International Public Sector Accounting Standards (IPSASS) Application of Consolidated Financial Statements (CFS) In Africa Government Accounting Systems

Zivanai Mazhambe
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Zivanai Mazhambe: Post Doctoral Research Department, Bright Africa Consultancy Training

International Journal of Research and Innovation in Social Science, 2020, vol. 4, issue 9, 194-197

Abstract: Consolidated financial statements provide compounded single financial group General Purpose financial statements prepared by the parent economic entity, amalgamating other entity’s financial information intended for useful decision making by the user stakeholders. The purpose of this study is to analyse the technical application and complexities of IPSAS Consolidated financial statements in Africa Government accounting systems. The study methodology adopted is mixed research methodology administered through questionnaires and interviews on PAFA professionals in public practice across Africa, using statistics and content analysis for data analysis. The study findings revealed that consolidated financial statements for government, prepared and presented fairly with other financial reports are useful for decision making. The respondents also highlighted technical complexities in terms of applying the accounting standards and financial reporting elements recognition and measurement as rather subjective in the determination of control, variable benefits, existing power, benefits and the binding agreement. 3

Date: 2020
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