Chapter 19


Sec. 1. Scope. This Chapter prescribes the manner in which the general purpose financial statements (GPFS) should be prepared and presented to ensure comparability both with the entity's financial statements (FSs) of previous periods and with the FSs of other entities. It presents the:

a. overall considerations for the preparation and presentation of FSs;

b. guidance for their structure;

c. minimum requirements for the content of FSs prepared under the accrual basis of accounting as required by the PPSAS; and

d. other guidelines and requirements in the preparation of FSs.

The recognition, measurement and disclosure of specific transactions and other events are discussed in other Chapters of this Manual.

Provisions of PPSAS 1, Presentation of FS and the applicable PAG shall be applied in the presentation and preparation of GPFS.

The application for the following PPSAS topics shall be discussed:

a. Presentation of FSs;

b. Statement of Cash Flows;

c. Events after the Reporting Date;

d. Related Party Disclosures;

e. Accounting Policies, Changes in Accounting Estimates and Errors; and

f. Accounting Process

Sec. 2. Definition of Terms. For the purpose of this Manual, the terms used as stated below shall be construed to mean as follows:

a. Accounting Policies - are the specific principles, bases, conventions, rules and practices applied by an entity in preparing and presenting FSs.

b. Cash - comprises cash on hand and cash in bank (held under current and savings account) and cash treasury accounts.

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