and liabilities other than
cash or cash equivalents recognized by the controlled
entity or operating unit acquired, summarized by
Disposals
each major of controlled entities and other
category?
operating units
Have the aggregate cash flows arising from disposals
of controlled entities or other operating units been
presented separately and classified as investing
activities in the statement of cash flows.
changes in ownership interests in a controlled entity
that do not result in a loss of control shall be
classified as cash flows from financing activities. This
is applicable for instances where the controlled entity
is held by an investment entity (see the definition in
IPSAS 35.14), or through a controlled investment
entity, and is required to be measured at fair value
Does the entity disclose the following information, in
aggregate, for disposals of controlled entities or other
operating units during the period:
a. The total disposal consideration
b. The portion of the disposal consideration
discharged by means of cash and cash
equivalents
c. The amount of cash and cash equivalents in the
controlled entity or operating unit
disposed
d. The amount of the assets and liabilities, other than
cash or cash equivalents, recognized
by the controlled entity or operating unit disposed of,
summarized by each major category
 An investment entity, as defined in IPSAS 35, need
not apply IPSAS 2.50(c) or (d) to an investment in a
controlled entity that is required to be measured at
fair value through surplus or deficit
Other cash flow information
Does the entity separately disclose the following:
a. Cash inflow from interest
b. Cash outflow from interest
c. Cash inflow from dividends or similar distributions
d. Cash outflow from dividends or similar distributions
If the entity allocates tax cash flows over more than
one class of activity, or all to operating activities,
does the entity disclose the total amount of taxes
paid.
Are investing and financing transactions that do not
require the use of cash or cash equivalents:
a. Excluded from the statement of cash flows
b. Disclosed elsewhere in the financial statements in
a way that provides all the relevant information about
these investing and financing activities
Does the entity disclose the following information,
regarding significant cash and cash equivalent
balances held, that are not available for use by the
economic entity:
a. The amount
b. A commentary by management
Does the entity disclose:
a. The amount of undrawn borrowing facilities that
may be available for future operating activities and
for settling capital commitments, and indicate any
restrictions on the use of these facilities
b. The amount and nature of restricted cash balances
Accounting policies, changes in accounting estimates

Summary of significant accounting policies

Does the entity disclose in the summary of significant
accounting policies: basis or bases (for example ,
a.The measurement
historical cost, current cost, net reali zable value, fair
value or recoverable amount) used in preparing the
financial statements
b.The extent to which the entity has applied any
transition al provisions in any IPSAS
c.The other accounting policies used that are relevant
to an entity
If an understanding
uses moreofthan
the financial statements
one measurement basis in
the financial statements, it is sufficient to indicate the
measurement basis of the categories of assets and
liabilities to which each measurement basis is applied
(for example, when particular classes of assets are
revalued).
Does the entity disclose each significant accounting
policy that is not specifically required by IPSAS, but
is selected and applied under IPSAS 3.
Does the entity disclose , along with its significant
accounting policies or other notes, the judgments
(apart from those involving estimations) by
management that have the most significant effect on
the amounts recognized in the financial statements
required by other IPSAS. For example, IPSAS 38,
Disclosure of Interests in Other Entities , requires an
entity to disclose the judgment it has made in
determining whether it controls another entity.
Disclosure requirements relating to specific
accounting policies are included in the subsequent
Changes in Accounting Policy
The entity changes an accounting policy , only if the
change:
a. Is required by IPSAS Or
b. Results in the financial statements providing
reliable and more relevant information about the
effects of transactions, other events and conditions on
the entity’s financial position, financial performance
or cash flows
If retrospective application is required, does the
entity disclose the adjustment to the opening balance
of each affected comp onent of net assets/equity for
the earliest prior period presented and the other
comparative amounts for each prior period presented
as if the entity had always applied the new
If the initialpolicy.
accounting application of an IPSAS (a) has an effect
on the current period or any prior period presented,
(b) would have such an effect except that it is
impractical to determine the amount of the
adjustment, or (c) might have an effect on future
periods, does
a.The title theIPSAS
of the entity disclose:
b.That the change in accounting policy is in
accordance with its transitional provisions, if
applicable
c.The nature of the change in accounting policy
d.The transitional provisions, if applicable
e.The transitional provisions that might have an effect
on future periods, if applicable
f.The adjustment for each financial statement line
item affected
g.The amount of the adjustment relating to periods
before those presented, to the extent practicable
h.If retrospective application is impractical for a
particular prior period, or for periods before those
presented, the circumstances that led to the
existence of that condition and a description of how
and from when the change in accounting policy has
been applied
Financial statements of subsequent periods need not
If a voluntary
repeat change in accounting policy (a) has an
these disclosures.
effect on the current period or any prior period, and
(b) would have an effect on that period except that it
is impractical to determine the amount of the
adjustment, or (c) might have an effect on future
periods, does of
a.The nature the entity
the disclose:
change in accounting policy
b.The reasons why applying the new accounting
policy provides reliable and more relevant
information
c.The adjustment for each financi al statement line
item affected
d.The adjustment relating to periods before those
presented, to the extent practicable
e.If re trospective application is impractical for a
particular prior period, or for periods before those
presented, the circumstances that led to the
existence of that condition, and a description of how
and from when the change in accounting policy has
been applied
Financial statements of subsequent periods need not
repeat thesedid
If the entity disclosures
not apply a new IPSAS that has been
issued but is not yet effective, does the entity disclose
this fact as
a.Known or well as:
reasonably estimable information
relevant to assessing the possible impact that
application of the new Standard will have on the
entity’s financial statements in the period of initial
application
b.The title of the new IPSAS
c.The nature of the impending change or changes in
d.The date by
accounting which
poli cy application of the IPSAS is
required
e.The date as at which it plans to adopt the IPSAS
f. Either:
(i)A discussion of the impact of the effect of the
change(s) on its financial statements Or
(ii)If such an impact is not known or reasonably
estimable,
If an IPSASaisstatement to thattoeffect
not applicable the entity, the entity
discloses this fact.
Key estimation assumptions
Does the entity disclose key assumptions about the
future, and other sources of key sources of estimation
uncertainty, that have a significant risk of causing a
material adjustment to the carrying amounts of assets
and liabilities within the next financial year.
For the assets and liabilities referred to in IPSAS
1.140 , does the entity disclose:
a. Their nature
b. Their carrying amount as at the reporting date
in a manner that helps users of financial statements
to understand management's judgments about the
future. The nature and extent of the disclosure varies
according to the nature of the assumption and other
circumstances.
Examples of the types of disclosures made are:
a. The nature of the assumption or other
measurement uncertainty
b. The sensitivity of carrying amounts to the methods,
assumptions and estimates underlying their
calculation, including the reasons for the sensitivity
c. The expected resolution of an un certainty and the
range of reasonably possible outcomes within the
next financial year for the carrying amounts of the
assets and liabilities affected
d. The changes made to past assumptions concerning
those assets and liabilities, if the uncertainty remains
unresolved
Examples of key assumptions are:
a. Future changes in salaries
b. Future changes in prices affecting other costs
c. Risk
also adjustments
require to cash
disclosures flows
under other IPSAS. For
example, IPSAS 19 requires disclosure, in certain
circumstances, of major assumptions concerning
future events affecting classes of provisions. IPSAS
17 requires disclosure of significant assumptions in
estimating fair values of revalued items of property,
plant and equipment. In addition, IPSAS 30 requires
disclosure of significant assumptions applied in
estimating fair values of financial assets and financial
IPSAS 4 – Foreign currency
In a group, ‘functional currency ’ refers to the
functional currency of the controlling e ntity.
Does the entity disclose the following information:
 a.The amount of exchange differences recognized in
surplus or deficit except for those arising on financial
instruments measured at fair value through surplus
or deficit in accordance with IPSAS 29
b.Net exchange differences classified in a separate
component of net assets/equity, and a reconciliation
of the amount of such exchange differences at the
beginning and end of the period
If the presentation currency is different from the
functional currency, does the entity disclose:
a.That fact
b.The functional currency
c.The reason for using a different presentation
currency
If there is a change in the functional currency of
either the reporting entity or a significant foreign
operation, does the entity disclose:
a.That fact
b.The reasonpresents
If the entity for the change in functional
its financial currency
statements in a
currency that is different from its functional currency,
does it describe the financial statements as complying
with IPSAS only if they comply with all the
requirements of each applicable IPSAS, including the
translation method set out in IPSAS 4.44 and IPSAS
4.48
If the entity presents its financial statements or other
financial information in a currency that is different
from either its functional currency or its presentation
currency, and the requirements of IPSAS 4.64 are not
met,
a.Thatdoes
the the entity disclose:
information is supplementary information
to distinguish it from the information that complies
with
b.Thethe IPSAS in which the su pplementary
currency
information is displayed
c.The functional currency and the method of
translation used to determine the supplementary
information
Borrowing costs
 Does the entity disclose the accounting policy
adopted for borrowing costs

If the entity capitali zed borrowing costs during the

reporting period, does it disclose:
a.The amount of borrowing costs capitali zed during
the period
b.The capitali zation rate used to determine the
amount of borrowing costs eligible for capitalization
(when it was necessary to apply a capitalization rate
to funds borrowed generally)
Revenue from exchange transactions
Exchange transactions are transactions in which one
entity receives assets or services, or has liabilities
extinguished, and directly gives approximately equal
value (primarily in the form of cash, goods, services
or use of assets) to another entity in exchange.
Does the entity disclose:
a.The accounting policies for recogni zing revenue
b.The methods used to determine the stage of
completion of transactions involving the rendering of
services
c.The amount of each significant category of revenue
r ecognized during the period , including revenue
arising from:
(i)The rendering of services
(ii)The sale of goods
(iii)Interest
(iv)Royalties
(v)Dividends or similar distributions
d.The amount of revenue arising from exchanges of
goods or serv ices included in each significant
category of revenue
– Construction contracts
 Does the entity present the following amounts for
construction contracts separately in the statement of
financial position:
a.The gross amount due from customers for contract
work as an asset
b.The gross amount due to customers for contract
work as a liability
Does the entity disclose:
a.The amount of contract revenue recogni zed as
revenue in the period
b.The methods used to determine the contract
revenue recogni zed in the period
c.The methods used to determine the stage of
completion of contracts in progress
Does the entity disclose the following for contracts in
progress at the e nd of the reporting period:
a.The aggregate amount of costs incurred and
recogni zed surpluses (less recogni zed deficits) to
date
b.The abount of advances received
c.The amount of retentions
Does the entity disclose any contingent assets and
contingent liabilities in connection with construction
contracts (e.g., warranty costs, claims, penalties or
possible losses).
- Inventories
Does the entity disclose:
a.The accounting policies for measuring inventories,
including the cost formula used
b.The total carrying amount of inventories and the
carrying amount in classifications appropriate to the
entity
Common classifications of inventories are
merchandise, production supplies, materials, work in
progress and finished goods. A service provider may
describe inventories as work in progress.
 c.The carrying amount of inventories carried at fair
value less costs to sell
d.The amount of inventories recogni zed as an
expense during the per iod
e.The amount of any write -down of inventories
recogni zed as an expense in the period
f.The amount of any reversal of any w rite-down that
is recogni zed in the statement of financial
performance in the period
g.The circumstances or events that led to the reversal
of a write -down of inventories
h.The carrying amount of inventories pledged as
security for liabilities
– Leases
Lease disclosures by lessors Finance leases
Does the entity present assets held under a finance
lease in the statement of financial position as a
receivable at an amount equal to the net investment
in the lease.
For finance leases, does the entity disclose:
a.A reconciliation between the gross investment in
the lease at the end of the reporting period, and the
present value of minimum lease payments receivable
at the gross
b.The end ofinvestment
the reporting period
in the lease and the present
value of minimum lease payments receivable at the
end of the reporting period, for each of the following
periods:
(i)Not later than one year
(ii)Later than one year and not later than five years
(iii)Later than five years
c.The unearned finance revenue
d.The unguaranteed residual values accruing to the
benefit of the lessor
e.The accumulated allowance for uncollectible
minimum lease payments receivable
f.The contingent rents recogni zed in the statement of
financial performance
g.The lessor’s material leasing arrangements
Does the entity disclose the gross investment less
unearned revenue in new business added during the
period, after deducting the relevant amounts for
canceled leases.
Operating Leases
Does the lessor present assets subject to operating
leases in the statement of financial position according
to the nature of the asset.
Does the lessor disclose the following information for
operating
a.The leases:
future min imum lease payments under non -
cancelable operating leases in the aggregate and for
each of the following periods:
(i)Not later than one year
(ii)Later than one year and not later than five years
(iii)Later than five years
b.Total contingent rents recogni zed in the statement
of financial performance in the period
c.A general description of the lessor’s leasing
arrangements
Sale and leaseback transactions
Does the disclosure of material leasing arrangements
include the unique or unusual provisions of the
agreement or terms of the sale and leaseback
Sale and leaseback transactions may trigger the
transactions.
separate disclosure criteria in IPSAS 1, which
requires that the entity not offset revenue and
expense, unless required or permitted by an IPSAS,
and that the entity disclose material items of revenue
Determining
or expense. whether an arrangement contains a
lease
Does the entity disclose its accounting policy for d
etermining whether an arrangement contains a lease.
Lease disclosures by lessees Finance leases
The requirements on disclosure under the following
IPSAS also app ly to assets acquired under finance
leases:
a. IPSAS 17, Property, Plant and Equipment
b. IPSAS 26 , Impairment of Cash -Generating Assets
c. IPSAS 21 , Impairment of Non -Cash-Generating
Assets
d. IPSAS 31 , Intangible Assets
e.
DoesIPSAS
the 16 , Investment
lessee Property
disclose the following information for
finance leases:
a.For each class of asset, the net carrying amount at
the end of the reporting period
b.A reconciliation between total minimum lease
payments at the end of the reporting period and their
present value
c.The total of future minimum lease payments at the
reporting date and their present value , for each of
the following periods:
(i)Not later than one year
(ii)Later than one year and not later than five years
(iii)Later than fiverents
d.The contingent yearsrecogni zed as an expense in
the
e.Theperiod
total of future minimum sublease payments
expected to be received under non - cancelable
subleases
f.A generalatdescription
the reporting
of tdate
he lessee’s material
leasing arrangements , including, but not limited to,
the following:
(i)The basis on which contingent rent payable is
determined
(ii)The existence and terms of renewal or purchase
options and escalation clauses
(iii)Restrictions imposed by lease arrangements, such
as those concerning return of surplus, return of
capital contributions, dividends or similar
distributions, additional debt and further leasing
Operating leases
Does the lessee disclose the following information for
operating
a.The totalleases:
of future minimum lease payments under
non -cancelable operating leases for each of the
following periods:
 (i)Not later than one year
(ii)Later than one year and not later than five years
(iii)Later than five years
b.The future minimum sublease payments expected
to be received under non -cancelable subleases at the
end of the reporting period
c.The lease and sublease payments recognized as an
expense in the period, with separate amounts for:
(i)Minimum lease payments
(ii)Contingent rents
(iii)Sublease payments
d.A general description of t he lessee’s significant
leasing arrangements , including, but not limited to,
the following:
(i)The basis on which contingent rent payable is
determined
(ii)The existence and terms of renewal or purchase
options and escalation clauses
(iii)Restrictions imposed by lease arrangements, such
as those concerning return of surplus, return of
capital contributions, dividends or similar
distributions, additional debt and further leasing
Sale and leaseback transactions
Does the disclosure of material leasing arrangements
include the unique or unusual provisions of the
agreement or terms of the sale and leaseback
Sale and leaseback transactions may trigger the
transactions.
separate disclosure criteria in IPSAS 1, which
requires that an entity not offset revenue and
expense, unless required or permitted by an IPSAS,
and that the entity disclose material items of revenue
Determining
or expense. whether an arrangement contains a
lease
Does the entity disclose its accounting policy for
determining whether an arrangement contains a
lease.
– Events after the reporting period
 Does the entity disclose the date when the financial
statements were authorized for issue and who gave
that authorization. If another body has the power to
amend the financial statements after issuance, the
entity is required to disclose that fact.
Have the disclosures in the financial statements been
updated to reflect new information that has been
received after the reporting period, but which relates
to conditions that existed at the end of the reporting
period.
If non-adjusting events after the reporting p eriod are
material, and thus non -disclosure could influence the
economic decisions of users taken on the basis of the
financial
Does the statements,
entity disclose the following for each
material category of non-adjusting event after the
reporting period (IPSAS 14.31 provides examples of
such events):
a.The nature of the event
b.An estimate of its financial effect, or a statement
that such an estimate cannot be made
– Investment property
addition to those in IPSAS 13. Under IPSAS 13, an
owner of an investment property provides lessor's
disclosures about leases into which it has entered.
Under IPSAS 13, an entity that holds an investment
property under a finance or an operating lease
provides lessee's disclosures for finance leases and
lessor's disclosures for any operating leases into
Fair value model and cost model
Does the entity
a.Whether disclose:
it applies the fair value model or the cost
model
b.If it applies the fair value model, whether, and in
what circumstances, property interests held under
operating leases are classified and accounted for as
investment property
c.If classification is difficult, the criteria the entity
uses to distinguish investment property from owner-
occupied property and from property held for sale in
the ordinary course of operations
d.The methods and significant assumptions applied in
determining the fair value of investment property
e.A statement of whether fair value is supported by
market evid ence or is more heavily based on other
factors (which the entity has to disclose) because of
the nature of the property and lack of comparable
market data
f.The extent to which the fair value of investment
property (as measured or disclosed in the financial
statements) is based on a valuation by an
independent valuer who holds a recognized and
relevant professional qualification, and who has
recent experience in the location and category of the
investment property being valued
g.If there is no valuation by an independent valuer as
described in (f), that fact
h.The amounts recognized in surplus or deficit for:
(i)Rental revenue from investment property
(ii)Direct operating expenses (including repairs and
maintenance) arising from investment property that
generated rental revenue during the period
(iii)Direct operating expenses (including repairs and
maintenance) arising from investment property that
do not generate rental revenue during the period
i.The existence and amounts of restrictions on the
realizability of investment property or the remittance
of revenue and proceeds of disposal
j.The contractual obligations to purchase, construct
or develop investment property or for repairs,
maintenance or enhancements
Fair value model
If the entity applies the fair value model, does it also
reconcile the carrying amount of investment property
at the beginning and end of the reporting period,
showing the disclosing
a.Additions, following: separately those addition s
resulting from acquisitions and those resulting from
subsequent expenditure recognized in the carrying
amount of an
b.Additions asset from acquisitions through entity
resulting
combinations
c.Disposals
d.Net gains or losses from fair value adjustments
e.The net exchange differences arising on the
translation of the financial statements into a different
presentation currency and on the translation of a
foreign operation into the presentation currency of
the reporting
f.Transfers to entity
and from inventories and owner -
occupied property
g.Other changes
If the entity adjusts a valuation obtained for an
investment property significantly for the financial
statements, does the entity reconcile between the
valuation obtained and the adjusted valuation
included in the financial statements, showing
separately:
a.The aggregate amount of any recogni zed lease
obligations that have been added back
b.Any
In the other significant
exceptional casesadjustments
in which the entity’s policy is
to account for investment properties at fair value, but
because of the lack of a reliable measurement of fair
value on a continuing basis, it measures investment
property at cost less any accumulated depreciation
and any accumulated impairment losses, does the
a.A reconciliation
entity disclose: of the carrying amount at the
beginning and end of the period relating to that
investment property separately
b.A description of the investment property
c.An explanation of why fair value cannot be
determined reliably
d.If possible, the range of estimates within which fair
value is highly likely to lie
e.On disposal of investment property not carried at
fair value:
(i)The fact that the entity has disposed of investment
property not carried at fair value
(ii)The carrying amount of that investment property
at the time of sale
(iii)The amount of gain or loss recogni zed
Cost model
If the entity applies the cost model, does it disclose:
a.The depreciation methods used
b.The useful lives or the depreciation rates used
c.The gross carrying amount and the accumulated
dep reciation (aggregated with accumulated
impairment losses) at the beginning and end of the
period
d.A reconciliation of the carrying amount of
investment property at the beginning and end of the
period, showing the following:
(i)Additions, disclosing separately those additions
resulting from acquisitions and those resulting from
subsequent expenditure recognized as an asset
(ii)Additions resulting from acquisitions through
public sector combinations
(iii)Disposals
(iv)Depreciation
(v)The amount of impairment losses recogni zed, and
the amount of impairment losses reversed, during the
period in accordance with IPSAS 21 or IPSAS 26
(vi)The net exchange differences arising on the
translation of the financial statements into a different
presentation currency, and on translation of a foreign
operation into the presentation currency of the
reporting entity
 (vii)Transfers to and from inventories and owner -
occupied property
(viii)Other changes
e.The fair value of investment property
f.In the exceptional cases in which the entity cannot
determine the fair value of the investment property
reliably on a continuing basis, does the entity
disclose:
(i)A description of the investment property
(ii)An explanation of why fair value cannot be
determined reliably
(iii)If possible, the range of estimates within which
fair value is highly likely to lie
– Property, plant and equipment
For each class of property, plant and equipment, does
the entity disclose:
a.The measurement bases used for determining the
gross carrying amount
b.The depreciation methods used
c.The useful lives or the depreciation rates used
d.The gross carrying amount and the accumulated
depreciation (aggregated with accumulated
impairment losses) at the beginning and end of the
period
e.A reconciliation of the carrying amount at the
beginning and end of the period showing:
(i)Additions
(ii)Disposals
(iii)Acquisitions through public sector combinations
(iv)Increases or decreases during the reporting
period resulting from revaluations and from
impairment losses (if any) recognized or reversed
directly in net assets/equity in accordance with IPSAS
21 or IPSAS 26,losses
(v)Impairment as appropriate
recogni zed in surplus or deficit
during the period in accordance with IPSAS 21 or
IPSAS 26, as appropriate
(vi)Impairment losses reversed in surplus or deficit
during the period in accordance with IPSAS 21 or
IPSAS 26, as appropriate
(vii)Depreciation (whether recogni zed in surplus or
deficit ornet
(viii)The as aexchange
part of the cost of other
differences assets)
arising on the
translation of the financial statements from the
functional currency into a different presentation
currency, including the translation of a foreign
operation into the presentation currency of the
reporting entity
(ix)Other changes
The entity discloses information on impaired
property, plant and equipment in accordance with
IPSAS 21 and IPSAS 26 in addition to the information
required
Does the by IPSAS
entity 17.88(e)(iv)-(vi).
disclose the following information for
each class of property, plant and equipment
recognized in the
a.The existence financial
and amountsstatements:
of restrictions on title,
and property, plant and equipment pledged as
security for liabilities
b.The amount of expenditures recognized in the
carrying amount of an item of property, plant and
equipment during its construction
c.The amount of contractual commitments for the
acquisition of property, plant and equipment
d.If it is not disclosed separately on the face of the
statement of financial performance, the amount of
compensation from third parties for items of
property, plant and equipment that were impaired,
lost or given
If a class up that isplant
of property, included in surplus or
and equipment aredeficit
stated
at revalued amounts, does the entity disclose the
following information:
a.The effective date of the revaluation
b.Whether an independent valuer was involved
c.The methods and significant assumptions applied in
estimating the items’ fair values
 d.The extent to which the assets’ fair values were
determined directly by reference to observable prices
in an active market or recent market transactions on
arm’s length terms or were estimated using other
valuation techniques
e.The revaluation surplus, indicating the change for
the period and any restrictions on the distribution of
the balance to shareholders or other equity holders
f.The sum of all revaluation surpluses for individual
items of property, plant and equipment within that
class
g.The sum of all revaluation deficits for individual
items of property, plant and equipment within that
class
Does the entity disclose:
a.The carrying amount of temporarily idle property,
plant and equipment
b.The gross carrying amount of any fully depreciated
property, plant and equipment that is still in use
c.The carrying amount of property, plant and
equipment retired from active use , and held for
disposal
d.If the cost model is used, the fair value of property,
plant and equipment, if fair value is materially
different from the carrying amount
– Segment reporting
If both consolidated financial statements of a
government or other economic en tity and the
separate financial statements of the parent entity are
presented together, segment information needs to be
presented only on the basis of the consolidated
financial
Primary statements.
segment information
Does the entity disclose segment revenue and
segment expense for each segment.
Does the entity disclose the following information for
each segment separately:
a.Segment re venue from budget appropriation or
similar allocation.
b.Segment revenue from other external sources.
c.Segment revenue from t ransactions with other segments
Does the entity voluntar ily disclose the nature and
amount of any items of segment revenue and segment
expense that are of such size, nature or incidence
that their disclosure is relevant to explain the
performance
Has the entityofdisclosed
each segment for the period.
any segment specific
accounting policies.
Does the entity disclose the carrying amount of
segment assets for each segment.
Does the entity disclose the ca rrying amount of
segme nt liabilities for each segment.
Does the entity disclose the total cost incurred during
the period to acquire segment assets that are
expected to be used during more than one period for
each segment.
IPSAS 18 does not require a segment result to be
disclosed. If a segment result is disclosed, it is an
operating result that does not include finance charges
Does the entity voluntarily disclose segment cash
flows consistent with the requirements of IPSAS 2.
If the entity does not disclos e segment cash flows in
accordance with IPSAS 2, does the entity voluntarily
disclose the following about each reportable segment:
a.Segment expense for depreciation and amortization
of segment assets
b.Other significant non -cash expenses
c.Significant non-cash revenues that are included in
segment revenue
Does the entity disclose for each segment the
aggregate of the entity’s share of the net surplus or
deficit of associates, joint ventures, or other
investments accounted for under the equity method,
if substantially all of those associates’ operations are
within that single segment.
Does the entity disclose the aggregate investments in
those associates and joint ventures, if the entity’s
aggregate share of the net surplus or deficit of
associates, joint ventures, or other investments
accounted for under the equity method is disclosed
by reportable
Does the entitysegment.
present reconcilia tions between the
following:
a.Segment revenue and the entity’s revenue from
external sources (including disclosure of the amount
of entity revenue from external sources not included
in any segment’s
b.Segment revenue)
expense and the comparable measure of
entity expense
c.Segment assets and the entity assets
d.Segment liabilities and entity liabilities
Additional segment information (secondary
segment information)
information about secondary segments, but
encourages certain minimum disclosures about both
service segments and geographical segments. It is
anticipated that segments will usually be based on
the major goods and services the entity provided, the
programs it operates or the activities it undertakes.
However, in some organizations, a geographical or
other basis may better reflect the basis on which
services arereports
If an entity provided and resources
segment allocated
information on thewithin
basis
of service segments, it is encouraged to report the
following for each geographical segment that is
reported internally to the governing body and the
senior manager
a.Segment of the entity:
expense
b.Total carrying amount of segment assets
c.Total outlay during the period to acquire segment
assets that are expected t o be used during more than
one period (property, plant, equipment and intangible
assets)
If an entity reports segment information on the basis
of geographical segments or another basis not
encompassed by item 148, it is encouraged to report
the following for each major service segment that is
reported internally to the governing body and the
senior manager
a.Segment of the entity:
expense
b.Total carrying amount of segment assets
c. Total outlay during the period to acquire segment
assets that are expected to be used during more than
one period (property, plant, equipment and intangible
assets)
Other disclosure matters
Has the following information been disclosed in the
financial statements or else where in the annual
report:
a.The types of goods and services included in each
reported service segment
b.The composition of each reported geographical
segment
c.If neither a service nor geographical basis of
segmentation is adopted, the nature of the segment
and activities encompassed by it
d.The broad operating objectives established for each
segment at the commencement of the reporting
period, and the extent to which those objectives were
achieved
Does the entity di sclose the basis of pricing inter -
segment transfers
If the entity and any
has adopted changeintherein.
changes accounting
policies for segment reporting that have a material
effect on segment information, has the following
a.A description
information of disclosed:
been the nature of the change
b.The reason for the change
c.The fact that comparative information has been
restated or that it is impracticable to do so
d.The financial effect of the change, if it is reasonably
determ inable
e.For comparative information:
 (i)Restated prior period segment information, unless
it is impracticable to do so Or
(ii)Segment data for both the old and the new bases
of segmentation in the year in which the entity
changes the identification of its segments
(comparative segment information would be
presented using the old basis of segmentation)
Does the entity voluntarily disclose, if not repo rted
elsewhere in the annual report, the broad operating
objectives established for each segment and to what
extent these objectives were achieved.
– Provisions, contingent liabilities and Contingent

For each class of provision , does the entity disclose:

a.The carrying amount at the beginning and end of
the reporting period
b.Additional provisions made in the reporting period,
including increases to existing provisions
c.Amounts used (that is, incurred and charged
against th e provision) during the reporting period
d.Unused amounts reversed during the reporting
period
e.The increase during the reporting period in the
discounted amount arising from the passage of time
and the effect of any change in the discount rate.
Comparative information is not required.
If an entity elects to recogni ze provision s for social
benefits:
a.Does the entity disclose the basis on which the
provision has been recognized and the measurement
basis
b.Whenadopted.
the entity does not receive consideration
equal to the value of goods or services provided for
the provision of social benefit, does the entity make
the disclosures required by IPSAS 19.97 and IPSAS
19.98.
For each class of provision, does the entity disclose:
a.A brief description of the nature of the obligation
and the expected timing of any resulting outflows of
economic benefits or service potential
b.An indication of t he uncertainties about the
amount or timing of those outflows. If it is necessary
to provide adequate information, the entity discloses
the major assumptions concerning future events
c.The amount of any expected reimbursement, stating
the amount of any asset that has been recognized for
that expected reimbursement
Unless the possibility of any outflow in settlement is
remote, does the entity disclose for each class of
contingent liability atofthe
a.A brief description end
t he of theofreporting
nature the cont period:
ingent
liability
b.An estimate of its financial effect, measured in
accordance with the requirements for measuring
provisions (under IPSAS 19.44-62)
c.The uncertainties relating to the amount or timing
of any outflow
d.The possibility of any reimbursement
e.If the entity does not disclose any of the information
in (a) - (d), the fact that it is not practical to do so
If a provision and a contingent liability arise from the
same set of circumstances, does the entity make the
disclosures required by IPSAS 19.97, 19.98, and
19.100, in a way that shows the link between the
provision
If an inflowandof the contingent
economic liability.
benefits is probable, does the
entity disclose:
a.A brief description of t he nature of the contingent
assets at the end of the reporting period
b.An estimate of their financial effect, if practicable,
measured in accordance with the requirements for
measuring provisions (under IPSAS 19.44-62)
c.If the entity does not disclose information in (a) and
(b), the fact that it is not practicable to do so
 In extremely rare cases, some or all of the disclosures
regarding provisions, contingent liabilities or
contingent assets can prejudice seriously the position
of the entity in a dispute with other parties. In such
cases, does the entity disclose:
a.The general nature of the dispute
b.The fact that, and the reason why, the information
is not disclosed
- Related Party Disclosures
Does the entity disclose related party relationships
where control exists, irrespective of whether there
are transactions between them.
Does the entity volu ntarily disclose that it is
economically dependent on another entity
The requirement to disclose related party
relationships under IPSAS 20 is in addition to the
disclosure requirements in IPSAS 1 and IPSAS 38, for
example.
Related party transactions
reporting period with related parties, other than
transactions that would occur within a normal
supplier or client/ recipient relationship on terms and
conditions no more or less favorable than those which
it is reasonable to expect the entity would have
adopted if dealing with that individual or entity at
arm’s length in the same circumstances, does the
a.The nature of the related party relationships
b.The types of transactions that have occurred
c.The elements of the transactions necessary to
clarify the significance of these transactions to its
operations, and sufficient to enable the financial
statements to provide relevant and faithfully
representative information for decision-making and
accountability purposes
Does the entity disclose, for example, the following
transactions , if they are with a related party:
a.Rendering or receiving of services
b.Purchases or transfers/sales of goods (finished or
c.Purchases or transfers/ sales of property and other
unfinished)
assets
d.Agency arrangements
e.Leases
f.Transfer of research and development
g.License agreements
h.Finance arrangements (including loans, capital
contributions, grants in cash or in kind, and other
financial support, including cost-sharing
arrangements)
i.Provision of guarantees or collateral
transactions should normally include the following
information:
a. A description of the nature of the relationship with
related parties involved in these transactions, for
example, whether the relationship was one of a
controlling entity, a controlled entity, an entity under
common control or key management personnel
b. A description of the related party transactions
within each broad class of transaction and an
indication of the volume of the classes, either as a
specific monetary amount or as a proportion of that
class of transactions and/or balances
c. A summary of the broad terms and conditions of
transactions with related parties, including disclosure
of how these terms and conditions differ from those
normally associated with similar transactions with
unrelated parties
Items of similar
d. Amounts nature mayproportions
or appropriate be disclosedofin
outstanding
aggregate, except when separate disclosure is
necessary to provide relevant and faithfully
representative information for decision- making and
The requirement
accountability to disclose related party
purposes.
relationships under IPSAS 20 is in addition to the
disclosure requirements in IPSAS 1 and IPSAS 38, for
example.
Key management personnel
 Does the entity disclose:
a.The aggregate remuneration of key management
personnel and the number of individuals, determined
on a full-time equivalent basis, receiving
remuneration within this category, showing
separately major classes of key management
b.The totaland
personnel amount of all aother
including remuneration
description of eachand
class
compensation provided to key management
personnel, and close members of the family of key
management personnel, showing separately the
aggregate amounts provided
(i)Key management personnelto:
(ii)Close members of the family of key management
c.In respect of loans that are not widely available to
personnel
persons who are not key management personnel and
loans whose availability is not widely known by
members of the public, for each individual member of
key management personnel and each close member
of the family
(i)The amountofofkey management
loans personnel:
advanced during the period ,
and terms and conditions thereof
(ii)The amount of loans repaid during the period
(iii)The amount of the closing balance of all loans and
receivables
(iv)Where the individual is not a director or member
of the governing body or senior management group of
the entity, the relationship of the individual to such
body or group
– Impairment of non-cash-generating assets
Does the entity disclose the criteria developed by the
entity to distinguish non -cash- generating assets
from cash-generating assets
Cash-generating assets ar e assets held with the
primary objective of generating a commercial return.
An asset generates a commercial return when it is
deployed in a manner consistent with that adopted by
a profit-oriented
Does entity. the following information for
the entity disclose
each class of assets:
a.The amount of impairment losses recogni zed in
surplus or deficit during the period and the line
item(s) of the statement of financial performance in
which those impairment losses are included
b.The amount of reversals of impairment losses
recogni zed in surplus or deficit during the period
and the line item(s) of the statement of financial
performance in which those impairment losses are
reversed
c.The amount of impairment losses on revalued assets
recognized directly in revaluation surplus during the
period
d.The amount of reversals from impairment losses on
revalued assets recognized directly in revaluation
surplus during the period.
Does the entity disclose the criteria deve loped by the
entity to distinguish cash - generating assets from
non-cash-generating assets.
If the entity reports segment information under
IPSAS 18, does it disclose the followi ng for each
reportable segment:
a.The amount of impairment losses recogni zed in
surplus or deficit during the reporting period
b.The amount of reversals of impairment losses
recogn ized in surplus or deficit during the reporting
period
If an impairment loss for a non -cash-generating asset
is recogni zed or reversed during the period and is
material, does the entity disclose:
a.The events and circumstances that led to the
recognition or reversal of the impairment loss
b.The amount of the impairment loss recogni zed or
reversed
c.The nature of the asset
d.If the entity reports segment information under
IPSAS 18, the reportable segment to which the asset
belongs
e.Whether the recoverable service amount of the
asset is its fair value less costs to sell or its value in
use
 f.If recovera ble amount is fair value less costs to sell,
the basis used to determine fair value less costs to
sell (such as whether fair value was determined by
reference to an active market)
g.If recove rable service amount is value in use, the
approach used to
Does the entity determine
disclose value in use
the following information for
the aggregate impairment losses and the aggregate
reversals of impairment losses recognized for which
no information is disclosed in accordance with IPSAS
21.77:
a.The main classes of assets affected by impairment
losses and the main classes of assets affected by
reversals of impairment losses
b.The main events and circumstances that led to the
recognition of these impairment losses and reversals
of impairment
Does the entitylosses
disclose the assumptions used to
determine the recoverable amount of assets during
the period.
– Information about the general government Sector
Government Sector (GGS) and prepare financial
statements under the accrual basis of accounting as
prescribed by IPSAS. The GGS comprises all
organizational entities of the general government as
defined in statistical bases of financial reporting.
The Standard does not specify the manner in which
the GGS disc losures shall be made. Governments
electing to make GGS disclosures in accordance with
this Standard may make such disclosures by way of
either:
a. Note disclosure
b. Separate columns in the primary financial
statements Or
Does the entity’s disclosures made in respect of the
GGS include at least the following components:
a.Assets by major class, showing separately the in
vestment in other sectors
b.Liabilities by major class
c.Net assets/equity
 d.Total revaluation increments and decrements , and
other items of revenue and expense recognized
directly in net assets/equity
e.Revenue by major class
f.Expenses by major class
g.Surplus or deficit
h.Cash flows from operating activities by major class
i.Cash flows from investing activities
j.Cash flows from financing activities
The manner of presentation of the GGS disclosures
shall be no more prominent than the government’s
financial statements prepared in accordance with
IPSAS.
Does the entity disclose the signif icant controlled
entities that are included in the GGS, and any
changes in those entities from the prior period,
together with an explanation of the reasons why any
such entity that was previously included in the GGS is
no longer included
Reconciliation to the consolidated financial
statements
Are the GGS disclosures reconciled to the
consolidated financial statements of the government,
showing separately the amount of the adjustment to
each equivalent item in those financial statements.
– Revenue from non-exchange transactions (taxes and
Non-exchange transactions are transactions in which
one entity either receives value from another entity
without directly giving approximately equal value in
exchange, or gives value to another entity without
directly receiving approximately equal value in
exchange.
Does the entity disclose either on the face of, or in
the notes to, the financial statements:
a.The amount of revenue from non -exchange
transactions recogni zed during the period by major
classes showing separately:
(i)Taxes, showing separately major classes of taxes
(ii)Transfers, showing separately major classes of
transfer revenue
 b.The amount of receivables recognized in respect of
non -exchange revenue
c.The amount of liabilities recognized in respect of
transferred assets subject to conditions
d.The amount of liabilities recognized in respect of
concessionary loans that are subject to conditions on
transferred assets
e.The amount of assets recogni zed that are subject
to restrictions and the nature of those restrictions
f.The existence and amounts of any advance receipts
in respect of non -exchange transactions
g.The amount of any liabilities forgiven
Does the entity disclose:
a.The accounting policie s adopted for the recognition
of revenue from non -exchange transactions
b.For major classes of revenue from non -exchange
transactions, the basis on which the fair value of
inflowing resources was measured
c.For major classes of taxation revenue that the entity
cannot measure reliably during the period in which
the taxable event occurs, information about the
nature of the tax
d.The nature and type of major classes of bequests,
gifts and donations, showing separately major classes
of goods in-kind received.
Does the entity voluntarily disclose the nature and
type of major classes of services in-kind received,
including those not recognized
The extent to which an entity is dependent on a class
of services in -kind will determine the disclosures it
makes in respect of that class.
– Presentation of budget information
their approved budget(s) publicly available, whether
in accordance with legislative or other authoritative
requirements imposed on the entity or on a voluntary
basis. It requires such entities to make certain
disclosures about budget and actual amounts in their
financial statements or other reports.
IPSAS 24 defines the following terms:
(i) Annual budget’ means an approved budget for one
year. It does not include published forward estimates
or projections for periods beyond the budget period.
(ii) Approved budget ’ means the expenditure
authority derived from laws, appropriation bills,
government ordinances and other decisions related to
the anticipated revenue or receipts for the budgetary
period.
(iii) Original budget ’ is the initial approved budget
for the budget period.
(iv) Final budget ’ is the original budget, adjusted for
all reserves, carry -over amounts, transfers,
allocations, supplemental appropriations and other
authorized
Presentation legislative or similar authority,
of a comparison of budget changes
and actual amounts
An entity shall present a comparison of the budget
amounts and actual amounts, either as a separate
additional financial statement or as additional budget
An entityin
columns shall
the present
financiala statements.
comparison of budget and
actual amounts as additional budget columns in the
primary financial statements only where the financial
statements and the budget are prepared on a
comparable
All comparisonsbasis.
of budget and actual amounts shall
be presented on a comparable basis to the budget.
Disclosure of comparative information in respect of
the previous period in accordance with the
requirements of this Standard
Does the comparison of budgetisand
notactual
required.
amounts
present separately for each level of legislative
oversight:
a.The original and f inal budget amounts
b.The actual amounts on a comparable basis
c.By way of note disclosure, an explanation of
material diff erences between the budget for which
the entity is held publicly accountable and actual
amounts, unless such explanation is included in other
public documents issued in conjunction with the
financial statements, and a cross-reference to those
documents is made in the notes.
Does the entity present an explanation of whether
changes between the original and final budget are a
consequence of reallocations within the budget, or of
other factors:
a.By way of note disclosure in the financial
statements
b.In a reportOrissued before, at the same time as, or in
conjunction with, the financial statements, and shall
include a cross-reference to the report in the notes to
the financial statements as a budget column in the
financial statements
Note disclosure of budgetary basis, period and
Does
scopethe entity explain in notes to the financial
statements the budgetary basis and classification
basis adopted in the approved budget .
Does the entity disclose in notes to the financial
statements the period of the approved budget .
Does the entity identify in notes to the financial
statements the entities included in the approved
budget .
Reconciliation of actual amounts on a
comparable basis and actual amounts in the
Where
financialthestatements
financial statements and the budget are
not prepared on a comparable basis, the actual
amounts presented on a comparable basis to the
budget shall be reconciled to the following actual
amounts presented in the financial statements,
identifying separately any basis, timing and entity
(a) If the accrual basis is adopted for the budget, total
differences:
revenues, total expenses, and net cash flows from
operating activities, investing activities and financing
activities. OR
 (b) If a basis other than the accrual basis is adopted
for the budget, net cash flows from operating
activities, investing activities and financing activities
The reconciliation shall be disclosed on the face of
the statement of comparison of budget and actual
amounts, or in the notes to the financial statements.
– Impairment of cash-generating assets
Does the entity disclose the criteria developed by the
entity to distinguish cash -generating assets from
non-cash-generating assets
Cash-generating assets are assets held with the
primary objective of generating a commercial return.
An asset generates a commercial return when it is
deployed in a manner consistent with that adopted by
a profit-oriented
Does entity. the following information for
the entity disclose
each class of assets:
a.The amount of impairment losses recogni zed in
surplus or deficit during the period and the line
item(s) of the statement of financial performance in
which those impairment losses are included
b.The amount of reversals of impairment losses
recogni zed in surplus or deficit during the period
and the line item(s) of the statement of financial
performance in which those impairment losses are
reversed
c.The amount of impairment losses on revalued assets
recognized directly in revaluation surplus during the
period
d.The amount of reversals of impairment losses on
revalued assets recognized directly in revaluation
surplus during the period
If the entity reports segment information un der
IPSAS 18, does it disclose the following for each
reportable segment:
a.The amount of impairment losses recogni zed in
surplus or deficit during the reporting period
b.The amount of reversals of impairment losses
recogni zed in surplus or deficit during the reporting
period
If an impairment loss for a cash -generating asset or a
cash -generating unit is r ecognized or reversed
during the period and is material, does the entity
disclose:
a.The events and circumstances that led to the
recognition or reversal of the impairment loss
b.The amount of the impairment loss recogni zed or
reversed
c.For a cash-generating asset:
(i)The nature of the asset
(ii)If the entity reports segment information under
IPSAS 18, the reportable segment to which the asset
belongs
d.For a cash-generating unit:
(i)A description of the cash -generating unit (such as
whether it is a product line, a plant, a business
operation, a geographical area or a reported segment
)
(ii)The impairment loss recogni zed or reversed by a
class of asset s and by reportable segment, if the
entity reports segment information under IPSAS 18
(iii)If the aggregation of assets for identifying the
cash -generating unit changed since the previous
estimate of the cash-generating unit’s recoverable
amount, the entity discloses the current and former
way of aggregating assets and the reasons for
changing the way the cash-generating unit is
e.Whether the recoverable amount of the asset (cash
identified
-generating unit) is its fair value less costs to sell or
its
f.If value in use amount is fair value less costs to s ell,
recoverable
the basis used to determine fair value less costs to
sell (such as whether fair value was determined by
reference to an active
g.If recoverable amount market)
is value in use, the discou nt
rate(s) used in the current estimate and previous
estimate of value in use
Does the entity disclose the following information for
the aggregate impairment losses and the aggregate
reversals of impairment losses recognized for which
no information is disclosed in accordance with IPSAS
26.120:
a.The main classes of assets affected by impairment
losses and the main classes of assets affected by
reversals of impairment losses
b.The main events and circumstances that led to the
recognition of these impairment losses and reversals
of impairment losses
Does the entity voluntarily disclose the
assumptions used to determine the recoverable
amount of assets during the period.
If any portion of the goodwill a cquired in an
acquisition during the period has not been allocated
to a cash-generating unit (group of units) at the end
of the reporting period, is the amount of the
unallocated goodwill disclosed together with the
reasons
Does thewhy that
entity amountthe
disclose remains unallocated.
following information for
each cash -generating unit (group of units) for which
the carrying amount of intangible assets with
indefinite useful lives allocated to that unit (group of
units) is significant in comparison with the entity’s
total carrying amount of intangible assets with
indefinite useful lives:
a.The carrying amount of goodwill allocated to the
unit (group of units)
b.The carrying amount of intangible assets with
indefinite useful lives allocated to the unit (group of
units)
c.The basis on which the unit’s (group of units’)
recoverable amount has been determined (that is,
value in use or fair value less costs to sell)
d.If the unit’s (group of units’) recoverable amount is
based on v alue in use:
(i)Each key assumption on which management has
based its cash flow projections for the period covered
by the most recent budgets/forecasts
(ii)Management’s approach to determining the
value(s) assigned to each key assumption, whether
those value(s) reflect past experience or, if
appropriate, are consistent with external sources of
information, and, if not, how and why they differ from
past experience or external sources of information
(iii)The period over which management has projected
cash flows based on financial budgets/forecasts
approved by management and, if a period greater
than five years is used for a cash-generating unit
(group of units), an explanation of why that longer
period is justified
(iv)The growth rate used to extrapolate cash flow
projections beyond the period covered by the most
recent budgets/forecasts
(v)The justification for using any growth rate that
exceeds the long -term average growth rate for the
products, industries, or country or countries in which
the entity operates, or for the market to which the
unit (group
(vi)The of units)
discount is dedicated
rate(s) applied to the cash flow
e.If the unit’s
projections (group of units’) recoverable amount is
b ased on fair value less costs to sell, the
methodology used to determine fair value less costs
to sell. If fair value less costs to sell is not determined
using an observable market price for the unit (group
of units),
(i)Each does
key the entityon
assumption disclose:
which management based
its determination of fair value less costs to sell
(ii)Management’s approach to determining the
value(s) assigned to each key assumption, whether
those value(s) reflect past experience or, if
appropriate, are consistent with external sources of
information, and, if not, how and why they differ from
past experience or external sources of information
f.If a reasonably possible change in a key assumption
on which management has based its determination of
the unit’s (group of units’) recoverable amount would
cause the unit’s (group of units’) carrying amount to
exceed its recoverable amount:
(i)The amount by which the unit’s (group of units’)
recoverable amount exceeds its carrying amount
(ii)The value assigned to the key assumption
(iii)The amount by which the value assigned to the
key assumption must change, after incorporating any
consequential effects of that change on the other
variables used to measure recoverable amount, in
order for the unit’s (group of units’) recoverable
amount to be equal to its carrying amount
If the entity determines fair value less costs to sell
using discounted cash flow projecti ons, does it
disclose:
a.The period over which management projected cash
b.The
flows growth rate used to extrapolate cash flow
c.The discount rate(s) applied to the cash flow
projections
If some or all of the carrying amount of goodwill or
projections
intangible assets with indefinite useful lives is
allocated across multiple cash-generating units
(groups of units), and the amount allocated to each
unit (group of units) is not significant in comparison
with the entity’s total carrying amount of goodwill or
intangible assets with indefinite useful lives, does the
entity
a.Thatdisclose:
fact
b.The aggregate carrying amount of goodwill or
intangible assets with indefinite useful lives allocated
to those units (groups of units)
If the recoverable amounts of any of those units
(groups of units) are based on the same key
assumption(s) and the aggregate carrying amount of
intangible assets with indefinite useful lives allocated
to them is significant in comparison with the entity’s
total carrying amount of intangible assets with
indefinite useful lives, does the entity disclose:
a.That fact
b.The aggregate carrying amount of goodwill or
intangible assets with indefinite useful lives allocated
to those units (groups of units)
c.The key assumption(s)
 d.Management’s approach to determining the
value(s) assigned to the key assumption(s), whether
those value(s) reflect past experience or, if
appropriate, are consistent with external sources of
information, and, if not, how and why they differ from
past experience or external sources of information
e.If a reasonably possible change in the key
assumption(s) would cause the aggregate of the units’
(groups of units’) carrying amounts to exceed the
aggregate of their recoverable amounts:
(i)The amount by which the aggregate of the units’
(groups of units’) recoverable amounts exceeds the
aggregate of their carrying amounts
(ii)The value(s) assigned to the key assumption(s)
(iii)The amount by which the value(s) assigned to the
key assumption(s) must change, after incorporating
any consequential effects of the change on the other
variables used to measure recoverable amount, in
order for the aggregate of the units’ (groups of units’)
recoverable amounts to be equal to the aggregate of
their carrying amounts
– Agriculture
Does the entity disclose the aggregate gain or loss
arising during the current period on initial
recognition of biological assets and agricultural
produce and from the change in fair value less costs
to sell of biological assets.
Does the entity disclose a narrative description o f
each group of biological assets . The entity shall
distinguish between consumable and bearer
biological assets, and between biological assets held
for sale and those held for distribution at no charge
or for a nominal charge.
Does the entity provide a quantified description of
each group of biological assets, distinguishing
between consumable and bearer biological assets or
between biological assets held for sale and those held
for distribution at no charge or for a nominal charge.
Does an entity when complying with IPSAS 27.30 and
27.41 distinguish between mature and immature
biological assets as appropriate, and if so, the basis
for making
If not suchelsewhere
disclosed distinctions.
in information published
with the financial statements, do the financial
statements include:
a.The nature of its activities involving each group of
biological assets
b.Non-financial measures or estimates of the physical
quantities of:
(i)Each group of the entity’s biological assets at the
end of the period
(ii)Output of agricultural produce during the period
Does the entity disclose the methods and significant
assumptions applied in determining the fair value of
each group of agricultural produce at the point of
harvest and each group of biological assets.
Does the entity disclose the fair value less costs to
sell agricultural produce harvested during the period,
determined at the point of harvest.
Does
a.Thethe entity disclose:
existence and carrying amounts of biological
b.The
assets carrying amounts
whose title of biological assets pledged
is restricted
as security for liabilities
c.The nature and extent of restrictions on the entity’s
use or capacity to sell biological assets
d.The amount of commitments for the development or
acquisition of biological assets
e.The financial risk management strategies related to
agricultural activity
Does the entity reconcile changes in the carrying
amount of biological assets between the beginning
and the end of the current period that includes at
least:
a.The gain or loss arising from changes in fair val ue
less costs to sell (separately disclosed for bearer
biological assets and consumable biological assets)
b.Increases due to purchases
c.Increases due to assets acquired through a non -
exchange transaction
d.Decreases due to sales
e.Decreases due to d istributions at no charge or for a
nominal charge
f.Decreases due to harvest
g.Increases resulting from public sector combinat
ions
h.Net exchange differences arising on the translation
of financial statements into a different presentation
currency and on translation of a foreign operation
into the presentation currency of the reporting entity
i.Other changes
Does the entity disclose material items of revenue or
expense that re sult from climatic, disease or other
natural events and the nature of such item.
Does the entity disclose, by group or otherwise, the
amount of change in fair value less costs to sell
included in surplus or deficit due to physical changes
and due to price
Disclosures whenchanges.
fair value cannot be measured
If the entity measures biological assets at their cost
reliably
less any accumulated depreciation and any
accumulated impairment losses at the end of the
period (because fair value cannot be measured
reliably), does the entity disclose the following
information
a.A for of
such
thebiological assets:
b.Andescription
explanation why biological assets be measured
fair value cannot
reliably
c.The range of estimates within which fair value is
highly likely to lie, if possible
d.The depreciation method used
e.The useful lives or the depreciation rates used
f.The gross carrying amount and the accumulated
depreciation (aggregated with accumulated
impairment losses) at the beginning and end of the
period
If the entity measures biological assets at their cost
less any accumulated depreciation and any
accumulated impairment losses during the current
period, does the entity disclose:
a. Any gain or loss recognized on disposal of such
biological assets
b.A reconciliation of changes in the carrying amount
of such biological assets between the beginning and
the end of the current period that includes at least
(comparative information is not required):
(i)Increases due to purchases
(ii)Increases due to assets acquired through a non -
exchange transaction
(iii)Decreases due t o sales and biological assets
classified as held for sale in accordance with the
relevant international or national standard
(iv)Decreases due to distributions at no charge or for
a nominal charge
(v)Decreases due to harvest
(vi)Increases resulting from public sector
combinations
(vii)Net exchange differences arising on the
translation of financial statements into a different
presentation currency, and on translation of a foreign
entity into the presentation currency of the reporting
entity
(viii)Impairment losses included in net surplus or
deficit
(ix)Reversals of impairment losses included in net
surplus or deficit
(x)Depreciation included in net surplus or deficit
(xi)Other
If the fair changes
value of biological assets previously
measured at their cost less any accumulated
depreciation and any accumulated impairment losses
becomes reliably measurable during the current
period, does the entity disclose:
 a.A description of the biological assets
b.An explanation of why fair value has become
reliably measurable
c.The effect of th e change
29/30 – Financial instruments
A financial guarantee contract is defined as a
contract that requires the issuer to make specified
payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment
when due in accordance with the original or modified
terms of aentity
Does the debt disclose
instrument.
its accounting policy for
financial guarantee contracts
Financial instruments
Classes of financial instruments and level of disclosure
If disclosures are requir ed by class of financial
instrument, does the
a.Group financial entity: into classes that are
instruments
appropriate to the nature of the information disclosed
and that take into account the characteristics of those
financial
b.Provideinstruments
sufficient information to permit
reconciliation to the relevant items presented in the
IPSAS 30.9ofrequires
statement financialthe entity to group financial
position
instruments into classes that are appropriate to the
nature of the information disclosed and that take into
account the characteristics of those financial
instruments. These classes are determined by the
entity and as such, are distinct from the categories of
In determining
financial classesspecified
instruments of financial instruments,
in IPSAS 29. an
entity, at minimum:
a.Distinguishes between instruments measured at am
orti zed cost from those measured at fair value
b.Treats those financial instruments as a separate
class or classes outside the scope of this IFRS
satisfy the requirements and how it aggregates
information to display the overall picture without
combining information with different characteristics,
in the light of its circumstances. It is necessary to
strike a balance between overburdening financial
statements with excessive detail that may not assist
users of financial statements and obscuring important
information as a result of too much aggregation. For
example, an entity must not obscure important
information by including it among a large amount of
insignificant detail. Similarly, an entity must not
aggregate information so that it obscures important
differences between individual transactions or
Significance of financial instruments for
financial position and performance
Does the ent ity disclose information that enables
users of its financial statements to evaluate the
significance of financial instruments to its financial
position and performance.
Statement of financial position — categories of
financial assets and financial liabilities
Does the entity disclose the carrying amounts of each
of the following categories, as defined in IPSAS
29.10:
a.Financial assets at fair val ue through surplus or
deficit, showing separately:
(i)Those designated as such upon initial recognition
(ii)Those classified as held for trading
b.Held-to-maturity investment s
c.Loans and receivables
d.Available-for -sale financial assets
e.Financial liabilities at fair value through surplus or
deficit, showing separately:
(i)Those designated as such upon initial recognition
(ii)Those classified as held for trading
f.Financial liabilities measu red at amorti zed cost
Financial assets or financial liabilities at fair
value through surplus or deficit
If the entity designated a loan or receivable ( or a
group of loans or receivables) at fair value through
surplus or deficit, does it disclose:
a.The maximum exposure to credit risk of the loan or
receivable (or group of loans or receivables) at the
end of the reporting period
b.The amount by which any related credit derivatives
or similar instruments mitigate that maximum
c.The change,
exposure durin
to credit g the period and cumulatively, in
risk
the fair value of the loan or receivable (or group of
loans or receivables) that is attributable to changes in
the
(i)Ascredit risk of in
the change theitsfinancial asset
fair value thatdetermined
is not
attributable to changes in market conditions that give
rise to market
(ii)Using risk Or method , the entity believes
an alternative
more faithfully represents the change in its fair value
that is attributable to changes in credit risk of the
asset
Changes in market conditions that give rise to market
risk includ e changes in an interest rate, commodity
price, foreign exchange rate or index of prices or
rates.
d.The amount of the change in the fair value of any
related credit derivatives or similar instruments that
has occurred during the period and cumulatively
since
If the the loan
entity ordesignated
has receivable awas designated
financial liability as at
fair value through surplus or deficit in accordance
with
a. TheIPSAS 29.10,
change, doesthe
during it disclose:
reporting period and
cumulatively, in the fair value of the financial liability
that is attributable to changes in the credit risk of
that
(i)Asliability determined
the change either:
in its fair value that is not
attributable to changes in market conditions that give
rise to market risk Or
(ii)Using an alternate method , the entity believes
more faithfully represents the change in its fair value
that is attributable to changes in the credit risk of the
Changes
liability in market conditions that give rise to market
ri sk include changes in a benchmark interest rate,
price of another entity’s financial instrument,
commodity price, foreign exchange rate or an index
of prices or rates. For contracts that include a unit-
linking feature, changes in market conditions include
b.The
changes difference between theoffinancial
in the performance liability’s
the related internal or
carrying amount andfund.
external investment the amount the entity would be
contractually required to pay at maturity to the
holder of the obligation
Does the entity disclose:
a.The methods used to comply with the requirements
in items 215(c) and 216 (a)
b.If the entity believes that the disclosure it has given
to comply with the requirements in items 215(c) and
216(a) does not faithfully represent the change in the
fair value of the financial asset or financial liability
attributable to changes in the credit risk, the reasons
for reaching this conclusion and the factors the entity
believes are relevant
Reclassification
If the entity has reclassified a financial asset as one
measured: a.At cost or amorti zed cost,
rather than at fair value Or
b.At fair value, rather than at cost or amorti zed cost,
does it disclose the amount
reclassified
If the entity into and outaoffinancial
reclassifies each category andofthe
asset out the
fair value through surplus or deficit category or out of
the
a.Theavailable-for-sale category,
amount reclassified doesout
into and it disclose:
of each
category
b.For each reporting period until derecognition, the
carrying amounts and fair values of all financial
assets that the entity reclassified in the current and
previous reporting periods
c.If a financial asset is reclassified out of fair value t
hrough surplus or deficit due to rare circumstances,
the facts and circumstances indicating that the
situation was rare
d.For the reporting period when the financial asset
was reclassified, t he fair value gain or loss on the
financial asset recognized in surplus or deficit or net
assets/equity in that reporting period and in the
previous reporting period
e.For each reporting peri od following the
reclassification (including the reporting period in
which the financial asset was reclassified) until
derecognition of the financial asset, the fair value
gain or loss that the entity would have recognized in
surplus or deficit or in net assets/equity if the
financial asset had not been reclassified, and the
gain, loss, revenue and expense recognized in surplus
f.The effective interest rate and estimated amounts of
cash flows the entity expects to recover, as at the
date of reclassification
The entity may reclassifyof a
the financial
financial asset
asset to which
IPSAS 29.53(c) applies (except a financial asset as
described in IPSAS 29.57) out of the fair value
through surplus or deficit category only in rare
The entity may reclassify a financial asset to which
circumstances.
IPSAS 29.53(c) applies that would have met the
definition of loans and receivables (if the financial
asset had not been required to be classified as held
for trading at initial recognition) out of the fair value
through surplus or deficit category if the entity has
the intention and ability to hold the financial asset for
the foreseeable
as available -for future or until
-sale that wouldmaturity.
have met the
definition of loans and receivables (if it had not been
designated as available-for-sale) out of the available-
for-sale category to the loans and receivables
category if the entity has the intention and ability to
hold the financial asset for the foreseeable future or
Derecognition
If the entity transferred financial assets in such a way
that part or all of the financial assets do not qualify
for derecognition, does the entity disclose for each
class of such financial assets:
a.The nature of the assets
b.The nature of the risks and rewards of ownership to
which
c.If thethe entity
entity remainstoexposed
continues recogn ize all of the assets,
the carrying amounts of the assets and of the
associated liabilities
d.If the entity continues to recogni ze the assets to
the extent of its continuing involvement:
(i)The total carrying amount of the original assets
(ii)The amount of the assets that the entity continues
to recogni ze
(iii)The carrying amount of the associated liabilities
Collateral
Does
a.Thethe entityamount
carrying disclose:
of financial assets pledged as
collateral for liabilities or contingent liabilities,
including amounts reclassified in accordance with
IPSAS 29.39
b.The termsfor
accounting and conditions
the collateralrelating to the pledge
by the transferor and the
transferee depends on whether the transferee has the
right to sell or repledge the collateral and on whether
the transferor has defaulted. If the transferee has the
right by contract or custom to sell or repledge the
collateral, then the transferor reclassifies that asset
If the entity holds collateral (of financial or non -
in its statement of financial position (for example, as
financial assets) and may sell or repledge the
collateral in the absence of default by the owner of
the collateral, does the entity disclose:
a.The
b.The fair
fair value
value of
of the
any collateral held sold o r
such collateral
repledged and whether the entity has an obligation to
return it
c.The terms and conditions associated with its use of
this collateral
Allowance account for credit losses
If financial assets are impaired by credit losses and
the entity records the impairment in a separate
account (for example, an allowance account or similar
account used to record a collective impairment of
assets) rather than directly reducing the carrying
amount of the asset, does the entity disclose a
reconciliation of changes in that account during the
period for each class of financial assets.
Compound financial instruments with multiple
embedded derivatives
If the entity issued an instrument that contains both a
liability and an equity component , and the
instrument has multiple embedded derivatives whose
values are interdependent (such as a callable
convertible debt instrument), does the entity disclose
the existence of those features.
Defaults and breaches
For loans payable recogni zed at the end of the
reporting
a.Details ofperiod, does the
any defaults entitythe
during disclose:
period of
principal, interest, sinking fund or redemption terms
of those loans payable
b.The carrying amount of the loans payable in default
at the end of the reporting period
c.Whether the default was remedied, or the terms of
the lo ans payable were renegotiated, before the
financial statements were authorized for issue
If, during the reporting period, there are breaches of
loan agreement terms other than those described in
paragraph 22 above, does the entity disclose the
same information as required by paragraph 22 if
those breaches permit the lender to demand
accelerated repayment (unless the breaches were
remedied, or the terms of the loan were renegotiated,
on or before the end of the reporting period).
Statement of financial performance
Items
Does theof entity
revenue, expense,
disclose gains and
the following losses
i tems of
revenue, expense, gains or losses either in the
statement of financial performance or in the notes:
a. Net gains or net losses on:
(i) Financial assets or financial liabilities at fair value
through surplus or deficit, showing separately:
Those on financial assets or financial liabi lities
designated as suchassets
Those on financial upon initial recognition
or financial liabilities that
are classified as held for trading in accordance with
IPSAS 29
(i) Available-for -sale financial as sets, showing
separately:
The gain or loss recogni zed in net assets/equity
during the reporting period
The amount reclassified from net assets/equity to
surplus or deficit for the reporting period
(iii)Held-to-maturity investments
(iv)Loans and receivables
(v)Financial liabilities measured at amorti zed cost
b.Total interest revenue and total interest expense
(calculated using the effective interest method) for
financial assets or financial liabilities that are not at
fair
c.Feevalue through
revenue and surplus
expenseor(other
deficitthan amounts
included in determining the effective interest rate)
arising from:
(vi)Financial assets or financial liabilities that are not
at fair value
(vii)Trust andthrough surplus or
other fiduciary deficit that result in
activities
the holding or investing of ass ets on behalf of
individuals, trusts, retirement benefit plans and other
institutions
d.Interest revenue on impaired financial assets
accrued in accordance with IPSAS 29 AG126
e.Any impairment loss for each class of financial asset
Other disclosures
Accounting policies
Does the entity disclose, in the summary of significant
accounting policies, the measurement basis (or
bases) used in preparing the financial statements and
the other accounting policies that are relevant to an
understanding of the financial statements in relation
to
Doesfinancial instruments.
the entity disclose, for financial assets or
financial liabilities designated as at fair value through
surplus or deficit:
a.The nature of the financial assets or financial
liabilities the entity designated as at fair value
through surplus or deficit
b.The criteria for so designating such financial assets
or fina the
c.How ncial liabilities
entity on initial
satisfied recognition
the conditions in IPSAS
29.10, IPSAS 29.13 or IPSAS 29.14 for such
designation:
i)For instruments designated in accordance with the
definition of a financial asset or financial liability at
fair value through surplus or deficit in IPSAS 29.10(b)
(i), that disclosure includes the circumstances
underlying the measurement or recognition
inconsistency that would otherwise arise.
(ii)For instruments designated in accordance with the
definition of a financial asset or financial liability at
fair value through surplus or deficit in IPSAS 29.10(b)
(ii), that disclosure includes how designation at fair
value through surplus or deficit is consistent with the
entity’s documented risk management or investment
strategy

Does the entity disclose:

a.The criteria for designating financial assets as
available
b.Whether-for -sale way purchases and sales of
regular
financial a ssets are accounted for at trade date or at
settlement date
c.If the entity uses an allowance to reduce the
carrying amount of financial assets impaired by credit
losses
(i)The cr iteria for determining when the carrying
amount of impaired financial assets is reduced
directly (or, in a reversal of a write-down, increased
directly) and when
(ii)The criteria the allowance
for writing account
off amounts is used
charged to the
allowance account against the carrying amount of
impaired financial assets
d.How net gains or net losses on each categ ory of
financial instrument are determined, for example,
whether the net gains or net losses on items at fair
value through surplus or deficit include interest or
dividend revenue
e.The criteria the entity uses to determine that there
is objective evidence that an impairment loss has
occurred
f.If the terms of financial assets that would otherwise
be past due or impaired have been renegotiated, the
accounting policy for financial assets that are the
subject of renegotiated terms
g.For financial guarantee contracts issued through a
non -exchange transaction, where no fair value can
be determined and a provision is recognized in
accordance with IPSAS 19, does the entity disclose
the circumstances that result in a provision being
recognized
Does the entity disclose management's judgements
for financial instruments that have the most
significant effect on the financial statements.
Hedge
Does theaccounting
entity disclose the following separately for
each type of hedge in IPSAS 29 (that is, fair value
hedges, cash flow hedges and hedges of a net
investment in foreign operations
a.A description o f each type of hedge
b.A description of the financial instruments
designated as hedging instruments
c.Their fair values at the end of the reporting period
d.The nature of the risks being hedged
For
The cash flow
periods hedges,
when does flows
the cash the entity disclos e:to
are expected
occur and when they are expected to affect surplus or
deficit
b.Any forecast transaction for which hedge
accounting had previou sly been used, but which is no
longer expected
c.The amount to occur
recogni zed in net assets/equity during
the reporting period
d.The amount that was reclassified from net
assets/equity to surplus or deficit as a reclassification
adjustment for the reporting period, showing the
amount included in each line item in the statement of
financial performance
e.The amount that was reclassified from net
assets/equity to surplus or deficit as a reclassification
adjustment and included in the initial cost or other
carrying amount of a non- financial asset or non-
financial liability whose acquisition or incurrence was
a hedged highly probable forecast transaction
Does the entity disclose separately:
a.In fair value hedges, gains or losses:
(i)On the hedging instrument
(ii)On the hedged item attributable to the hedged risk
b.The ineffectiveness recogni zed in surplus or deficit
that
c.Thearises from cash recogni
ineffectiveness flow hedges
zed in surplus or deficit
that arises from hedges of net investment in foreign
operations
Fair value
The entity is not required to disclose fair value:
a.If the carrying amount is a reasonable
approximation of fair value, for example, for financial
instruments such as short-term trade receivables and
b.For
payablesan investment in equity instruments that do not
have a quoted market price in an active market, or
derivatives linked to such equity instruments, that is
measured at a cost in accordance with IPSAS 29
c.For
becausea contract containing
its fair value cannota be
discretionary
measured reliably Or
participation feature, if the fair values of that feature
cannot
Does thebeentity
measured reliably
disclose for each class of financial
assets and financial liabilities the fair value of that
class of assets and liabilities in a way that permits it
to be compared with its carrying amount (except for
those noted in IPSAS 30.35).
In disclosing fair values, does the entity group
financial assets and financial liabilities into classes,
but offset them only to the extent that their carrying
amounts are offset in the statement of financial
position.
For each class of financial instrument, does the entity
disclose:
a.The methods used
b.If a valuation in determining
technique is used to fair value fair
determine
value, the assumptions applied in determining fair
values of each class of financial assets or financial
liabilities
For example, the entity discloses the assumptions for
prepayment rates, rates of estimated credit losses,
interest rates and discount rates.
c.Any change in the valuation technique
d.The reasons for that change
For the disclosures required by paragraph 31 above,
does the entity classify fair value measurements
using a fair value hierarchy that reflects the
significance of the inputs used in the measurements,
according to the following levels:
a.Quoted prices (unadjusted) in active markets for
identical assetsthan
b.Inputs other or liabilities (Levelincluded
quoted prices 1) within
Level 1 that are observable for the asset or liability,
either directly (that is, as prices) or indirectly (that is,
derived
The
c.Inputs from
entity prices)
the asset(Level
fordetermines the
or 2) in
level
liability theare
that f air value
not based on
hierarchy
observablebasedmarket on data
the lowest level input
(unobservable that is
inputs) (Level
significant
3) to the fair value measurement in its
entirety. The entity assesses the significance of an
input against the fair value measurement in its
entirety. If a fair value measurement uses observable
inputs that require significant adjustment based on
unobservable inputs, that measurement is a Level 3
For fair value measurements
measurement. recogni zed in
Assessing the significance of the
a
statement of financial
particular input to the position,
fair valuedoes the entity in its
measurement
disclose for each class
entirety requires of financial
judgment, instruments
considering factorsin a
tabular
specific format
to the
a.The level unless
asset
in the another
fairorvalue
liability.format is
hierarchy more
into which the
fair value measurements are categorized in their
entirety, segregating fair value measurements based
on the levels defined in item 238
b.Any significant transfers between (discussing
separately those into and those out of) Level 1 and
Level 2 of the fair value hierarchy and the reasons for
those transfers, presented separately
Significance is judged with respect to surplus or
deficit, and total assets or total liabilities.
c.For fair value measurements in Level 3 of the fair
value hierarchy, a reconciliation from the beginning
balances to the ending balances, disclosing
separately changes
(i)Total gains during
or losses the reporting
for the reporting period
period
recogni zed in surplus or deficit and a description of
where they are presented in the statement of
financial performance
(ii)Total gains or losses recogni zed in net
assets/equity
(iii)Purchases, sales, issues and settlements
(separately
(iv)Transfersfor each
into or type
out ofofLevel
movement)
3 (for example,
transfers attributable to changes in observable
market data) and the reasons for those transfers,
presented separately
d.The amount of to tal gains or losses for the
reporting period in (c) included in surplus or deficit
that are attributable to gains or losses relating to
those assets and liabilities held at the end of the
reporting period, and a description of where those
gains or losses
e.For fair valueare presented ininthe
measurements statement
Level of
3, if changing
one or more of the inputs to reasonably possible
alternative assumptions changes fair value
significantly, disclose:
(i)That fact
(ii)The effect of those changes
(iii)How the effect of a change to a reasonably
possible alternative
Significance assumption
is judged wastocalculated
with respect surplus or
deficit, and total assets or total liabilities, or, when
changes in fair value are recognized in net
assets/equity,
An entity shalltotal equity.
present the quantitative disclosures
required by paragraph 33 in tabular format unless
another format is more appropriate.
If there is a difference between the fair value
(transaction price) at initial recognition and the
amount that is determined to be fair valua at that
date using a valuation technique,does the entity
disclose ,by class of financial instrument.
An entity subsequently measures a financial asset or
financial liability , and the subsequent recognition of
gains and losses consistently with the requirements
of IPSAS 29. The application of IPSAS 29.AG108 may
result in no gain or loss being recognized on the
initial recognition of a financial asset or financial
liability. In such a case, IPSAS 29 requires that a gain
or loss is recognized after initial recognition only to
the
a.Itsextent that itpolicy
accounting arisesfor
from a change
recogni zingin a factor
that
difference in surplus or deficit to reflect a change in
factors (including time) that market participants
would consider in setting a price
b.The aggregate difference yet to be recogni zed in
surplus or deficit at the beginning and end of the
reporting period, and reconcile this difference
In the cases described in IPSAS 30.35(b) and (c),
(i.e. , where fair value cannot be reliably measured
and is thus not disclosed) does the entity disclose
information to help users of the financial statements
make their own judgments about the extent of
possible differences between the carrying amount of
those financial assets or financial liabilities and their
a.The fact that the entity does not disclose fair value
information fo r these instruments because their fair
value cannot be measured reliably
b.A description of the financial instruments, their
carrying amount and an explanation of why fair value
cannot be measured reliably
c.Information about the market for the instruments
d.Information about whether and how the entity
intends to di spose of the financial instruments
e.If financial instruments whose fair value previously
could not be reliably measured are derecognized:
(i)That fact
(ii)Their carrying amount at the time of derecognition
(iii)The amount of gain or loss recogni zed
Concessionary loans
Concessionary loans are granted by entities on below
market terms. Examples of concessionary loans
granted by entities include loans to developing
countries, small farms, student loans granted to
qualifying students for university or college education
and concessionary
For housing loans granted to low does
loans granted, income
thefamilies.
entity
disclose:
a.A reconciliation bet ween the opening and closing
carrying amounts
(i)Nominal value ofofnew
the loans
loans,granted
including:
during the
period
(ii)The fair value adjustment on initial recognitio n
(iii)Loans repaid during the period
(iv)Impairment losses recognized
(v)Any increase during the period in the discounted
amount arising from the passage of time
(vi)Other changes
b.Nominal value of the loans at the end of the period
c.The purpose and terms of the various types of loans
d.Valuation assumpti ons
Nature and extent of risk arising from financial
instruments
The disclosures required by items 2 44–253 focus on
the risks that arise from financial instruments and
how they have been managed. These risks typically
include, but are not limited to,credit risk,liquidity risk
and market risk.The disclosures (required by
paragraphs 38-42 of IPSAS 30) shall be either given
in the financial statements or incorporated by cross-
reference from the financial statement,such as
management commentary or risk report,that is
available to users of the financial statements on the
Qualitative disclosures
For each type of risk arising from financial instru
ments, does the entity disclose:
a.The exposures to risk and how they arise
b.Its objectives, policies and processes for managing
the risk and the methods used to measure the risk
c.Any changes in (a) or (b) from the previous period
Quantitative disclosures
For each type of risk ar ising from financial
instruments, does the entity disclose:
a.Summary of quantitative data about its exposure to
that risk at the end of the reporting period based on
the information provided internally to key
management personnel of the entity (as defined in
IPSAS 20), for example, the entity’s governing body
and CEO
If the entity uses several methods to manage a risk or
an exposure, the entity discloses information using
the method or methods that results in information
that is relevant to the accountability and decision-
making needs of users, faithfully represents the
financial position financial
b.The disclosures required performance,
by items 248 –and255cash
, to the
extent not provided in (a), unless the risk is not
material
c.Concentrations of risk if not apparent from (a) and (
b)
Concentrations of risk arise from financial
instruments that have similar characteristics and are
affected similarly by changes in economic or other
conditions. The identification of concentrations of risk
requires judgment taking into account the
For concentrations of risk, does the entity disclose:
a.How management determines conc entrations
b.The shared characteristic that identifies each
concentrations (for example, counterparty,
geographical area, currency and/or market)
c.The amount of the risk exposure associated with all
financial instruments sharing that characteristic
In accordance with IPSAS 30.AG8, disclosures of
concent rations of risk include the shared
characteristic that identifies each concentration. For
example, the shared characteristic may refer to
geographical distribution of counterparties by groups
of countries, individual countries or regions within
If the quantitative data disclosed as at the end of the
reporting period are unrepresentative of the entity’s
exposure to risk during the period, does the entity
provide further information that is representative.
To meet this requirement, the entity might disclose
the highest, lowest and average amount of risk to
which it was exposed during the reporting period. For
example, if an entity typically has a large exposure to
a particular currency, but at the end of the reporting
period unwinds the position, the entity might disclose
a graph that shows the exposure at various times
Credit
Does therisk
entity disclose by class of financial
instrument
a.The amount that best represents its maximum
exposure to credit risk at the end of the reporting
period without taking account of any collateral held
or other credit enhancements (for example, netting
agreements that do not qualify for offset in
accordance with IPSAS 28)
b.For (a), the collateral av ailable as security and
other credit enhancements
c.The credit quality of financial assets that are
neither past due
d.The carrying nor impaired
amount of financial assets that would
otherwise be past due or impaired whose terms have
been renegotiated
Maximum
IPSAS credit
30.43(a) risk exposure
requires disclosure of the amount that
best represents the entity’s maximum exposure to
credit risk. For a financial asset, this is typically the
gross carrying amount, net of:
a.Any amounts
b.Any impairmentoffset in accor
losses dance
recogni zedwith IPSAS 28
in accordance
with IPSAS
Activities 29 give rise to credit risk and the
that
associated maximum exposure to credit risk include,
but are
a.The not limited
entity to:
might grant loans and receivables to
customers , and placing deposits with other entities.
In these cases, the maximum exposure to credit risk
is the carrying amount of the related financial assets.
b.The entity might enter into derivative cont racts
such as foreign exchange contracts, interest rate
swaps and credit derivatives. If the entity measures
the resulting asset at fair value, the maximum
c.The entity might grant financial guarantees. In this
exposure to credit risk at the end of the reporting
case, the maximum exposure to credit risk is the
maximum amount the entity could have to pay if the
guarantee is called on, which may be significantly
d.The entity might make a loan commitment that is
irrevocable over the life of the facility or is revocable
only in response to a material adverse change. If the
issuer cannot settle the loan commitment net in cash
or another financial instrument, the maximum credit
exposure is the full amount of the commitment. This
is because it is uncertain whether the amount of any
undrawn
Financialportion
assetsmay thatbeare
drawn upon
either in the
past duefuture.
or
impaired
Does the entity
a.An analysis of disclose
the age ofby financial
class of financial asset:
assets that are
past due as at the end of the reporting period but not
impaired
b.An analysis of financial assets that are individually
determined to be impaired as at the end of the
reporting period, including the factors the entity
considered in determining
c.For the amounts that
in (a) and (b),they
the are impaired
collateral held
by the entity as security and other credit
enhancements and, unless impractical, an estimate of
their fair value
Collateral and other credit enhancements
obtained
If the entity obtains financial or non -financial assets
during the period by taking possession of the
collateral it holds as security or calling on other
credit enhancements (for example, guarantees), and
such
a.Theassets
naturemeet
and the recognition
carrying amountcriteria in other
of the assets
obtained
b.If the assets are not readily convertible into cash,
its policies for disposing of such assets or for using
them in its operations
Liquidity risk
Does the entity
a. A maturity disclose:
analysis for non-derivative financial
liabilities (including issued financial guarantee
contracts) that shows the remaining contractual
maturities
An entity discloses a summary of quantitative data
about its exposure to liquidity risk on the basis of
information provided internally to key management
personnel. An entity explains how those data are
In preparing the maturity analyses, the entity uses its
judgment to determine appropriate time bands, which
are consistentthe
In preparing with how the
maturity entity manages
analyses, the entityrisk.
does
not separate an embedded derivative from a hybrid
(combined) financial instrument.
If the counterparty has a choice of when an amount is
paid, the liability is included on the earliest date on
which the entity can be required to pay. For example,
financial liabilities that an entity must repay on
demand (such as demand deposits) are included in
If the entity is committed to make amounts available
in instalments, each insta lment is allocated to the
earliest period in which the entity can be required to
pay. For example, an undrawn loan commitment is
included in the time band containing the earliest date
For issued guarantee contracts, the ma ximum
amount of theinguarantee
The amounts is allocated
the maturity analysis to
arethe earliest
the
period in which
contractual the guarantee
undiscounted cash could
flows.be called.
Such
undiscounted cash flows differ from the amount
included in the statement of financial position
(b) A maturity analysis for derivative financial
liabilities, which includes the remaining contractual
maturities for those derivative financial liabilities for
which contractual maturities are essential for an
understanding of the timing of the cash flows.
For example:a.
An interest rate swap with a remaining
maturity of five years in a cash flow hedge of a
variable rate financial asset or liability
b.All loanincommit
c.How it manages the liquidity risk inherent (a)
and (b)
The entity discloses a maturity analysis of financial
assets it holds for managing liquidity risk (for
example, financial assets that are readily saleable or
expected to generate cash inflows to meet cash
outflows on financial liabilities), if that information is
necessary to enable
Other factors users
that the of its
ent ity financialinstatements
considers item 245
(c) include, but are not limited to, whether the entity
has the following:
a.Committed borrowing facilities (for example,
commercial paper facilities) or other lines of credit
(for example, stand-by credit facilities) that it can
access to meet liquidity needs
b.Deposits at central banks to meet liquidity needs
c.Very diverse funding sources
d.Significant concentrations of liquidity risk in either
its assets or
e.Internal its funding
control sources
processes and contingency plans
for managing liquidity
f.Instruments that include accelerated repayment
terms (for example, upon the downgrade of the
entity’s credit rating)
g.Instruments that could re quire the posting of
collateral (for example,
h.Instruments that allowmargin callstofor
the entity derivatives)
choose whether
it settles its financial liabilities by delivering cash (or
another financial asset) or by delivering its own
shares
i.Instruments that are subject to master netting
agreements
d.Unless the information is included in the
contractual maturity analysis required by IPSAS
32.32 (a) or (b) (IPSAS 30.46), does the entity state
that fact and provide quantitative information that
enables users of its financial statements to evaluate
the extent
(i)Occur of this risk,earlier
significantly if the outflow of cash in
than indicated (orthe
data Or
(ii)Be for significantly different amounts from those
indicated in the data (for example, for a derivative
that is included in the data on a net settlement basis,
but for which, the counterparty has the option to
require gross settlement)
Market risk
Sensitivity analysis
Unless the entity complies with item 253, does the
entity disclose:
a.A sensitivity analysis for each type of market risk to
which the entity is exposed at the end of the
reporting period, showing how surplus or deficit and
equity would have been affected by changes in the
relevant risk variable that were reasonably possible
at the end of the reporting period
b.The methods and assumptions used in preparing
the sensitivity analysis
c.Changes from the previous period in the methods
and assumptions used , and reasons for such changes
In accordance with IPSAS 30.AG3, the entity decides
how it aggregates information to display the overall
picture without combining information with the
different characteristics about exposures to risks
from
If thesignificantly differenttoeconomic
entity has exposure only one environments.
type of market
risk in only one economic environment, it does not
show disaggregated information. For this purpose:
a.Entities disclose the effect on surplus or deficit and
net assets/equity at t he end of the reporting period,
assuming that a reasonably possible change in the
relevant risk variable had occurred at the end of the
reporting period and had been applied to the risk
exposures in existence at that date. For example, if
an entity has a floating rate liability at the end of the
year, the entity would disclose the effect on surplus
b.Entities are not required to disclose the effect on
surplus or deficit and net assets/equity for each
change within a range of reasonably possible changes
of the relevant risk variable. A disclosure of the
effects of the changes
In determining what a at the limitspossible
reasonably of the reasonably
change in
the relevant risk variable is, the entity considers the
following:
a.The economic environments in which it operates. A
reasonably possible change does not include remote
or ‘worst case’ scenarios or ‘stress tests’. Moreover,
if the rate of change in the underlying risk variable is
stable, the entity need not alter the chosen
reasonably possible change in the risk variable. The
entity discloses the effect on surplus or deficit and
net assets/equity if interested rates were to change to
50% or 60%.The entity is not required to revise its
b.The time frame over which it is making the
assessment. Th e sensitivity analysis shows the
changes that are considered reasonably possible over
the period until the entity will next present these
disclosures, which is usually its next annual reporting
If the entity prepares a sensi tivity analysis, such as a
value -at-risk, that reflects interdependencies
between risk variables (for example, interest rates
and exchange rates) and uses it to manage financial
risks, it may use that sensitivity analysis in place of
the
a.Theanalysis
method specified
used in in item 253such
preparing (IPSAS 30.47). Does
a sensitivity
analysis, and the main parameters and assumptions
underlying the data
b.The objective of the method used and limitations
that may result in the information not fully reflecting
the fair value of the assets and liabilities involved
Currency riskdoes not arise from financial
Currency risk
instruments that are non -monetary items or from
financial instruments denominated in the functional
currency
Does the entity disclose a sensitivity analysis for each
currency to which the enti ty has significant
exposure.
Other price risk
Other price risk arises on financial instruments
because of changes in, for example, commodity prices
or equity prices. To comply with IPSAS 30.47, the
entity might disclose the effect of a decrease in a
specified stock market index, commodity price or
other risk variable.
instruments, For discloses
the entity example, anif an entity gives
increase or
decrease in the value of the assets to which the
guarantee applies.
Two examples of financial instruments that give rise
to equity price risk are a holding of equities in
another entity, and an investment in a trust, which in
turn holds investments in equity instruments. The fair
values of such financial instruments are affected by
changes in the market price of the underlying equity
Under IPSAS 30.47(a), an entity discloses the
sensitivity of surp lus or deficit (that arises, for
example, from instruments classified as at fair value
through surplus or deficit and impairments of
available-for-sale financial assets) separately from the
assets/equity (that arises, for example, from
instruments classified as available-for-sale). Financial
instruments that the entity classifies as equity
instruments are not remeasured. Neither surplus or
deficit nor net assets/equity will be affected by the
equity price risk of those instruments. Accordingly,
Other market risk disclosures
If the sensitivity analyses in IPSAS 30.46 and IPSAS
30.47 are unrepresentative of a risk inherent in a
financial instrument (for example, because the
exposure at the end of the reporting period does not
reflect the exposure during the reporting period),
does the entity disclose that fact and the reason it
believes the sensitivity analyses are unrepresentative
The entity discloses additional information if the
sensitivity analysis is unrepresentative of a risk
inherent in a financial instrument. For example, this
can occur, if:instrument contain s terms and
a.A financial
conditions whose effects are not apparent from the
sensitivity analysis — for example, options that
remain out of (or in) the money for the chosen change
b.Financial assets are illiquid — for example , if there
is a low volum oRe of transactions in similar assets
and
c.Thethe entity
entity finds
has it difficult
a large holding toof
find a counterparty
a financial asset
that, if sold in its entirety, would be sold at a discount
or premium to the quoted market price for a smaller
holding
Puttable instruments and other similar
instruments classified as equity
If the entity reclassifies a puttable financial
instrument classified as an e quity instrument
between financial liabilities and net assets/equity or a
n instrument that imposes on the entity an obligation
to deliver to another party a pro rata share of the net
assets of the entity only on liquidation, and is
classified as an equity instrument between financial
a.The amount reclassified into and out of each
category (financial liabilities or equity)
b.The timing of the reclassification
c.The reason for the reclassification
For puttable financial instruments classified as equity
instruments, does the entity disclose:
a.A summary of quantitative data about the amount
classified as net assets/equity
b.Its objectives, policies and processes for managing
its o bligation to repurchase or redeem the
instruments if required to do so by the instrument
holders, including any changes from the previous
period
 c.The expected cash outflow on redemption or r
epurchase of that class of financial instruments
d.Information about how the expected cash outflow
on redemption or repurchase was determined
– Intangible assets
Does the entity disclose the following for each class
of intangible assets, distinguishing between internally
generated intangible assets and other intangible
assets:
a.Whether the useful lives are indefinite or finite and,
if finite , the useful lives or the amortization rates
used
b.The amortization methods used for intangible
assets with finite useful lives
c.The gross carrying amount and the accumulated
amortization (aggregated with accumulated
impairment losses):
(i)At the beginning of the reporting period
(ii)At the end of the reporting period
d.The line item(s) of the statement of f inancial
performance in which any amorti zation of intangible
assets is included
e.A reconciliation of the carrying amount at the
beginning and end of the reporting period, showing:
(i)Additions, indicating separately those from internal
development, and those acquired separately, and
those acquired through acqusitions
(ii)Disposals
(iii)Increases or decreases during the reporting
period resulting from revaluations under IPSAS
31.74, IPSAS 31.84 and IPSAS 31.85, if any
(iv)Impairment losses recognized in surplus or deficit
during the reporting period under IPSAS 21 or IPSAS
26, if any
(v)Impairment losses reversed in surplus or d eficit
during the reporting period under IPSAS 21 or IPSAS
26, if any
(vi)Any amortization recogni zed during the reporting
period
(vii)Net exchange differences arising on the
translation of the financial statements into the
presentation currency, and on the translation of a
foreign operation into the presentation currency of
the reporting entity
(viii)Other changes in the carrying amount during the
reporting
Classes ofperiod
assets are disaggregated into smaller
classes if thi s results in more relevant information.
Alternatively, it may be necessary to aggregate
classes of revalued assets into larger classes for
disclosure purposes. Classes are not aggregated if
this would result in the combination of classes that
are
Doesmeasured
the entityunder the cost model
disclose:
a.For an intangible asset assessed as having an
indefinite useful life, the carrying amount of that
asset and reasons supporting the assessment of an
indefinite useful life
b.In giving the reasons in a., does the entity describe
the factor(s) that play a significant role in
determining that the asset has an indefinite useful life
c.For any individual intangible asset that is material
to the entity’s financial statements:
(i)A description of that intangible asset
(ii)The carrying amount
(iii)Remaining amorti zation period
d.For intangible assets acquired through a non -
exchange transaction and ini tially recogni zed at fair
value:
(i)The fair value initially recogni zed for these assets
(ii)Their carrying amount
(iii)Whether they are measured after recognition
under the cost model or the revaluation model
 e.The existence and carrying amounts of intangible
assets whose title is restricted and the carrying
amounts of intangible assets pledged as security for
liabilities
f.The amount of contractual commitments for the
acquisition of intangible assets
Revalued intangible assets
If the entity accounts for intangible assets at revalued
amounts, does the entity disclose:
a.By class of intangible assets:
(i)The effective date of the revaluation
(ii)The carrying amount of revalued intangible assets
(iii)The carryin g amount that would have been
recogni zed had the revalued class of intangible
assets been measured after recognition using the cost
model in IPSAS
b.The amount of31.73
the revaluation surpl us that relates
to intangible assets at the beginning and end of the
reporting period, indicating the changes during the
reporting period and any restrictions on the
distribution of the balance to owners
c.The method and significant assumptions applied in
estimating the assets’ fair values
Research and development expenditure
Does the entity disclose the a ggregate amount of
research and development expenditure recognized as
an expense during the reporting period.
Other information
Does the entity disclose :
a.A description of any fully amortized intangible asset
that is still in use
b.A brief description of significant intangible assets
controlled by the entity , but not recognized as assets
because they do not meet the recognition criteria of
IPSAS 31
- Service Concession Arrangement
 The entity (as an operator) may enter into a binding
arrangement with another entity (the grantor) to
provide public services related to service concession
asset on behalf of the grantor
cession arrangement in determining the appropriate
disclosures in the notes. If the entity is a grantor,
does the entity disclose the following information for
each individual material service concession
arrangement or in aggregate for service concession
arrangements involving services of a similar nature in
a.A description of the arrangement
b.Significant terms of the arrangement that may
affect the amount, timing, and certainty of future
cash flows, such as the period of the concession,
repricing dates and the basis upon which repricing or
renegotiation is determined
c.The nature and extent (for example quantity, time
period, or amount) of the following:
(i)Rights to use specified assets
(ii)Rights to expect the operator to provide specified
services in relation to the service concession
arrangement
(iii)The carrying amount of s ervice concession assets
recognized at the end of the reporting period,
including existing assets of the grantor reclassified as
service concessions assets
(iv)Rights to receive specified assets at the end of t
he service concession arrangement
(v)Renewal and termination options
(vi)Other rights or obligations such as major overhau
l of service concession assets
(vii)Obligations to provide the operator with access to
service concession assets or other revenue-
generating assets
d.Changes in the arrangement occurring during the
reporting period
– First-time adoption of accrual basis IPSASs
Does the first -time adopter with financial statements
that comply with IPSAS s make an explicit and
unreserved statement of compliance in the notes to
the financial
statements
Financial statements shall not be described as
complying with IPSASs unless they comply with all
the requirements of IPSASs, and shall be qualified as
accrual-based, IPSAS-complaint
Where a first -time adopter takesfinancial statements.
advantage of the
transitional exemptions in this IPSAS , does the first-
time adopter disclose the following:
a)The extent to which it has taken advantage of the
transitional exemptions that affect the fair
presentation of the financial statements and its ability
to assert compliance with the accrual-based
b)The extent to which it has taken advantage of the
transitional exemptions that do not affect the fair
presentation of the financial compliance with accrual-
To the IPSAS
based extent that a first -time adopter has taken
advantage of the transitional exemptions and
provisions in IPSAS 33 that affect the fair
presentation and compliance with accrual-based
IPSAS in relation to assets, liabilities, revenue and/or
a)Progress made
expenses, does toward
the recognizing,
first-time measuring,
adopter disclose:
presenting and/or disclosing assets, liabilities,
revenue and/or expenses in accordance with the
requirements of the applicable
b)The assets, liabilities, revenueIPSAS
and/or expenses that
have been recognized and measured under an
accounting policy that is not consistent with the
requirements of the applicable IPSAS
c)The assets, liabilities, revenue and/or expenses that
have not bee n measured, presented and/or disclosed
in the previous reporting period, but which are now
recognized, measured, presented and/or disclosed
d)The nature and amount of any adjustments
recognized during the reporting period
e)An indication of how and by when it intends to
comply fully with the requirements of the applicable
IPSAS
Where a first -time adopter takes advantage of the
transitional exemption to not eliminate some
balances, transactions, revenue and expenses, and/ or
where it applies the three-year transitional relief for
the recognition and/or measurement of its interest in
controlled entities, associates or joint ventures in
IPSAS 33.55, does it disclose the nature of the
balances, transactions, revenue and expense and/or
upstream or downstream transaction that have been
eliminated during the reporting period.
Where a first -time adopter is not able to present
consolidated financial statements because of the
transitional exemptions and provisions adopted in
IPSAS 33.58 or
a)The reason why33.62, does it disclose:
the financial statements,
investments in associates or interests in joint
ventures could not be presented as consolidated
financial statements
b)An indication by when the first -time adopter will be
able to present consolidated financial statements
Does the first -time adopter disclose:
a)The date of adoption of IPSA S,
b)Information and explanations about how the
transition from the previous basis of accouting to
IPSAS affected its reported financial positions, and,
where appropriate, its reported financial performance
A
andfirst -time
cash adopter, who hasn’t applied a cash basis
flows
of accounting in its previous financial statements,
does it present in the notes to its transitional IPSAS
financial statements or its first IPSAS financial
a)A reconciliation of its net assets/equity reported in
statements:
accordance with its previous basis of accounting to
its opening balance of net assets/equity at the date of
the adoption of IPSAS
b)A reconciliation of its surplus or deficit in
accordance with its previous accounting to its
opening balance of surplus or deficit at the date of
adoption of IPSAS presented in accordance with
The reconciliation
IPSAS 32.142 shall provide sufficient detail, including
both quantitative and qualitative, to enable users to
understand the material adjustments to the opening
statement of financial position and, where applicable,
the restated comparative statement of financial
performance presented in accordance with accrual-
based
In caseIPSAS.
that narrative explanations are included in o
ther public documents issued in conjunction with the
financial statements, does the first-time adopter
include a cross- reference to those documents in the
notes
In case that th e first -time adopter becomes aware of
errors made under its previous basis of accounting,
does the reconciliations required by IPSAS 33.142
distinguish the correction of those errors from
changes in accounting policies
If the entity did not present financial statements for
previous periods, does its transitional or its first
IPSAS financial statements disclose that fact.
Where a first -time adopter takes advantage of the
exemptions in IPSAS 33.36 -33.43 , which allows a
three-year transitional relief period to not recognize
and/or measure items, does it present as part of the
notes, a reconciliation of items that have been
recognized and/or measured during the reporting
period when these items were not included in
previous reported financial statements. The
reconciliation needs to be presented in each period
when new items are recognized and/or measured in
accordance with IPSAS.
 If a first -time adopter uses fair value, or the
alternative in IPSAS 33. 64, 33. 67 or, as deemed cost
for inventory, investment property, property, plant,
equipement, intangible assets, financial instruments,
or service concession assets, does its financial
a)The aggregate
statements of those fair values or other
disclose:
measurement alternatives that were considered in
determining deemed cost
b)The aggregate adjustment to the carrying amounts
recognized under the previous basis of accounting
c)Whether the deemed cost w as determined on the
date of adoption of IPSAS or during the period of
transition
If a first -time adopter uses fair value as deemed cost
in its opening statement of financial position for an
investment in a controlled entity, joint venture or
associate in its separate financial statements, does its
separated financial statements disclose
a)The aggregate deemed cost of those investments
for which the deemed cost is fair value
b)The aggregate adjustment to the carrying amounts
reported under the previous basis of accounting
Are the disclosure requirements in IPSAS 33.148 and
33.149 fulfilled in each period when new items are
recognized and/or measured until the exemptions
that provided the relief have expired and/or when
relevant assets are recognized and/or measured in
accordance with the applicable IPSAS (whichever is
earlier)
– Separate financial statements
When an entity provides disclosures in its separate
financial statements (including the requirements in
IPSAS 34.20-.23), it shall apply all IPSAS that are
When a controlling entity , in accordance with IPSAS
applicable.
35.5, elects not to prepare consolidated financial
statements and instead prepares separate financial
statements, does it disclose in its separate financial
statements:
a)The fact that the financial statements are separate
financial statements
i.That exemption from consolidation has been used
ii.The name of the entity whose conso lidated
financial statement comply with IPSAS and have been
published
iii.The address were these published financial
statements are obtainable
b)List of significant investments in controlled entities,
joint ventures and associates, including:
i.The name of those controlled entities, joint ventures
and associates
ii.The jurisdiction in which those operate (i f it is
different from that of the controlling entity)
iii.Its proportion of ownership interest held and a
description of how ownership interest has been
determined
c)A description of the method used to account for the
controlled entities , joint ventures and associates
listed under b)
Does an investment entity that is a controlling entity
(other than a controlling entity covered by IPSAS
34.20), prepares separate financial statements as its
only financial statements, disclose the fact. Does the
investment entity also present the disclosures
relating to investment entities required by IPSAS 38,
Disclosure of Interests
If a cont rolling in Other
entity that is notEntities.
itself an investment
entity is required , in accordance with IPSAS 35.56,
to measure the investments of a controlled
investment entity at a fair value through surplus or
deficit in accordance with IPSAS 29, and consolidate
the other assets, liabilities, revenue and expense of
the controlled investment entity, does it disclose the
fact
Does the entity present the disclosure relating to
investment entites required by IPSAS 38, Disclosure
of Interests in Other Entities .
 When the entity is a controlling entity (other than a
controlling entity covered by IPSAS and 34.22) or an
investor with joint control of, or significant influence
over, an investee, does it identify the financial
statements prepared in accordance with IPSAS 35,
IPSAS 36 or IPSAS 37, to which they relate. Does the
controlling entity or investor also disclose in its
separate financial statements:
a)The fact that the statements are separate
statements and the reason s why those statements
are prepared, if not required by legislation or other
authority
b)A list of significant controlled entities, joint
ventures and associates , including:
i.The name of those controlled entities, joint ventures
and associates
ii.The jurisdiction in which those controlled entities,
joint ventures and associates operate (if different
from that of the controlling entity)
iii.Its proportion of the ownership interst held in
those entities and a description of how that
ownership interest has been determined
c)A description of the method used to account for the
controlled entities, joint ventures and associates
listed under b)
If the entity applies IPSAS 3 4 for a period beginning
before 1 January, 2017, does it disclose that fact, and
apply IPSAS 35, 36, 37 and 38 at the same time
—Consolidated financial statements
Does the entit y disclose t he information required by
ISAS 38.15 about significant judgments and
assumptions made in determining that it is an
investment entity (unless it has all of the following
characteristics:
a.It has obtained funds from more than one investor
 b.It has ownership interest in the form of equity or
similar interests
c.It has more than one investment
If the entity applies IPSAS 35 for a period beginning
before 1 January, 2017, does it disclose that fact, and
apply IPSAS 34, 36, 37 and 38 at the same time.
— Investments in associates and joint ventures
If the entity applies IPSAS 3 6 for a period beg inning
before 1 January, 2017, does it disclose that fact, and
apply IPSAS 34, 35, 37 and 38 at the same time.
— Joint arrangements
Transitional
If the entity is provisions
aggregating all previously
proportionately consolidated assets and liabilities
results in negative net assets, it is required to assess
whether it has legal or constructive obligations in
relation to the negative net assets and, if so, the
entity is required to recognize the corresponding
liability. If the entity concludes that it does not have
legal or constructive obligations in relation to the
negative net assets, it shall not recognize the
corresponding liability, but it is required to adjust
accumulated surplus or deficit at the beginning of the
immediately preceding period. Does the entity
disclose this fact, along with its cumulative
unrecognized share of losses of its joint ventures as
at the beginning of the immediately preceding period
and atthe
Does theentity
date at which aIPSAS
disclose 37 is first
breakdown applied.
of the assets
and liabilities that have been aggregated into the
single line investment balance as at the beginning of
the immediately preceding period. Is the disclosure
prepared in an aggregated manner for all joint
ventures for which the entity applies the transition
requirements referred to in IPSAS 37.32–36
 If the entity applies IPSAS 3 7 for a period beginning
before 1 January, 2017, does it disclose that fact, and
apply IPSAS 34, 35, 37 and 38 at the same time
– Disclosure of interests in other entities
disclose information that enables users of its financial
statements to evaluate:
(a) The nature of, and risks associated with, its
interests in controlled entities, unconsolidated
controlled entities, joint arrangements and
associates, and structured entities that are not
consolidated
(b) The effects of those interests on its financial
To meet the objective in IPSAS 38.1, does the entity
disclose:
a.The significant judgments and assumpti ons it has
made nature
i.The in determining:
of its interest in another entity or
arrangement
ii.The type of joint arrangement in which it has an
interest (paragraphs 12 –14)
iii.That it meets the definition of an investment entity,
if applicable (paragraph 15)
b. Information about its interests in:
i.Controlled entities (paragraphs 17 –26)
ii.Joint arrangements and associates (paragraphs 35 –
39)
iii.Structured entities that a re not consolidated
(paragraphs 40–48)
iv.Non-quantifiable ownership interests (paragraphs
49 –50)
v.Controlling interests acquired with the intention of
disposal
(paragraphs 51–57)
If the disclosures required by IPSAS 38 , together
with disclosures required by other IPSAS, do not
meet the objective in IPSAS 38.1, does the entity
disclose additional information that is necessary to
meet that objective.
Does the entity consider the level of detail necessary
to satisfy the disclosure objective in IPSAS 38.1 and
does it consider how much emphasis to place on each
of the requirements in IPSAS 38. Does it aggregate or
disaggregate disclosures so that useful information is
not obscured by either the inclusion of a large
amount of insignificant detail or the aggregation of
items that have different characteristics (see
paragraphs AG2–AG6).
Significant judgments and assumptions
Does the entity disclose the methodology used to
determine:
a. That it has control of another entity as described in
IPSAS 35 .18 and 35.20
b. That it has joint control of an arrangement or
significant influence over another entity
c. The type of joint arrangement (i.e., joint operation
or joint venture) when the arrangement has been
structured through a separate vehicle
given in the financial statements or incorporated by
cross-reference from the financial statements to some
other statement that is available to users of the
financial statements on the same terms as the
financial statements and at the same time. IPSAS
38.13 states that without the information
incorporated by cross-reference, the financial
statements are incomplete and that the use of such
cross-referencing may be subject to jurisdictional
To comply with IPSAS 38.12, does the entity
disclose , for example, the factors considered in
determining
a)It contr olsthat:
a specific entity (or similar category of
entities) where the interest in the other entity is not
evidenced by the holding of equity or debt
instruments
b)It does not control another entity ( or category of
entities) even though it holds more than half of the
voting rights of the other entity (or entities)
c)It controls another entity (or category of entities)
even though it holds le ss than half of the voting
rights of the other entity (or entities)
d)It is an agent or a principal (see paragraphs AG60 –
AG74 of IPSAS 35)
e)It does not have significant influence even though it
holds 20 % or more of the voting rights of another
entity
f)It has significant influence even though it holds less
than 20 % of the v oting rights of another entity
When a controlling entity determines that it is an
investment entity in accordance with IPSAS 35, does
the investment entity disclose information about
significant judgments and assumptions it has made in
determining that it is an investment entity.
An investment entity is not required to disclose this
information if it has all of the characteristics in
paragraph 61 ofbecomes,
When an entity IPSAS 35.or ceases to be, an
investment entity, does it disclose the change of
investment entity status and the reasons for the
change. In addition, does the entity that becomes an
investment entity disclose the effect of the change of
status on the financial statements for the period
a)The total including:
presented, fair value, as of the date of change of
status, of the controlled entities that cease to be
consolidated
b)The total gain or loss, if any, calculated in
accordance with IPSAS 35 .64
c)The line item(s) in surplus or deficit in which the
gain or loss is recognized (if not presented
separately)
Interests in controlled entities
Does the entity disclose information that enables
users of its consolidated financial statements:
a)To understand:
i.The composition of the economic entity
ii.The interest that non -controlling interests have in
the economic entity’s activities and cash flows
(paragraph 19)
b)To evaluate:
i.The nature and extent of significant restrictions on
it s ability to access or use assets, and settle
liabilities, of the economic entity (paragraph 20)
ii.The nature of, and changes in, the risks associated
with its interests in consolidated structured entities
(paragraphs 21–24)
iii.The consequences of changes in its ownership
interest in a controlled entity that do not result in a
loss of control (paragraph 25)
iv.The consequences of losing control of a controlled
entity during
When the the reporting
financial period
statements of a(paragraph
control led 26)
entity
used in the preparation of consolidated financial
statements are as of a date or for a period that is
different from that of the consolidated financial
statements (see paragraph 46 of IPSAS 35) does the
entity disclose:
a)The date of the end of the reporting period of the
financial statements of that controlled entity
b)The reason for using a different date or period
Does an entity disclose for each of its controlled
entities that have non -controlling interests that are
material to the reporting entity:
a)The name of the controlled entity
b)The domicile and legal form of the controlled
entity , and the jurisdiction in which it operates
c)The proportion of ownership interests held by non -
controlling interests
d)The proportion of voting rights held by non -
controlling interests if different from the proportion
of ownership interests held
e)The surplus or defic it allocated to non -controlling
interests of the controlled entity during the reporting
period
f)Accumulated non -controlling interests of the
controlled entity at the end of th e reporting period
g)Summarized financial information about the
controlled entity (see paragraph AG10)
Does the enti ty disclose :
a) Significant restrictions in binding arrangements
(e.g., statutory, contractual and
regulatory restrictions) on its ability to access or use
the assets and settle the liabilities of the economic
entity,
i.Thosesuch
that as:
restrict the ability of a controlling entity
or its controlled entities to transfer cash or other
assets to (or from) other entities within the economic
entity
ii.Guarantees or other requirements that may restrict
dividends and other capital distributions being paid,
or loans and advances being made or repaid, to (or
from) other entities within the economic entity
b)The nature and extent to which protective rights of
non -controlling interests can significantly restrict the
entity’s ability to access or use the assets and settle
the liabilities of the economic entity (such as when a
controlling entity is obliged to settle liabilities of a
controlled entity before settling its own liabilities, or
approval of non-controlling interests is required
either to access the assets or to settle the liabilities of
a controlled entity)
c)The carrying amounts in the consolidated financial
statements of the assets and liabilities to which those
restrictions apply
Does the entity disclose the terms of any binding
arrangements that could require the controlling
entity or its controlled entities to provide financial
support to a consolidated structured entity, including
events or circumstances that could expose the
reporting entity to a loss (e.g., liquidity arrangements
or credit rating triggers associated with obligations to
purchase assets of the structured entity or provide
If during support).
financial the reporting period a controlling entity or
any of its controlled entities has, without having an
obligation under a binding arrangement to do so,
provided financial or other support to a consolidated
structured entity (e.g., purchasing assets of, or
instruments issued by, the structured entity), does
a)The typedisclose:
the entity and amount of support provided, including
situations in which the controlling entity or its
controlled entities assisted the structured entity in
obtaining financial support
b)The reasons for providing the support
If during the reporting period a controlling entity or
any of its controlled entities has, without having an
obligation under a binding arrangement to do so,
provided financial or other support to a previously
unconsolidated structured entity and that provision of
support resulted in the entity controlling the
structured entity, does the entity disclose an
explanation of the relevant factors in reaching that
decision.
Does the entity disclose any current intentions to
provide financi al or other support to a consolidated
structured entity, including intentions to assist the
structured entity in obtaining financial support.
Does the entity present a schedule t hat shows the
effects on the net assets/equity attributable to owners
of the controlling entity of any changes in its
ownership interest in a controlled entity that do not
result in a loss of control.
Does the entity disclose the gain or loss, if any,
calculated in accordance with paragraph 52 of IPSAS
35 and:
a)The portion of that gain or loss attributable to
measuring any investment retained in the former
controlled entity at its fair value at the date when
control is lost
b)The line item(s) in surplus or deficit in which the
gain or loss is recognized (if not presented
separately)
Interests in unconsolidated controlled entities
(investment entities)
Does the investment entity that, in accordance with
IPSAS 35 , is required to apply the exception to
consolidation and instead account for its investment
in a controlled entity at fair value through surplus or
deficit
For eachdisclose that fact. controlled entity, does the
unconsolidated
investment entity disclose:
a) The controlled entity’s name
b) The domicile and legal form of the controlled entity
and the jurisdiction i n which it operates
c) The proportion of ownership interest held by the
investment entity and, if different, the proportion of
voting rights heldentity is the controlling entity of
If an investment
another investment entity, does the controlling entity
also provide the disclosures in paragraph 28(a)–(c)
for investments that are controlled by its controlled
investment entity. The disclosure may be provided by
including, in the financial statements of the
controlling entity, the financial statements of the
controlled entity (or controlled entities) that contain
the above information.
Does the investment entity disclose:
a) The nature and extent of any significant
restrictions arising from binding arrangements (e.g.,
resulting from borrowing arrangements, regulatory
requirements or contractual arrangements) on the
ability of an unconsolidated controlled entity to
transfer funds to the investment entity in the form of
cash dividends, or similar distributions, or to repay
loans or advances made to the unconsolidated
controlled entity by the investment entity
b) Any current commitments or intentions to provide
financial or other support to an unconsolidated
controlled entity, including commitments or
intentions to assist the controlled entity in obtaining
financial support
Does the investment entity disclose the terms of any
binding arrangements that could require the entity or
its unconsolidated controlled entities to provide
financial support to an unconsolidated, controlled,
structured entity, including events or circumstances
that could expose the reporting entity to a loss (e.g.,
liquidity arrangements or credit rating triggers
associated with obligations to purchase assets of the
structured entity or to provide financial support).
If during the reporting period an investment entity or
any of its unconsolidated controlled entities has,
without having an obligation arising from a binding
arrangement to do so, provided financial or other
support to an unconsolidated, structured entity that
the investment entity did not control, and if that
provision of support resulted in the investment entity
controlling the structured entity, does the investment
entity disclose an explanation of the relevant factors
in reaching the decision to provide that support.
Does the controlling entity that controls an
investment entity and is no t itself an investment
entity, disclose in its consolidated financial
statements, the information required by paragraphs
27 to 33 in respect of such unconsolidated controlled
entities.
Does the entity disclose information that enables
users of its financial statements to associates,
including the nature and effects of its relationship
with the other investors with joint control of, or
significant influence over, joint arrangements and
associates
a) (paragraphs
The nature, extent and36financial
and 38) effects of its
interests in joint arrangements and associates,
including the nature and effects of its relationship
with the other investors with joint control of, or
significant influence over, joint arrangements and
associates (paragraphs 36 and 38)
b) The nature of, and changes in, the risks associated
with its interest s in joint ventures and associates
(paragraph 39)
Does the entity disclose:
a)For each joint arrangement and associate that is
material to the reporting entity:
i.The name of the joint arrangement or associate
ii.The nature of the entity’s relationship with the joint
arrangement or associate (by, for example, describing
the nature of the activities of the joint arrangement
or associate and whether they are strategic to the
entity’s activities)
iii.The domicile and legal form of the joint
arrangement or associate and the jurisdiction in
which it operates
iv.The proportion of ownership interest or
participating share held by the entity and, if different,
the proportion of voting rights held (if applicable)
b)For each joint venture and associate that is
material to the reporting entity:
i.Whether the investment in the joint venture or
associate is measured using the equity method or at
fair value
ii.Summarized financial information about the joint
venture or associate as specified in paragraphs AG12
and AG13
iii.If the joint venture or associate is account ed for
using the equity method, the fair value of its
investment in the joint venture or associate, if there
is a quoted market price for the investment
c)Financial information as specified in paragraph
AG16 about the entity’s investments in joint ventures
and associates that are not individually material:
i.In aggregate for all individually immaterial joint
ventures
ii.In aggregate for all individually immaterial
associates — this aggregated information to be
disclosed separately from the aggregated information
on joint ventures
An investment entity is not required to provide the
disclosures in IPSAS 38. 36(b)–36(c).
Does the entity also disclose:
a)The nature and extent of any significant restrictions
(e.g., resulting from borrowing arrangements,
regulatory requirements or binding arrangements
between investors with joint control of, or significant
influence over, a joint venture or an associate) on the
ability of joint ventures or associates to transfer funds
to the entity in the form of cash dividends or similar
distributi ons, or to repay loans or advances made by
the entity
b)When the financial statements of a joint venture or
associate used in applying the equity method are as
of a date or for a period that is different from that of
the entity:
i.The date of the end of the reporting period of the
financial statements of that joint venture or associate
ii.The reason for using a different date or period
c)The unrecognized share of losses of a joint venture
or associate, both for the reporting period and
cumulatively, if the entity has stopped recognizing its
share of losses of the joint venture or associate when
applying the equity method
Does the entity disclose:
a)Commitments that it has relating to its joint
ventures separately from the amount of other
commitments as specified in paragraphs AG17–AG19
b)In accordance with IPSAS 19, Provisions,
Contingent Liabilities and Contingent Assets, unless
the probability of loss is remote, contingent liabilities
incurred relating to its interests in joint ventures or
associates (including its share of contingent liabilities
incurred jointly with other investors with joint control
of, or significant influence over, the joint ventures or
associates), separately from the amount of other
Interests
contingentin structured entities that are not
liabilities
consolidated
Does the entity disclose information that enables use
rs of its financial statements:
a)To understand the nature and extent of its interests
in structured entities that are not consolidated
(paragraphs 43–45)
b)To evaluate the nature of, an d changes in, the risks
associated with its interests in structured entities
that are not consolidated
An investment entity need(paragraphs
not provide 46–48)
the disclosures
requi red by IPSAS 38. 40 for a structured entity that
it controls, but which is not consolidated, and for
which, it presents the disclosures required by
Does the entity
paragraphs disclose qualitative and quantitative
27–33.
information a bout its interests in structured entities
that are not consolidated, including, but not limited
to, the nature, purpose, size and activities of the
structured entity, and how the structured entity is
financed.
If an entity has sponsored a structured entity that is
not consolidated for which it does not provide
information required by paragraph 46 (e.g., because
it does not have an interest in the entity at the
reporting date), does the entity disclose:
a) How it has determined which structured entities it
has sponsored
b) Revenue from those structured entities during the
reporting period, including a description of the types
of revenue presented
c) The carrying amount (at the time of transfer) of all
assets transferred to those structured entities during
the reporting period
Does the entity present the information in IPSAS 38
paragraph 44(b) and (c) in tabular format, unless
another format is more appropriate, and classify its
sponsoring activities into relevant categories (see
paragraphs AG2–AG6).
Does the entity disclose in tabular format, unless
another format is more appropriate, a summary of:
a) The carrying amounts of the assets and liabiliti es
recognized in its financial statements relating to its
interests in structured entities that are not
consolidated
b) The line items in the statement of financial position
in which those assets and liabilities are recognized
c) The amount that best represents the entity’s
maximum exposure to loss from its interests in
structured entities that are not consolidated,
including how the maximum exposure to loss is
determined (If an entity cannot quantify its maximum
exposure to loss from its interests in structured
entities that are not consolidated does it disclose that
fact
d) A and the reasons)
comparison of the carrying amounts of the assets
and liabilities of the entity that relate to its interests
in structured entities that are not consolidated and
the entity’s maximum exposure to loss from those
entities
If during the reporting period an entity has, without
having an obligation under a binding arrangement to
do so, provided financial or other support to a
structured entity that is not consolidated in which it
previously had or currently has an interest (for
example, purchasing assets of, or instruments issued
by, the structured entity), does the entity disclose:
a) The type and amount of support provided,
including situations in which the enti ty assisted the
structured entity in obtaining financial support
b) The reasons for providing the support
Does the entity disclose any current intentions to
provide financial or other support to a structured
entity that is not consolidated, including intentions to
assist the structured entity in obtaining financial
support. Such current intentions include intentions to
provide support as a result of obligations under
binding arrangements and intentions to provide
support where the entity has no obligation under a
binding arrangement.
Non-quantifiable ownership interests
Does the entity disclose information that enables
users of its financial statements to understand the
nature and extent of any non-quantifiable ownership
To the extent
interests thatentities.
in other this information has not already
been provided in accordance with IPSAS 38, does the
entity disclose, in respect of each non-quantifiable
ownership interest that is material to the reporting
a) The name of the entity in which it has an
entity:
ownership interest
b) The nature of its ownership interest in the entity
Controlling interests acquired with the intention of
disposal
Does the entity, other than an investment entity,
disclose information regarding its interest in a
controlled entity when, at the point at which control
arose, the entity had the intention of disposing of that
interest and, at the reporting date, it has an active
intention to dispose of that interest.
 Does the entity disclose the fol lowing information in
the notes in respect of each controlled entity referred
to in IPSAS 38.51:
a)The name of the controlled entity and a description
of its key activities
b)The rationa le for the acquisition of the controlling
interest and the factors considered in determining
that
c)Thecontrol
impactexists
on the consolidated financial statements
of consolidating the contro lled entity, including the
effect on assets, liabilities, revenue, expenses and
netassets/equity
d)The current status of the approach to disposal,
including the expected method and timing of disposal
Are t he disclosures required by IPSAS 38 .55
provided at each reporting date until the entity
disposes of the controlling interest or ceases to have
the intention to dispose of that interest. In the period
in which the entity disposes of the controlling interest
or ceases to have the intention to dispose of the
a)The fact tha
controlling t there
interest hasitbeen
does a disposal or change
disclose:
of intention
b)The effect of the disposal or change of intention on
the consolidated financial statements
Where other disclosures required by IPSAS 38 or the
other IPSAS would provide information relevant to
paragraphs 55 or 56 or IPSAS 38, does the entity
provide a cross-reference to those other disclosures.
— Employee benefits
Although IPSAS 39 does not require specific
disclosures about short -term employee benefits,
other Standards may require disclosures. For
example, IPSAS 20 requires disclosures of the
aggregate remuneration of key management
personnel and IPSAS 1, Presentation of Financial
If an entity participates in a multi -employer defined
benefit plan and unless IPSAS 39.34 (see item 3 34)
applies, does it disclose the information required by
items
When 339-352
sufficient(excluding item
information 352available
is not (d)). to use
defined benefit accounting for a multi-employer
defined benefit plan, does the entity disclose the
information required by item 351
Defined benefit plans that share risks between
various entities under common control
Defined benefit plans that share risks between
various entities under common control (for example,
a controlling entity and controlled entities) are not
multi-employer plans. Participation in such a plan is a
related party
Does t he transaction
controlled for
entity each entity
disclose that it accounts
on a defined contribution basis in its s eparate
financial
Does t hestatements
controlled entity disclose the information
required by item 352 in its separate or individual
financial
Post statements.benefits — defined
-employment
contribution plans
Does the entity disclose the amount recognized as an
expense for defined contribution plans.
Where required by IPSAS 20, does the entity disclose
information about contributions to defined
contribution plans for
Post -employment key management
benefits — definedpersonnel.
benefit
plans
Accounting for defined benefit plans may imply to
account for actuarial gains and losses. Moreover, the
defined benefit obligations need to be measured on a
discounted basis. Defined benefits plans in the public
sector may be unfunded, or they may be wholly or
partly funded by contributions by an entity, and
sometimes, its employees, into an entity, or fund that
is legally separate from the reporting entity and from
which the employee benefits are paid. In the case of a
defined benefit plan, the entity is, in substance,
underwriting the actuarial and investment risks
associated with the plan. IPSAS 39.59 outlines the
Does the entityofdisclose
a)Explanation the following
the characteristics ofinformation
its defined :
benefit plans and risks associated with them (see
IPSAS 39.141)
b)Identification and explanation of the amounts in its
financial statements arising from its defined benefit
plans (see IPSAS 39.142–144)
c)Description of how its defined benefit plans may
affect the amount, timing and uncertainty of the
entity’s
To meetfuture cash flows
the objectives (see IPSAS
in item 339, an39.147–150)
entity shall
consider
a)The allof
level the following:
detail necessary to satisfy the
disclosure
b)How much requirements
emphasis to place on each of the various
requirements
c)How much aggregation or disaggregation to
undertake
d)Whether users of financial statements need
additional information to evaluate the quantitive
information disclosed
Does the entity disclose additional information, if the
disclosures provided in accordance with the
requirements in IPSAS 39 and the other IPSAS are
insufficient to meet the objectives in item 339.
For example, an entity may present an analysis of the
present value of the defined benefit obligation that
distinguishes the nature, characteristics and risks of
the obligation . Such a disclosure could distinguish:
a)Between amounts owing to active members,
deferred
b)Between members and pensioners
vested benefits and accrued but not
vested benefits
c)Between conditional benefits, amounts attributable
to future salary increases and other benefits
Does the entity assess whether all or some
disclosures should be disaggregated to distinguish
plans or groups of plans with materially different
risks . For example, an entity may disaggregate
disclosure about plans showing one or more of the
a)Different geographical locations
b)Different characteristics , such as flat salary
pension plans and final salary pension plans Or
c)Different regulatory environments
d)Different reporting segments
e)Different funding arrangements (e .g.,wholly
unfunded, wholly or partly funded)
Does the entity disclose:
(a)Information about the characteristics of its defined
benefit plans, including:
(i)The nature of the benefits provided by the plan
(e.g., final salary -defined benefit plan or
contribution-based plan with guarantee)
(ii)A description of the regulatory framework in which
the plan operates, for example , the level of any
minimum funding requirements, and any effect of the
regulatory framework on the plan, such as the asset
ceiling (see IPSASof39.66)
(iii)A description any other entity’s responsibilities
for the governance of the plan, for example,
responsibilities of trustees
b)A description of the risk s to which the plan exposes
the entity, focused on any unusual, entity - specific or
plan-specific risks, and of any significant
concentrations of risk — for example, if plan assets
are invested primarily in one class of investments,
e.g., property, the plan may expose the entity to a
concentration of property market risk
c)A description of any plan amendments, curtailments
and settlements
d)The basis on which the discount rate has been
determined
Does the entity provide a reconciliation from the
opening balance to the closing balance for each of the
following, if applicable:
a)The net defined benefit liability (asset), showing
separate reconciliations for:
(i)Plan assets
(ii)The present value of the defined benefit obligation
(iii)The effect of the asset ceiling
(b) Any reimbursement rights — an entity shall also
describe the relationship between any reimbursement
right and the related obligation
For each reconciliation listed in item 341, does the
entity show each of the following, if applicable:
a)Current service cost
b)Interest revenue or expense
c)Remeasurements of the net defined benefit liability
(asset), showing separately:
(i)The return on plan asse ts, excluding amounts
included in interest in (b)
(ii)Actuarial gains and losses arising from changes in
demographic assumptions (see IPSAS 39.78(a))
(iii)Actuarial gains and losses arising from changes in
financial assumptions (see IPSAS 39.78(b))
(iv)Changes in the effect of limiting a net defined
benefit asset to the asset ceili ng, excluding amounts
included in interest in (b) (An entity shall also
disclose how it determined the maximum economic
benefit available, i.e., whether those benefits would
be in the form of refunds, reductions in future
contributions or a combination of both.)
d)Past service cost , and gains and losses arising from
settlements (As permitted by IPSAS 39.102, past
service cost, and gains and losses arising from
settlements need not be distinguished, if they occur
e)The effect of changes in foreign exchange rates
f)Contributions to the plan, showing separately those
by the employer and by plan participants
g)Payments from the plan, showing separately the
amount paid in
h)The effects ofrespect of anycombinations
public sector settlements and
disposals
Does the entity disaggregate the fair value of the plan
assets into classes that distinguish the nature and
risks of those assets, subdividing each class of plan
asset into those that have a quoted market price in an
active market and those that do not. For example,
and considering the level of disclosure discussed in
a)Cash and cash equivalents
b)Equity instruments (segregated by industry type,
company size, geography, etc.)
c)Debt instruments (segregated by type of issuer,
credit quality, geography, etc.)
d)Real estate (segregated by geography , etc.)
e)Derivatives (segregated by type of underlying risk
in the contract, for example, interest rate contracts,
foreign exchange contracts, equity contracts, credit
contracts, longevity swaps, etc.)
f)Investment funds (segregated by type of fund)
g)Asset-backed securities
h)Structured debt
Does t he entity disclose the fair value of the entity’s
own transferable financial instruments held as plan
assets, and the fair value of plan assets that are
property occupied by, or other assets used by, the
entity
Does t he entity disclose the significant actuarial
assumptions used to determine the present value of
the defined benefit obligation (see IPSAS 39.78).
Such disclosure shall be in absolute terms (e .g., as
an absolute percentage, and not just as a margin
between different percentages and other variables) .
When an entity provides disclosures in total for a
grouping of plans, it shall provide such disclosures in
the form of weighted averages or relatively narrow
Does the entity discl ose:
a)A sensitivity analysis for each significant actuarial
assumption (as disclosed under item 345) as of the
end of the reporting period, showing how the defined
benefit obligation would have been affected by
changes in the relevant actuarial assumption that
were
b)Thereasonably
methods andpossible at that used
assumptions date. in preparing
the sensitivity analys is required by (a) and the
limitations of those methods
c)Changes from the previous period in the methods
and assumptions used in preparing the sensitivity
analysis, and the reasons for such changes
Does t he entity disclose a description of any asset -
liability matching strategies used by the plan or the
entity, including the use of annuities and other
techniques,
To provide ansuch as longevity
indication of theswaps,
effect to
of manage risk .
the defined
benefit plan on the entity’s future cash flows,does the
entity disclose
a)Description of any funding arrangements and
funding polic ies that affect f uture contributions
b)The expected contributions to the plan for the next
reporting period
c)Information about the maturity profile of the
defined benefit obligation (This will include the
weighted average duration of the defined benefit
obligation and may include other information about
the distribution of the timing of benefit payments,
such as a maturity analysis of the benefit payments)
Multi-employer plans
If an entity participates in a multi -employer defined
benefit plan, does
a)A description it disclose:
of the funding arrangements,
including the method used to determine the entity’s
rate of contributions and any minimum funding
requirements
b)A description of the extent to which the entity can
be liable to the plan for other entities’ obligations
under the terms and conditions of the multi-employer
plan
c)A description of any agreed allocation of a deficit or
surplus on:
(i)Wind-up of the plan Or
(ii)The entity’s withdr awal from the plan
d)If the entity accounts for that plan as if it were a
defined contribution plan in accordance with IPSAS
39.34, does it disclose the following, in addition to the
information required by (a), (b) and(c), and instead of
the information required by IPSAS 39.141–149:
(i)The fact that the plan is a defined benefit plan
(ii)The reason why sufficient information is n ot
available to enable the entity to account for the plan
as a defined benefit plan
(iii)The expected contributions to the plan for the
next reporting pe riod
(iv)Information about any deficit or surplus in the
plan that may af fect the amount of future
contributions, including the basis used to determine
that deficit or surplus and the implications, if any, for
the entity
(v)An indication of the level of participation of the
entity in the plan compared with other participating
entities (Examples of measures that might provide
such an indication include the entity’s proportion of
the total contributions to the plan or the entity’s
proportion of the total number of active members,
retired members, and former members entitled to
benefits, if that information is available.)
Defined benefit plans that share risks between
entities under
If an entity common
participates in control
a defined benefit plan that
shares risks between entities under common control,
does
a)Theitcontractual
disclose: a greement or stated policy for
charging the net defined benefit cost or the fact that
there is no such policy
b)The policy for determining the contribution to be
paid by entity
c)If the the entity
accounts for an allocation of the net
defined benefit cost as noted in IPSAS 39.41, all the
information about the plan as a whole required by
items 3397–350
d)If the entity accounts for the contribution payable
for the period as noted in IPSAS 39.41, the
information about the plan as a whole required by
items 339-341, 342,
The information 345-347,
required and s350(a)
by item 352(c)and
and350(d) (b)
can
be disclosed by cross-reference to disclosures in
another groupentity’s
a)That group entity’sfinancial
financialstatements
statements, if:
separately
identify and disclose the information required about
the plan
b)That group entity’s financial statements are
available to users of the financial statements on the
same terms as the financial statements of the entity
and at the same time as, or earlier than, the financial
statements of thebyentity
Where required IPSAS 20, does the entity disclose
information about:
 a)Related party transactions with post -employment
benefit plans , other long -term employee benefits or
termination benefits benefits, long -term employee
b)Post -employment
benefits or termination benefits for key management
personnel
Where required by IPSAS 19, does the entity disclose
information about contingent liabilities arising from
post-employment benefit obligations
– Public sector combinations
Disclosure
The resulting requirements for amalgamations
entity is required to disclose
information that enables users of its financial
statements to evaluate the nature and financial effect
of an amalgamation.
A resulting entity is the entity that is the result of two
or more operations co mbining in an amalgamation.
An operation is defined by IPSAS 40.5 as an
integrated set of activities and related assets and/or
liabilities that is capable of being conductedand
managed for the purpose
Does the resulting of achieving
entity disclose an entity's
the following
information for each amalgamation that occurs
during the reporting
(a)The name period: of each combining
and a description
operation
(b)The amalgamation
(c)The primary reasonsdate
for the amalgamation ,
including, where applicable, the legal basis for the
amalgamation
(d)The amounts recognized as of th e amalgamation
date for each major class of assets and liabilities
transferred
(e)The adjustments made to the carrying amounts of
assets and liabilities recorded by each combining
operation as of the
(i)To eliminate the effect
amalgamation date: between
of transactions
combinin g operations in accordance with IPSAS
40.22
(ii)To conform to the resulting entity's accounting pol
icies in accordance with IPSAS 40. 27
(f)An analysis of net assets/equity, including any
components that are presented separately, and any
significant adjustments, such as revaluation surpluses
or deficits, recognized in accordance with IPSAS
40.37–38
(g)If a resulting entity elects to present financial
statements for periods prior to the amalgamation
date in accordance with IPSAS 40.52, does the
resulting entity disclose the following information for
(i)A statement of financial position as at the end of
the prior
(ii)A period(s)
statem ent of financial performance for the prior
period(s)
(iii)A statement of changes in net assets/equity for
the prior period(s)
(iv)A cash flow statement for the prior period(s)
(v)Notes, comprising a summary of significant
accounting policies and other explanatory notes.
The resulting entity shall not restate this information,
but shall disclose the information on the same basis
as used in the combining operations’ financial
statements. The resulting entity shall disclose the
basis on which this information is presented.
(h)If, at the time the financial statements of the
resulting entity are authorized for issue, the last
reporting date of any of the combining operations
does not immediately precede the amalgamation
date, does the resulting entity disclose the following
(i)The amounts of revenue and expense, and the
surplus or deficit of each combining operation from
the last reporting date of the combining operations
until the amalgamation date.The amounts of revenue
shall be analyzed in a manner appropriate to the
entity's operations,in accordance with IPSAS
1.108.The amounts of expense shall be analyzed
using a classification based on either the nature if
expenses or their function within the
entity,whichever provides information that is
faithfully represententive and more relevent,in
accordance with IPSAS 1.109.
(ii)The amounts reported by each combining
operation immediately prior to the amalgamation
date for each major class of assets and liabilities.
(iii)The amounts reported by each combining
operation immediately prior to the amalgamation
date for each major
The resulting entity class
is notof assets and
required liabilities
to disclose this
information where it has elected to present financial
statements for periods prior to the amalgamation
date as specified in IPSAS 40.55 (g).
The resulting entity is required to disclose
information that enables users of its financial
statements to evaluate the financial effects of
adjustments recognized in the current reporting
period that relate to amalgamations that occurred in
(a)If the initial accounting for an amalgamation is
incomplete (see IPSAS 40.40) for particular assets or
liabilities, and the amounts recognized in the
financial statements for the amalgamation thus have
been determined only provisionally:
(i)The reasons why the initial accounting for the
amalgamation is incomplete
(ii)The assets or liabilities for which the initial
accounti ng is incomplete
(iii)The nature and amount of any measurement
period adjustments recognized during the reporting
period in accordance with IPSAS 40.43
(b)If amounts of tax due are forgiven as a result of the
terms of the amalgamation (see IPSAS 40. 33– 34):
(i)The amount of tax due that was forgiven
(ii)Where the resulting entity is the tax authority,
details of the adjustment
If the specific disclosures made to tax
required by receivable.
this and the
other IPSAS do not meet the objectives set out in
IPSAS and 40.55 , the resulting entity shall disclose
whatever additional information is necessary to meet
Disclosure
The acquirerrequirements for acquisitions
is required to disclose information that
enables users of its financial statements to evaluate
the nature and financial effect of an acquisition that
occurs either:
a)During the current reporting period Or
b)After the end of the reporting period but before the
financial statements are authorized for issue
To meet the objective in IPSAS 40.119 , does the
acquirer disclose the following information for each
acquisition
a)The namethat
and occurs during of
a description thethe
reporting
acquiredperiod:
operation
b)The acquisition dat e
c)The percentage of voting equity interests or
equivalent acquired
d)The primary reasons for the acquisition and a
description of how the acquirer obtained control of
the acquired operation, including, where applicable,
the legal basis for the acquisition
e)A qualitative description of the factors that make up
the goodwill recognized, such as expected synergies
from combining the operations of the acquired
operation and the acquirer, intangible assets that do
not qualify for transferred
consideration separate recognition or other factors
and the acquisition -date
fair value of each major class of consideration, such
as:
(i)Cash
(ii)Other tangible or int angible assets, including an
operation or controlled entity of the acquirer
(iii)Liabilities incurred, for example, a liability for
contingent consideration
(iv)Equity interests of the acquirer, including the
number of instruments or interests issued or issuable
and the method of measuring the fair value of those
instruments or interests
g)For contingent consideration arrangements and
indemnification assets:
(i)The amount recognized as of the acquisition date
(ii)A description of the arrangement and the basis for
d etermining the amount of the payment
(iii)An estimate of the range of outcomes
(undiscounted) or, if a range cannot be estimated,
that fact and the reasons why a range cannot be
estimated (If the maximum amount of the payment is
unlimited, does the acquirer disclose that fact)
h)For acquired receivables by major class of
receivable (such as loans, direct finance leases, etc.)
(i)The fair value of the receivables
(ii)The gross amounts receivable in accordance with a
binding arrangement
(iii)The best estimate at the a cquisition date of the
cash flows in accordance with a binding arrangement
not expected to be collected
i)The amounts recognized as of the acquisition date
for each major class of assets acquire d and liabilities
assumed
j)For each contingent liability recognized in
accordance with IPSAS 40. 77, the information
required in IPSAS 19.98 and if a contingent liability is
not recognized because its fair value cannot be
measured reliably, required
(i)The information does the by
acquirer disclose:
paragraph 100 of
IPSAS
(ii)The 19
reasons why the liability cannot be measured
reli ably
k)The total amount of goodwill that is expected to be
deductible for tax purposes
l)For transactions that are recognized separa tely
from the acquisition of assets and assumption of
liabilities in the acquisition in accordance with IPSAS
40.109:
(i)A description of each transaction
(ii)How the acquirer accounted for each transaction
(iii)The amounts recognized for each transaction and
the line item in the financial statements in which
each amount is recognized
(m)Does t he disclosure of separately recognized tr
(iv)If the transaction
ansactions required byis the effective
(l) include thesettlement
amount ofof a
pre -existing relationship,
acquisition-related the separately,
costs and, method used toamount
the
determine the recognized
of those costs settlement amount
as an expense andthe line item or items in the
statement of financial performance in which those
expenses are recognized; is the amount of any issue
costs not recognized as an expense and how they

(n)In an acquisition in which a loss is recognized in

surplus or deficit
(i)The amount (seeloss
of the IPSAS 40.86) : in accordance
recognized
with IPSAS 40.86 and the line item in the statement
of financial performance in which the loss is
recognized
(ii)A description of the re asons why the transaction
resulted in a loss
o)In
(i)Thea bargain purchase
amount of (see
any gain IPSAS 40.88
recognized –40.90):
in accordance
with paragraph 88 and the line item in the statement
of financial performance in which the gain is
recognized
(ii)A description of the reasons why the transaction
resulted
p)For eachin a gain
acquisition in which the acquirer holds
less than 100 % of the quantifiable ownership
interests or equivalent in the acquired operation at
the acquisition date:
(i)The amount of the non -controlling interest in the
acquired operation recognized at the acquisition date
and theeach
(ii)For measurement basis for
non -controlling that amount
interest in an acquired
operation measured at fair value, the valuation
technique(s) and significant inputs used to measure
that value
q)In an acquisition achieved in stages:
(i)The acquisition -date fair value of the equity
interest in the acquired operation held by the
acquirer immediately before the acquisition date
(ii)The amount of any gain or loss recognized as a
result of remeasuring to fair value the equity interest
in the acquired operation held by the acquirer before
the acquisition (see IPSAS 40.100) and the line item
in the statement of financial performance in which
that gain or loss is recognized
r)The following information:
(i)The amounts of revenue and expense, and the
surplus or deficit of the acquired operation since the
acquisition date included in the consolidated
statement of financial performance for the reporting
period
(ii)The revenue and expense, and the surplus or
deficit of the combined entity for the current
reporting period as though the acquisition date for all
acquisitions that occurred during the year had been
as of the beginning
If disclosure of the
of any of the information
annual reporting period
required by
IPSAS 40.120 r) is impracticable, the acquirer shall
disclose that fact and explain why the disclosure is
impracticable. IPSAS 40 uses the term
‘impracticable’ with the same meaning as in IPSAS 3.
For individually immaterial acquisitions occurring
during the reporting period that are material
collectively, does the acquirer disclose in aggregate
the information required by IPSAS 40.120 (e)–(r).
If the acquisition date of an acquisition is after the
end of the reporting period but before the financial
statements are authorized for issue, does the
acquirer disclose the information required by IPSAS
40.120 unless the initial accounting for the
acquisition is incomplete
In that situation, does theat the timedescribe
acquirer the financial
which
disclosures could not be made and the reasons why
they cannot be made.
The acquirer is required to disclose information that
enables users of its financial statements to evaluate
the financial effects of adjustments recognized in the
current reporting period that relate to acquisitions
that occurred
To meet in the period
the objective or previous
in IPSAS 39.154 ,reporting
does the
acquirer disclose the following information for each
material acquisition or in the aggregate for
individually immaterial acquisitions that are material
a)If the initial accounting for an acquisition is
incomplete (s ee IPSAS 40. 103) for particular assets,
liabilities, non-controlling interests or items of
consideration and the amounts recognized in the
financial statements for the acquisition thus have
(i)The reasons why the initial accounting for the
acquisition is incomplete
(ii)The assets, liabilities, quantifiable ownership
interests (or equivalent) or items of consideration for
which the initial accounting is incomplete
(iii)The nature and amount of any measurement
period adjustments recognized during the reporting
period in accordance with IPSAS 40.107
b)For each reporting period after the acquisition date
until the entity collects, sells or otherwise loses the
right to a contingent consideration asset, or until the
entity settles a contingent consideration liability or
the liability is canceled or expires:
(i)Any changes in the recognized amounts, including
any differences arising upon settlement
(ii)Any changes in the range of outcomes
(undiscounted) and the reasons for those ch anges
(iii)The valuation techniques and key model inputs
used
c)Forto measure contingent
contingent consideration
liabilities recogniz ed in an
acquisition, does the acquirer disclose the
information required by IPSAS 19.97 and 19.98 for
each
d)Doesclass
the of provision
reconciliation of the carrying amount of
goodwill at the beginning and end of the reporting
period show separately:
(i)The gross amount and accumulated impairment
losses at the beginning
(ii)Additional of the reporting
goodwill recognized duringperiod
the
reporting period
(iii)Adjustments resulting from the subsequent
recognition of amounts during the reporting period in
accordance with the relevant international or national
accounting standard
(iv)Goodwill dealing
derecognized with the
during income taxes
reporting
period
(v)Impairment losses recognized during the re
porting period in accordance with IPSAS 26,
Impairment of Cash-Generating Assets (IPSAS 26
requires disclosure of information about the
recoverable amount and impairment of goodwill in
addition to this requirement)
(vi)Net exchange rate differences arising during the
reporting period in accordance with IPSAS 4, The
Effects of Changes in Foreign Exchange Rates
(vii)Any other changes in the c arrying amount during
the reporting period
(viii)The gross amount and accumulated impairment
losses at the end of the reporting period
e)Do the amount and explanation of any gain or loss
recognized in the current reporting period that both:
(i)Relate to the identifiable assets acquired or
liabilities assumed in an acquisition that were
effected in the current or previous reporting period
(ii)Are of such a size, nature or incidence that
disclosure is relevant to understanding the combined
entity’s financial statements
f)If amounts of tax due are forgiven as a result of the
terms of the acquisition (see IPSAS 40.78 – 40.79):
(i)The amount of tax due that was forgiven
(ii)Where the acquirer is the tax au thority, details of
the adjustment made to tax receivable
If the specific disclosures required by IPSAS 40 and
other IPSASs do not meet the objectives set out in
IPSAS 40.119 and 40.123,does the acquirer disclose
additional information that is necessary to meet those
objectives.
TOTAL -
Total YES
Total (YES+NO)
Total (YES+NO+NA)
Percentage(YES/(YES+NO))*100
Ranking
EMENTS - IPSASs
Disclosure Made
NO N/A
ies using either:
ating units
l amounts
- -
-
-
 -
###
S/R Description Yes No

1 General & Policies #REF! #REF!

2 SoF Performance #REF! #REF!
3 Director's Report 0 0
4 SoF Position #REF! #REF!
5 SoC in NAE #REF! #REF!
6 Cash Flow #REF! #REF!
7 Notes #REF! #REF!
8 Budget Information #REF! #REF!
Total #REF! #REF!
Total (YES + No)
Total (YES + No+NA)
Percentage (YES)/(YES+NO)*100
Ranking
NA

#REF!
#REF!
0
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!
#REF!