Disclosure made

Yes No N/A

General
Identification and components of financial statements
1 IPSAS 1.61 Are the financial statements identified clearly (using an unambiguous title) and
distinguished from other information in the same document.
2 IPSAS 1.21 Do the financial statements identify clearly and include all of the following:
a. A statement of financial position as at the end of the reporting period
b. A statement of financial performance
c. A statement of changes in net assets/equity for the reporting period
d. A statement of cash flows for the reporting period
e. Notes, comprising a summary of significant accounting policies and other
explanatory notes
3 IPSAS When the entity makes publicly available its approved budget, a comparison of budget and
1.21(e) actual amounts either:
a. as a separate additional financial statement
or
b. as a budget column in the financial statements
4 IPSAS 1.63 If it is necessary for a proper understanding of the information presented, does the entity
display prominently and repeat the following:
a. The name of the reporting entity or other means of identification, and any change in that
information from the end of the preceding reporting period
b. Whether the financial statements cover the individual entity or a group of entities
c. The end of the reporting period or the period covered by the financial statements
or notes
IPSAS 4 d. The presentation currency, as defined in IPSAS 4
e. The level of rounding used in the presenting of amounts in the financial statements
Corporate information
5 IPSAS 1.150 If not disclosed elsewhere in information published with the financial statements, does the
entity disclose the following:
a. The domicile of the entity
b. The legal form of the entity
c. The jurisdiction within which it operates
d. The nature of the entity‘s operations and its principal activities
f. The name of the controlling entity and the ultimate controlling entity of the economic
entity (where applicable)
g. If it is a limited life entity, information regarding the length of its life
Compliance with International Public Sector Accounting Standards
6 IPSAS 1.27 Does the entity provide additional disclosures if the requirements in IPSASs are insufficient
IPSAS 1.29 to enable users to understand the impact of particular transactions, other events and
IPSAS 1.127
conditions on the entity‘s financial position and financial performance.
7 IPSAS 1.28 Does the entity disclose an explicit and unreserved statement of compliance with IPSASs.
IPSAS 1.28 The entity does not describe financial statements as complying with IPSASs unless they
comply with all the requirements of IPSASs.
8 IPSAS 1.31 In the extremely rare circumstances in which management concludes that compliance with
IPSAS 1.32 a requirement in a Standard would be so misleading that it would conflict with the objective
of financial statements set out in this IPSAS, and departs from that requirement (if the
relevant regulatory framework requires or otherwise does not prohibit such a departure),
does the entity disclose:

a. That management concluded that the financial statements present fairly the entity‘s
financial position, financial performance and cash flows
b. That it complies with applicable IPSASs, except that it departs from a requirement of
IPSAS to achieve a fair presentation
c. The title of the IPSAS from which the entity departs
d. The nature of the departure
e. The treatment that the IPSAS would require
f. The reason why that treatment would be so misleading in the circumstances that it would
conflict with the objective of financial statements set out in this IPSAS
g. The treatment adopted
h. The financial impact of the departure on each item in the financial statements that would
have been reported in complying with the requirement, for each period presented

IPSAS Disclosure Checklist 4

 Disclosure made
Yes No N/A
9 IPSAS 1.33 If the entity departed from a requirement of IPSASs in a prior period, and the departure
IPSAS 1.32 affects the amounts recognised in the financial statements for the current reporting period,
does the entity disclose:
a. The title of the IPSASs from which the entity has departed
b. The nature of the departure
c. The treatment that the IPSASs would require
d. The reason why that treatment would be so misleading in the circumstances that it would
conflict with the objective of financial statements set out in this IPSAS
e. The treatment adopted
f. For each period presented, the financial impact of the departure on each item in the
financial statements that would have been reported in complying with the requirement
10 IPSAS 1.35 In the extremely rare circumstances in which management concludes that compliance with
a requirement in a Standard would be so misleading that it would conflict with the objective
of financial statements set out in this IPSAS, but the relevant regulatory framework
prohibits departure from the requirement, does the entity, to the maximum extent possible,
reduce the perceived misleading aspects of compliance by disclosing all of the following:
a. The title of the IPSAS in question
b. The nature of the requirement
c. The reason why management concluded that complying with that requirement is so
misleading in the circumstances that it conflicts with the objective of financial statements
set out in this IPSAS
d. For each period presented, the adjustments to each item in the financial statements that
management concluded would be necessary to achieve a fair presentation
Going concern
IPSAS 1.38 The entity does not prepare its financial statements on a going concern basis if
IPSAS 14.18 management determines after the reporting period either that it intends to liquidate the
entity or to cease trading, or that it has no realistic alternative but to do so.
11 IPSAS 1.38 Does the entity disclose material uncertainties related to events or conditions that may cast
significant doubt upon the entity‘s ability to continue as a going concern.
12 IPSAS 1.38 If the financial statements are not prepared on a going concern basis, does the entity
disclose:
a. The fact that the financial statements are not prepared on a going concern basis
b. The basis on which the financial statements are prepared
c. The reason why the entity is not regarded as a going concern
Reporting Period
13 IPSAS 1.66 If the entity‘s reporting period changes and the annual financial statements are presented
for a period longer or shorter than one year, does the entity disclose:
a. The reporting period covered by the financial statements
b. The reason for using longer or shorter periods
c. The fact that amounts presented in the financial statements are not entirely comparable
Comparative information
14 IPSAS 1.53 Does the entity disclose comparative information for the previous period for all amounts
reported in the financial statements, unless an IPSAS permits or requires otherwise.
15 IPSAS 1.53 Does the entity include comparative information for narrative and descriptive information,
if it is relevant to an understanding of the current reporting period‘s financial statements.
16 IPSAS 1.55 If the presentation or classification of items in the financial statements is amended and
comparative amounts are reclassified (unless the reclassification cannot be applied after
making every reasonable effort to do so), does the entity disclose:
a. The nature of the reclassification
b. The amount of each item or class of items that is reclassified
c. The reason for the reclassification
17 IPSAS 1.56 If the entity cannot reclassify comparative amounts after making every reasonable effort
to do so, does the entity disclose:
a. The reason for not reclassifying the amounts
b. The nature of the adjustments that would have been made if the amounts
were reclassified
Consistency of presentation
IPSAS 1.42 The entity presents and classifies items the same in the financial statements from one
reporting period to the next unless it is apparent, following a significant change in the
nature of the operations of the entity or a review of its financial statement demonstrates,
that another presentation or classification is more appropriate, or unless a change in
presentation is required by IPSAS.
18 IPSAS 1.42 Does the entity retain in the financial statements from one period to the next:
a. The presentation of items
b. The classification of items

IPSAS Disclosure Checklist 5

 Disclosure made
Yes No N/A
28 IPSAS 1.48 Unless required or permitted by another IPSAS, does the entity present separately and not
offset assets and liabilities.
IPSAS 28.47 Guidance on offsetting a financial asset and a financial liability is in IPSAS 28.47 and IAS
IPSAS 29.38 29.38.

Current/non-current distinction
29 IPSAS 1.70 If the entity does not present separately current and non-current assets in its statement of
financial position, does it present all assets in order of liquidity.
IPSAS 1.70 The entity presents current and non-current assets separately in its statement of financial
position, except when a liquidity presentation is more reliable and more relevant.

30 IPSAS 1.70 If the entity does not present separately current and non-current liabilities in its statement
of financial position, does it present all liabilities in order of liquidity.
IPSAS 1.70 The entity presents current and non-current liabilities separately in its statement of
financial position, except when a liquidity presentation is more reliable and more relevant.

31 IPSAS 1.70 If the entity separately presents current and non-current assets, and current and non-
current liabilities in its statement of financial position, does the entity:
IPSAS 1.76 a. Classify an asset as current when it:
 Is expected to be realised in, or is intended for sale or consumption in, the entity‘s
normal operating cycle
 Is held primarily for being traded
 Is expected to be realised within 12 months after the reporting period
Or
 Is cash or a cash equivalent asset unless it is restricted from being exchanged or used to
settle a liability for at least 12 months after the reporting period
IPSAS 1.79 Current assets also include assets held primarily for trading (guidance on classification of
financial assets can be found in the relevant international or national accounting standard
dealing with the recognition and measurement of financial instruments) and the current
portion of non-current financial assets.
IPSAS 1.80 b. Classify a liability as current when it:
 Is expected to be settled in the entity‘s normal operating cycle
 Is held primarily for being traded
 Is due to be settled within 12 months after the reporting period
Or
 Is not attached to an unconditional right to defer settlement of the liability for at least 12
months after the reporting period
IPSAS 1.82 Other current liabilities are not settled as part of the normal operating cycle, but are due for
settlement within 12 months after the reporting period or held primarily for the purpose of
trading. Examples are some financial liabilities classified as held for trading (guidance on
classification of financial assets can be found in the relevant international or national
accounting standard dealing with the recognition and measurement of financial
instruments), bank overdrafts, and the current portion of non-current financial liabilities,
dividends payable, income taxes and other non-trade payables.
IPSAS 1.83 e. Classify its financial liabilities as current, if they are due to be settled within 12 months
after the reporting period, even if:
 The original term was for a period longer than 12 months
 An agreement to refinance, or to reschedule payments, on a long-term basis is
completed after the reporting period and before the financial statements are authorised
for issue
IPSAS 1.84 However, if the entity expects, and has the discretion to refinance or roll over an obligation
for at least 12 months after the reporting period under an existing loan facility, a financial
liability is classified as non-current.
IPSAS 1.85 f. Classify its long-term liability as current, if the entity breaches a long-term loan
agreement on or before the end of the reporting period with the effect that the liability
becomes payable on demand, even if the lender agrees, after the reporting period and
before the authorisation of the financial statements for issue, not to demand payment as a
consequence of the breach
IPSAS 1.86 However, an entity classifies a long-term loan arrangement as non-current if:
a. The lender agreed by the end of the reporting period to provide a period of grace ending
at least 12 months after the reporting period, within which the entity can rectify the breach
b. During the grace period the lender cannot demand immediate repayment
32 IPSAS 1.71 Does the entity disclose the amount expected to be recovered or settled after more than 12
months for each asset line item that combines amounts expected to be recovered or settled
within 12 months and amounts expected to be recovered or settled more than 12 months
after the reporting period.
33 IPSAS 7.44 Does the entity classify investments in associates accounted for using the equity method as
non-current assets.

IPSAS Disclosure Checklist 7

 Disclosure made
Yes No N/A
Information presented in the statement of financial position
34 IPSAS 1.88 As a minimum, does the entity include the following line items in its statement of financial
position:
a. Property, plant and equipment
b. Investment property
c. Intangible assets
d. Financial assets (excluding amounts shown under (e), (g), (h) and (i)
e. Investments accounted for using the equity method
f. Inventories
g. Recoverables from non-exchange transactions
h. Receivables from exchange transactions
i. Cash and cash equivalents
j. Taxes and transfers payable
k. Payables under exchange transactions
l. Provisions
m. Financial liabilities
n. Minority interest, presented within net assets/equity
o. Net assets/equity attributable to owners of the controlling entity
IPSAS 1.90 An entity may amend the descriptions and ordering of items or aggregation of similar items
according to the nature of the entity and its transactions, to provide information that is
relevant to an understanding of the entity‘s financial position.

35 IPSAS 1.89 Does the entity present additional line items, headings and subtotals in the statement of
financial position if such presentation is relevant to an understanding of the entity‘s
financial position.
Information presented either in the statement of financial position or
in the notes
36 IPSAS 1.93 Does the entity disclose further sub-classifications of the line items presented, classified in
a manner appropriate to the entity‘s operations.

Statement of financial performance

37 IPSAS 1.45 Does the entity present each material class of similar items separately in the statement of
financial performance.
38 IPSAS 1.48 Unless required or permitted by another IPSAS, does the entity present separately and not
offset revenue and expenses.
IPSAS 1.50 Examples of items that are offset include the following:
a. Gains and losses on the disposal of non-current assets, including investments and
operating assets, are reported by deducting from the proceeds on disposal the carrying
amount of the asset and related selling expenses
b. Expenditure related to a provision that is recognised in accordance with IPSAS 19 and
reimbursed under a contractual arrangement with a third party (for example, a supplier‘s
warranty agreement) may be netted against the related reimbursement
IPSAS 1.51 c. Gains and losses arising from a group of similar transactions are reported on a net basis,
for example foreign exchange gains and losses or gains and losses arising on financial
instruments held for trading

39 IPSAS 1.99 Does the entity include all items of revenue and expense in a reporting period in the surplus
or deficit (unless an IPSAS requires otherwise).
IPSAS 1.100 IPSAS 3 specifies two circumstances in which the entity recognises items outside of surplus
or deficit – corrections of errors and the effect of changes in accounting policies.
IPSAS 1.101 Some items are required to be recognized directly as changes in net assets/equity. The
IPSAS 1.123 statement of changes in net assets/equity comprises revenue and expenses (including
reclassification adjustments) that are not recognised in surplus or deficit as required or
permitted by other IPSAS. This items include:
a. Changes in revaluation surplus (see IPSAS 17 and IPSAS 31)
b. Actuarial gains and losses on defined benefit plans recognised under IAS 19.93A
c. Gains and losses arising from translating the financial statements of a foreign operation
(see IPSAS 4)
d. Gains and losses on remeasuring available-for-sale financial assets (see IPSAS 29)
Information presented on the face of the statement of financial
performance
IPSAS 28.40 Interest, dividends or similar distributions, losses, and gains relating to a financial
instrument or a component that is a financial liability shall be recognized as revenue or
expense in surplus or deficit.
40 IPSAS 1.102 As a minimum, does the entity include the following line items in the statement of financial
performance:

IPSAS Disclosure Checklist 8

 Disclosure made
Yes No N/A
a. Revenue
b. Finance costs
IPSAS 7.44 c. Share of after-tax surplus or deficit of associates and joint ventures accounted for using
the equity method
d. The pre-tax gain or loss recognised on the on the disposal of the assets or settlement of
liabilities attributable to discontinuing operations
e. Surplus or deficit
IPSAS 28.45 An entity may classify dividends recognised as an expense either with interest on other
liabilities, or as a separate item in the statement of financial performance. Disclosure of
interest and dividends is subject to the requirements of IPSAS 1 and IPSAS 30. In some
circumstances, because of differences between interest and dividends with respect to
matters such as tax deductibility, it is desirable to disclose them separately within the
statement of financial performance
41 IPSAS 1.103 Have the following line items been included as allocations of surplus or deficit for the period
in the statement of financial performance:
a. Surplus or deficit attributable to minority interest
b. Surplus or deficit attributable to owners of the controlling entity
42 IPSAS 1.104 Does the entity present additional line items, headings and subtotals in the statement of
financial performance if such presentation is relevant to an understanding of the entity‘s
financial performance.

Information presented either in statement of financial performance or

in the notes
43 IPSAS 1.106 If items of revenue and expense are material, does the entity disclose the following
information:
a. The amount
b. The nature of the item
IPSAS 1.107 Circumstances that may result in the separate disclosure of items of revenue and expense:
a. The write-down of inventories to net realisable value or property, plant and equipment to
recoverable amount, as well as reversals of such write-downs
b. A restructuring of the activities of the entity and reversals of any provisions for the costs
of restructuring
c. Disposals of items of property, plant and equipment
d. Disposals of investments
e. Discontinued operations
f. Litigation settlements
g. Other reversals of provisions
44 IPSAS 1.109 Does the entity present or disclose an analysis of expenses using a classification (whichever
is reliable and more relevant) based on either:
IPSAS 1.112 a. The nature of expenses
Or
IPSAS 1.113 b. The function of expenses within the entity (in which case the entity discloses as a
minimum its cost of sales)
45 IPSAS 1.110 Does the entity present the analysis of expenses, as described in item 75, in its statement of
financial performance.
46 IPSAS 1.115 If the entity classifies expenses by function, does it disclose additional information on the
nature of expenses, including:
a. Depreciation and amortisation expense
b. Employee benefits expense
47 IPSAS 1.117 Does the entity disclose either on the face of the statement of financial performance or the
statement of changes in net assets/equity, or in the notes the following information:
a. The amount of dividends or similar distributions recognized as distributions to owners
during the period
b. The related amount per share

Statement of cash flows

48 IPSAS 1.45 Does the entity present each material class of similar items separately in the statement of
cash flows.
Presentation
49 IPSAS 2.18 Are the cash flows during the period classified by operating, investing and financing
activities.
IPSAS 2.8 Definitions of different categories of cash flows are presented in IPSAS 2.8 and examples
IPSAS 2.22 are presented in IPSAS 2.22.
50 IPSAS 2.27 Does the entity report cash flows from operating activities using either:

IPSAS Disclosure Checklist 9

 Disclosure made
Yes No N/A
a. Revenue
b. Finance costs
IPSAS 7.44 c. Share of after-tax surplus or deficit of associates and joint ventures accounted for using
the equity method
d. The pre-tax gain or loss recognised on the on the disposal of the assets or settlement of
liabilities attributable to discontinuing operations
e. Surplus or deficit
IPSAS 28.45 An entity may classify dividends recognised as an expense either with interest on other
liabilities, or as a separate item in the statement of financial performance. Disclosure of
interest and dividends is subject to the requirements of IPSAS 1 and IPSAS 30. In some
circumstances, because of differences between interest and dividends with respect to
matters such as tax deductibility, it is desirable to disclose them separately within the
statement of financial performance
41 IPSAS 1.103 Have the following line items been included as allocations of surplus or deficit for the period
in the statement of financial performance:
a. Surplus or deficit attributable to minority interest
b. Surplus or deficit attributable to owners of the controlling entity
42 IPSAS 1.104 Does the entity present additional line items, headings and subtotals in the statement of
financial performance if such presentation is relevant to an understanding of the entity‘s
financial performance.

Information presented either in statement of financial performance or

in the notes
43 IPSAS 1.106 If items of revenue and expense are material, does the entity disclose the following
information:
a. The amount
b. The nature of the item
IPSAS 1.107 Circumstances that may result in the separate disclosure of items of revenue and expense:
a. The write-down of inventories to net realisable value or property, plant and equipment to
recoverable amount, as well as reversals of such write-downs
b. A restructuring of the activities of the entity and reversals of any provisions for the costs
of restructuring
c. Disposals of items of property, plant and equipment
d. Disposals of investments
e. Discontinued operations
f. Litigation settlements
g. Other reversals of provisions
44 IPSAS 1.109 Does the entity present or disclose an analysis of expenses using a classification (whichever
is reliable and more relevant) based on either:
IPSAS 1.112 a. The nature of expenses
Or
IPSAS 1.113 b. The function of expenses within the entity (in which case the entity discloses as a
minimum its cost of sales)
45 IPSAS 1.110 Does the entity present the analysis of expenses, as described in item 75, in its statement of
financial performance.
46 IPSAS 1.115 If the entity classifies expenses by function, does it disclose additional information on the
nature of expenses, including:
a. Depreciation and amortisation expense
b. Employee benefits expense
47 IPSAS 1.117 Does the entity disclose either on the face of the statement of financial performance or the
statement of changes in net assets/equity, or in the notes the following information:
a. The amount of dividends or similar distributions recognized as distributions to owners
during the period
b. The related amount per share

Statement of cash flows

48 IPSAS 1.45 Does the entity present each material class of similar items separately in the statement of
cash flows.
Presentation
49 IPSAS 2.18 Are the cash flows during the period classified by operating, investing and financing
activities.
IPSAS 2.8 Definitions of different categories of cash flows are presented in IPSAS 2.8 and examples
IPSAS 2.22 are presented in IPSAS 2.22.
50 IPSAS 2.27 Does the entity report cash flows from operating activities using either:

IPSAS Disclosure Checklist 9

 Disclosure made
Yes No N/A
b. Cash outflow from interest
c. Cash inflow from dividends
d. Cash outflow from dividends
61 IPSAS 2.44 If the entity allocates tax cash flows over more than one class of activity, or all to operating
IPSAS 2.46 activities, does the entity disclose the total amount of taxes paid.
62 IPSAS 2.54 Are investing and financing transactions that do not require the use of cash or cash
equivalents:
a. Excluded from the statement of cash flows
b. Disclosed elsewhere in the financial statements in a way that provides all the relevant
information about these investing and financing activities
63 IPSAS 2.59 Does the entity disclose the following information regarding significant cash and cash
equivalent balances held, that are not available for use by the economic entity:
a. The amount
b. A commentary by management
64 IPSAS 2.61 Does the entity disclose:
a. The amount of undrawn borrowing facilities that may be available for future operating
activities and for settling capital commitments, and indicate any restrictions on the use of
these facilities
b. The aggregate amounts of the cash flows from each of operating, investing and financing
activities related to interests in joint ventures reported using proportionate consolidation
c. The amount and nature of restricted cash balances

Statement of changes in net

assets/equity
65 IPSAS 1.45 Does the entity present each material class of similar items separately in the financial
statements.
66 IPSAS 1.118 Does the statement of changes in net assets/equity show:
a. Surplus or deficit for the period
b. Each item of revenue and expense for the period that, as required by other Standards, is
recognized directly in net assets/equity, and the total of these items
c. Total revenue and expense for the period (sum of a. and b. above), showing separately
the total amounts attributable to owners of the controlling entity and to minority interest
IPSAS 3.27 d. For each component of net assets/equity, the effects of changes in accounting policies
and corrections of errors recognised in accordance with IPSAS 3
67 IPSAS 1.119 Does the entity disclose, either in the statement of changes in net assets/equity, or in the
notes:
a. The amount of transactions with owners acting in their capacity as owners, showing
separately distributions to owners during the period
b. The balance of accumulated surpluses or deficits at the beginning of the period and at
the reporting date, and the changes during the period
c. To the extent that components of net assets/equity are separately disclosed, a
reconciliation between the carrying amount of each component of net assets/equity at the
beginning and the end of the period, separately disclosing each change
IPSAS 28.40 Distributions to holders of an equity instrument shall be debited by the entity directly to net
assets/equity, net of any related income tax benefit. Transaction costs incurred on
transactions in net assets/equity shall be accounted for as a deduction from net
assets/equity, net of any related income tax benefit.
68 IPSAS 28.44 Does the entity separately disclose the amount of transaction costs accounted for as a
IPSAS 1.120 deduction from net assets/equity in the reporting period in the statement of changes in
equity.
69 IPSAS 7.45 Has the investor‘s share of changes recognized directly in the associate‘s net assets/equity
been disclosed in the statement of changes in net assets/equity.
New 70 IPSAS 28.44 The amount of transaction costs accounted for as a deduction from net assets/equity in the
period is disclosed separately on the face of the statement.

IPSAS Disclosure Checklist 11

 Disclosure made
Yes No N/A

Notes to the financial statements

IPSAS 1.28 Notes are normally presented in the following order, which assists users in understanding
IPSAS 1.129 the financial statements and comparing them with financial statements of other entities:
IPSAS 1.132
a. A statement of compliance with IPSASs
b. A summary of significant accounting policies applied
c. Supporting information for items presented in each financial statement in the order in
which each statement and each line item is presented
d. Other disclosures, including:
 Contingent liabilities and unrecognised contractual commitments
 Non-financial disclosures, such as the entity‘s financial risk management objectives and
policies
71 IPSAS 1.127 Do the notes to the financial statements disclose:
a. The basis of preparation of the financial statements
b. The specific accounting policies used
c. The information required by IPSASs that is not presented in the statement of financial
position, statement of financial performance, statement of changes in net assets/equity or
the statement of cash flows
d. The additional information that is not presented in the statement of financial position,
statement of financial performance, statement of changes in net assets/equity or the
statement of cash flows but is relevant to an understanding of any of them
72 IPSAS 1.128 Does the entity present notes to the financial statements in a systematic manner, as far as
practical.
73 IPSAS 1.128 Does the entity cross-reference each item in the statement of financial position, statement
of financial performance, statement of changes in net assets/equity and statement of cash
flows to any related information in the notes.

Accounting policies, key measurement assumptions and

capital
Summary of significant accounting policies
74 IPSAS 1.132 Does the entity disclose in the summary of significant accounting policies:
a. The measurement basis or bases (for example, historical cost, current cost, net realisable
value, fair value or recoverable amount) used in preparing the financial statements
b. The extent to which the entity has applied any transitional provisions in any IPSASs
c. The other accounting policies used that are relevant to an understanding of the financial
statements
IPSAS 1.133 If an entity uses more than one measurement basis in the financial statements, it is
sufficient to indicate the measurement basis for categories of assets and liabilities (for
example, when particular classes of assets are revalued).

75 IPSAS 1.136 Does the entity disclose each significant accounting policy that is not specifically required
IPSAS 3.10 by IPSAS, but is selected and applied under IPSAS 3.
76 IPSAS 1.137 Does the entity disclose the judgements (apart from those involving estimations) by
management that have the most significant effect on the amounts recognised in the
financial statements.
IPSAS 1.139 Some of the disclosures required by IPSAS 1.137 are required by other IPSAS. For
example, IPSAS 6 requires the entity to disclose the reasons why the entity‘s ownership
interest does not constitute control, for an investee that is not a controlled entity although
more than half of its voting or potential voting power is owned directly or indirectly through
controlled entities.
Disclosure requirements relating to specific accounting policies are included in the
subsequent sections of this checklist.

Changes in accounting policies

IPSAS 3.17 The entity changes an accounting policy only if the change:
a. Is required by IPSAS
Or
b. Results in the financial statements providing reliable and more relevant information
about the effects of transactions, other events and conditions on the entity‘s financial
position, financial performance or cash flows
IPSAS 3.7 Applying a requirement is impractical if the entity cannot apply it after making every
reasonable effort to do so. It can apply in the following circumstances:
a. If the entity cannot determine the effects of retrospective application or retrospective
restatement
b. If determining the effect of (a) requires assumptions about what management‘s intent
would have been in that period

IPSAS Disclosure Checklist 12

 Disclosure made
Yes No N/A
Or
c. If determining the effect of (a) requires significant estimates of amounts and it is
impossible to distinguish objectively information about those estimates that provides
evidence of circumstances that existed on the dates as to which those amounts are to be
recognised, measured or disclosed and would have been available when the previous
financial statements were authorised for issue
77 IPSAS 3.27 If retrospective application is required, does the entity disclose the adjustment to the
opening balance of each affected component of net assets/equity for the earliest prior
period presented and the other comparative amounts for each prior period presented as if
the entity had always applied the new accounting policy.

78 IPSAS 3.33 If the initial application of an IPSAS has an effect on the current period or any prior period
presented, would have such an effect except that it is impractical to determine the amount
of the adjustment, or might have an effect on future periods, does the entity disclose:
a. The title of the IPSAS
b. That the change in accounting policy is in accordance with its transitional provisions, if
applicable
c. The nature of the change in accounting policy
d. The transitional provisions, if applicable
e. The transitional provisions that might have an effect on future periods, if applicable
f. The adjustment for each financial statement line item affected
g. The amount of the adjustment relating to periods before those presented, to the extent
practicable
h. If retrospective application is impractical for a particular prior period, or for periods
before those presented, the circumstances that led to the existence of that condition and a
description of how and from when the change in accounting policy has been applied
IPSAS 3.33 Financial statements of subsequent periods need not repeat these disclosures.
79 IPSAS 3.34 If a voluntary change in accounting policy has an effect on the current period or any prior
period, and would have an effect on that period except that it is impractical to determine
the amount of the adjustment, or might have an effect on future periods, does the entity
disclose:
a. The nature of the change in accounting policy
b. The reasons why applying the new accounting policy provides reliable and more relevant
information
c. The adjustment for each financial statement line item affected
d. The adjustment relating to periods before those presented, to the extent practicable
e. If retrospective application is impractical for a particular prior period, or for periods
before those presented, the circumstances that led to the existence of that condition and a
description of how and from when the change in accounting policy has been applied
IPSAS 3.34 Financial statements of subsequent periods need not repeat these disclosures.
80 IPSAS 3.35 If the entity did not apply a new IPSAS that has been issued but is not yet effective, does
IPSAS 3.36 the entity disclose:
a. The title of the new IPSAS
b. The nature of the impending change or changes in accounting policy
c. The date by which application of the IPSAS is required
d. The date as at which it plans to adopt the IPSAS
e. Either:
 A discussion of the impact of the effect of the change(s) on its financial statements
Or
 If such an impact is not known or reasonably estimable, a statement to that effect
IPSAS 3.36 If an IPSAS is not applicable to the entity, the entity discloses this fact.

Key estimation assumptions

81 IPSAS 1.140 Does the entity disclose key assumptions about the future, and other sources of key
sources of estimation uncertainty, that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year.
82 IPSAS 1.140 For the assets and liabilities in item 81., does the entity disclose:
a. Their nature
b. Their carrying amount as at the reporting date
IPSAS 1.144 An entity presents the disclosures under IPSAS 1.140 in a manner that helps users of
financial statements to understand management's judgements about the future. The nature
and extent of the disclosure varies according to the nature of the assumption and other
circumstances.
Examples of the types of disclosures made are:
a. The nature of the assumption or other measurement uncertainty

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 Disclosure made
Yes No N/A
b. The sensitivity of carrying amounts to the methods, assumptions and estimates
underlying their calculation, including the reasons for the sensitivity
c. The expected resolution of an uncertainty and the range of reasonably possible outcomes
within the next financial year for the carrying amounts of the assets and liabilities affected
d. The changes made to past assumptions concerning those assets and liabilities, if the
uncertainty remains unresolved
Examples of key assumptions are:
a. Future changes in salaries
b. Future changes in prices affecting other costs
c. Risk adjustments to cash flows
d. Risk adjustments to discount rates
IPSAS 1.148 Some key assumptions referred to in IPSAS 1.140 also require disclosures under other
IPSAS. For example, IPSAS 19 requires disclosure, in certain circumstances, of major
assumptions concerning future events affecting classes of provisions. IPSAS 17 requires
disclosure of significant assumptions in estimating fair values of revalued items of property,
plant and equipment. In addition, IPSAS 15 or IPSAS 30 requires disclosure of significant
assumptions applied in estimating fair values of financial assets and financial liabilities that
are carried at fair value. It is not necessary to repeat these disclosures, even though they
are repeated in this checklist.

Capital
83 IPSAS Does the entity disclose information that enables users of its financial statements to
1.148A evaluate the entity‘s objectives, policies and processes for managing capital.
84 IPSAS Does the entity disclose the following, based on the information provided internally to the
1.148B entity‘s key management personnel:
a. Qualitative information about its objectives, policies and processes for managing capital,
including (but not limited to):
 A description of what it manages as capital
 If the entity is subject to externally imposed capital requirements, the nature of those
requirements and how those requirements are incorporated into the management of capital
 How it is meeting its objectives for managing capital
b. Summary quantitative data about what it manages as capital. Some entities regard some
financial liabilities (for example, some forms of subordinated debt) as part of capital. Other
entities regard capital as excluding some components of equity (for example, components
arising from cash flow hedges)

c. Any changes in (a) and (b) from the previous period

d. Whether during the period it complied with any externally imposed capital requirements
to which it is subject
e. If the entity did not comply with the externally imposed capital requirements to which it is
subject, the consequences of such non-compliance
IPSAS The entity may manage capital in many ways and be subject to a number of different capital
1.148C requirements. For example, a conglomerate may include entities that undertake insurance
activities and banking activities and those entities may operate in several jurisdictions. If an
aggregate disclosure of capital requirements and how the entity manages capital does not
provide useful information or distorts a financial statement user‘s understanding of an
entity‘s capital resources, the entity discloses separate information for each capital
requirement to which the entity is subject.
IPSAS Externally imposed capital requirements, referred to in IPSAS 1.148(a)(ii) only reflect
1.148B capital requirements imposed by a regulator or a prudential supervisor. Capital
(a)(ii)
requirements, as imposed by a bank or creditor are considered a contractual obligation and
are therefore not in the scope of IPSAS 1.148(a)(ii).

Borrowing costs
85 IPSAS 1.132 Does the entity disclose the accounting policy for the recognition of borrowing costs.
IPSAS 5.40
86 IPSAS 5.40 If the entity capitalised borrowing costs during the reporting period, does it disclose:
a. The amount of borrowing costs capitalised during the period
b. The capitalisation rate used to determine the amount of borrowing costs eligible
for capitalisation
Changes in accounting estimates
87 IPSAS 3.44 Does the entity disclose the following information for a change in accounting estimates that
IPSAS 3.45 has an effect in the current period or is expected to have an effect in future periods:
a. The nature of the change
and
b. The amount of the change
Or

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