Inadequate Disclosures Under IPSAS 30 for Financial Assets
National Housing Authority · 2023
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe financial statement notes did not provide all the required details about the financial assets as mandated by the accounting standard IPSAS 30, making it harder for users to understand the true financial position.
Why It Matters
Recommended Actions
- Formulate a policy on financial instruments that harmonizes with the provisions of IPSAS 41 on Financial Instruments for submission and approval of the NHA governing Board
- Accordingly. apply the policy embedded in the NHA Accounting Manual, ensuring it is compliant with IPSAS 41, for the impairment of all financial instruments of NHA
- Provide the disclosures in the FS required under IPSAS 30
- And Stay updated on changes in accounting standards to ensure compliance, assess impact on financial reporting and implement necessary changes in a timely manner.
Original Audit Finding Excerpt
"Additionally, the notes to the consolidated financial statements did not adequately disclose the information required by IPSAS 30 related to these financial assets"