Misstatement of Financial Assets Due to Non-Compliance with IPSAS 41 and Inadequate Disclosure under IPSAS 30
National Housing Authority · 2023
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe reported value of financial assets is wrong, but we don't know by how much, because the entity didn't follow the required accounting rules for classifying, measuring, and impairing these assets. Also, the notes to the financial statements didn't provide enough information about them.
Why It Matters
Recommended Actions
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Original Audit Finding Excerpt
"Financial assets amounting to P58.836 billion and P58.101 billion as at December 31, 2023 and 2022, respectively, are misstated by undetermined amounts due to non-compliance to the provisions of IPSAS 41 on Financial Instruments requiring classification, measurement and impairment of the financial assets. Additionally, the notes to the consolidated financial statements did not adequately disclose the information required by IPSAS 30 related to these financial assets."