Question

Accounting.....its fro poncho and edem.
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 info in economic reports needs a balancing of budget amounts including the actual amounts resulting from the performance of the budget to be involved in the economic statements of entities that are expected to either choose to make publicly accessible their authorized budgets & for which they are publicly responsible.

The significance of IPSAS-24 in government budgeting plus accounting are:

The standard doesn't need certified budgets to be addressed publicly possible, or does it need that the economic reports reveal information that is not presented publicly obtainable.

It needs a ratio of budgeted amounts and actual amounts that are to be covered in economic statements plus which are carried publicly responsible. It doesn't need the exposure of early age items.

b)

VFM-Value for money has remained a fundamental feature of public service management and its value has been increased as an outcome of simplicity.

i)

Efficiency means productivity. It is the capability of transforming sources into results.

Economical- This is the amount paid for giving service at the best rate, considering price including quality into account.

Effectiveness includes the impact of receiving VFM. That can be quantitative or qualitative

ii)

The theory of value for money can be utilized to accomplish the purpose of public acquisition through which is By decreasing the cost, By decreasing the inventory costs plus management, Collaboration on cost minimization, By performing payment also warranty terms, and Through trade-off.