Solid knowledge of International Public Sector Accounting Standards (IPSAS) and technical skills for financial reporting in the public sector. Advisable to complete 2.1 Financial Reporting first.
Builds on: Recommended to attempt after 2.1 Financial Reporting
Public Sector Accounting and Finance is a specialist paper that recognises the distinct financial reporting environment of government and public entities in Ghana. Candidates apply International Public Sector Accounting Standards (IPSAS) — the public sector equivalent of IFRS — and the requirements of Ghana's Public Financial Management Act 2016. The paper covers government budgeting, parliamentary oversight, accountability mechanisms, and the transition from cash to accrual accounting in public sector organisations.
Qualitative characteristics, recognition criteria, and the public sector's accountability-centred reporting objectives.
Reporting for entities on the cash basis; receipts, payments, and disclosures.
Key accrual-basis IPSAS standards: IPSAS 1 (financial statements), IPSAS 12 (inventories), IPSAS 17 (property, plant & equipment).
The budget cycle, appropriation accounts, commitment accounting, and budget reporting to parliament.
Responsibilities of the Controller and Accountant-General, reporting requirements, and financial controls under Ghanaian law.
Parliamentary oversight, the Auditor-General, public accounts committees, and citizen accountability.
This paper has a lot of conceptual content — examiners test understanding through application to scenarios. Practise explaining WHY public sector accounting differs from the private sector, not just WHAT the rules are.
Government Accountant
Public Sector Finance Manager
Controller and Accountant-General staff
Development Finance Specialist
Donor Funds Accountant
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