Question

a) Briefly discuss the reporting requirements of IPSAS 24: Presentation of Budget
Information, and justify the relevance of this standard in governmental budgeting and
accountability
b) The concept of Value for Money (VFM) in the public sector has been associated with the
5Es. The relevant elements of the VFM can be applied as an assessment tool for almost all
government programmes/projects. Using relevant public sector examples, you are required
to:
i) Demonstrate how the concept of VFM is applied in the distribution of the District
Assembly Common Fund (DACF)
ii) Demonstrate how the concept of VFM can be used to attain the objective(s) of
public procurement

Answer 1

Answer:

a.

Performance of budget in financial reports needs an adjusting of budget sums including the genuine sums coming about because of the performance of the budget to be engaged with the financial statements of elements that are relied upon to either decide to make freely open their approved budgets and for which they are publicly responsible.

The importance of IPSAS-24 in government budget planning in addition to accounting are:

The standard doesn't require ensured financial plans to be tended to publicly conceivable, or does it need that the fiscal reports reveal data that isn't presented publicly possible.

It needs a proportion of budgeted sums and real sums that are to be shrouded in financial statements in addition to which are carried publicly dependable. It needn't bother with the presentation of early age things.

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b.

VFM-Value for cash has stayed a crucial component of public assistance the executives and its worth has been expanded as a result of effortlessness.

i.

Effectiveness implies profitability. It is the ability of changing sources into results.

Economical : This is the sum paid for giving assistance at the best rate, considering cost including quality into account.

Adequacy incorporates the effect of accepting VFM. That can be quantitative or subjective

ii.

The hypothesis of significant worth for cash can be used to achieve the motivation behind public procurement through which is By diminishing the expense, By diminishing the stock expenses in addition to the management, Collaboration on cost minimization, By performing payment likewise guarantee terms, and Through exchange off.