(ii) Complete Reversal of Entry:

A complete reversal of entry happens when an original transaction is entirely reversed with an opposite entry. This error results in the accounts returning to their original state. For instance, if a debit entry is made in one period and a complete reversal (credit entry) is made in the next period, it nullifies the impact of the original transaction.

(iii) Error of Commission:

An error of commission occurs when a transaction is recorded with incorrect amounts or accounts. This type of error involves mistakes in data entry, calculation, or classification. Unlike compensating errors, errors of commission do impact the trial balance since the debits and credits are not equal or offsetting.

1. Standard-Setting:

The primary function of the IASB is to set high-quality accounting standards known as International Financial Reporting Standards (IFRS). These standards provide a common language for financial reporting, ensuring consistency and comparability of financial statements across different countries and industries.

2. Framework Development:

The IASB develops and maintains the Conceptual Framework for Financial Reporting. This framework provides the foundation for developing new accounting standards and helps in addressing issues not covered by existing standards. It guides the IASB in creating a coherent and consistent set of standards.

3. Review and Update:

The IASB regularly reviews and updates existing IFRS to address emerging issues, changes in business practices, and improvements in financial reporting. This ensures that the standards remain relevant and effective in meeting the needs of users of financial statements.

4. Global Convergence:

The IASB works towards the global convergence of accounting standards. It collaborates with national standard-setters and regulatory bodies to align local accounting standards with IFRS. This convergence enhances the consistency and comparability of financial reporting on a global scale.

5. Consultation and Stakeholder Engagement:

The IASB engages in extensive consultation with stakeholders, including investors, preparers, auditors, and regulators, to gather diverse perspectives on proposed accounting standards. This ensures that the standards reflect the needs and concerns of the various users of financial information.

6. Education and Implementation Support:

The IASB provides educational materials and implementation support to assist entities in adopting and applying IFRS. This includes guidance on the interpretation and application of standards, helping to enhance the quality and consistency of financial reporting worldwide.

7. Monitoring and Enforcement:

The IASB monitors the implementation of IFRS globally and collaborates with regulatory authorities to encourage consistent enforcement. Monitoring helps identify issues and challenges in applying the standards and allows the IASB to respond with appropriate guidance or amendments.

The IASB's functions are critical in promoting transparency, comparability, and accountability in financial reporting, contributing to the stability and efficiency of global financial markets.

(b) Statement of financial position as at 31 March 2021.

Workings

W1

W2

W3

W4

W5

(b) Statement of profit or loss for the year ended 30 June 2021.

Workings

W1

(b) Statement of income and expenditure for the year ended 30 June 2021.

(c) Statement of financial position as at 30 June 2021.

W2

W3

1. Financial Planning and Budgeting:

Accounting officers are involved in the financial planning process, contributing to the development of budgets for government entities. They work to ensure that budgets align with organizational goals and comply with financial regulations.

2. Financial Reporting:

One of the primary roles is to oversee the preparation of accurate and timely financial reports. This includes the creation of financial statements and other reports that provide a transparent overview of the financial position and performance of the public entity.

3. Compliance with Accounting Standards:

Accounting officers ensure that financial transactions and reporting adhere to relevant accounting standards, such as International Public Sector Accounting Standards (IPSAS) or other applicable standards in their jurisdiction. Compliance helps maintain consistency and comparability in financial reporting.

4. Internal Control and Risk Management:

They establish and maintain effective internal controls to safeguard assets, prevent fraud, and ensure the accuracy of financial records. Accounting officers also contribute to risk management efforts to identify and mitigate financial risks faced by the public entity.

5. Audit Coordination:

Accounting officers liaise with internal and external auditors to facilitate audits of financial statements. They respond to audit findings, implement recommended improvements, and ensure that audit processes are conducted in accordance with established standards.

6. Cash and Treasury Management:

Responsible for managing cash flow and treasury activities, accounting officers ensure that funds are utilized efficiently. They may be involved in investment decisions, debt management, and maintaining liquidity to meet financial obligations.

7. Financial Accountability to Stakeholders:

Accounting officers are accountable to various stakeholders, including government officials, citizens, and oversight bodies. They communicate financial information in a clear and understandable manner, fostering transparency and accountability.

8. Training and Development:

They play a role in the training and development of staff within the finance and accounting departments. This includes ensuring that team members are well-versed in accounting principles, financial regulations, and the use of financial systems.

9. Policy Formulation and Implementation:

Accounting officers contribute to the formulation and implementation of financial policies. They stay informed about changes in accounting regulations and standards, adapting policies to comply with evolving requirements and best practices.