Asked by Martie Coleman on Jun 10, 2024
Verified
Which financial statements are recommended by the PSAB for presentation by governments?
A) Statement of financial position, statement of operations, statement of changes in net debt, statement of remeasurement gains and losses, and statement of cash flows
B) Statement of financial position, statement of operations, statement of remeasurement gains and losses, and statement of net debt
C) Statement of financial position, statement of cash flows, and statement of operations only
D) Statement of financial position, statement of cash flows, and statement of net debt only
PSAB
Public Sector Accounting Board, overseeing the creation and implementation of accounting standards for public sector entities in Canada.
Financial Statements
Official records that detail a company's financial status, including balance sheets, income statements, and cash flow statements.
Statement Of Financial Position
Also known as a balance sheet, it is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial health.
- Identify and describe the recommended financial statements for government presentation as per the PSAB.
Verified Answer
SK
Samriti KhuranaJun 11, 2024
Final Answer :
A
Explanation :
The PSAB (Public Sector Accounting Board) recommends the presentation of five financial statements by governments which are statement of financial position, statement of operations, statement of changes in net debt, statement of remeasurement gains and losses, and statement of cash flows. Therefore, option A is the correct choice.
Learning Objectives
- Identify and describe the recommended financial statements for government presentation as per the PSAB.