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(0) Required: Discuss the objectives of the TSA. (2 marks) In order to improve the formulation of the national budget. the Government of Uganda has been upgrading the output budgeting tool (OBT) to enhance its functionality and coverage. However, of recent. there are attempts to shift to programme-based budgeting (PBB) approach. Required: Assess the likely benefits and challenges of implementing the PBB approach. (13 marks) (Total 25 marks) Question 4 (a) (b) (0) Discuss the disclosure requirements of International Public Sector Accounting Standard (IPSAS) 19: Provisions, Contingent Liabilities and Contingent Assets. (6 marks) After a function in April 2015. two people were seriously incapacitated. believably as a result of electric shock from faulty electric wiring around the conference hall of the Ministry of Tourism. Legal proceedings are ongoing seeking compensation from the ministry. but it (ministry) denies liability. Up to the date of authorisation of the financial statements for the year ended 30 June, 2015 for issue. the ministry's lawyers advised that it was probable that the ministry would not be found liable. However. when the ministry prepared the financial statements for the year to 30 June. 2016 its lawyers advised that, owing to developments in the case, it had become probable that the ministry would be found liable. Required: Analyse and advise the ministry on the contingent liability for the two financial years ending 30 June. 2015 and 30 June, 2016. (4 marks) Three years ago, the administration department in the Ministry of Agriculture purchased a new desktop computer at a cost of Shs 4.8 million. The department estimated that the useful life of the computer would be 4 years and that it would use 80% of its central processing capacity. Within a few months after acquisition, the computer reached its targeted usage of 80% but during the current year usage declined to 20%. The decline is attributed to the introduction of modern laptop computers which have larger processing capacity and therefore the department no longer requires the use of the desktop computer. A similar computer is available (0) Required: Evaluate the preconditions for successful implementation of commitment controls. (6 marks) Medium-term Expenditure Frameworks (MTEFs) are receiving renewed attention in the context of the formulation of Poverty Reduction Strategy Papers (PRSPs). Conceptually, MTEFs are the ideal tool for translating PRSPs into public expenditure programmes within a coherent multi-year macroeconomic and fiscal framework. You have been selected to provide technical support in budgeting to a newly created Mutande District Local Government and enable it come up with draft annual revenue and expenditure estimates within the stipulated timeframe. Required: Write a report to the District Accounting Officer highlighting the relevance of each of the following in budgeting: (i) Medium-term Expenditure Framework (MTEF). (ii) Cash limit and accounting warrant. (iii) Local Government Council. (iv) Virements and Reallocations. (15 marks) (Total 25 marks) (0) local governments in order to strengthen public financial management and accountability. This followed the recent audit conducted by the Office of the Auditor General indicating accountability and financial reporting problems by different administrative units within the district. You are the senior accountant of the district and will be the key facilitator! presenter for the day. Required: Write an illustrative report suitable for distribution to all staff attending the workshop in which you discuss the following elements: (i) Preparation of abstracts and their linkage to the ledgers. (10 marks) (ii) Recording of grants from central government and other government units. (5 marks) You are the accountant in Ministry of Works and Transport. You have been asked to prepare a set of notes for a colleague who is new in the accounts department of the ministry, having previously worked only in the private sector. Required: Prepare a briefing note In which you discuss: (i) 'fund accounting' and 'budgetary accounting' and their applicability to financial reporting in Uganda. (ii) the specific initiatives being undertaken by government to improve budget implementation. monitoring and reporting. (10 marks) (Total 50 marks) Question 1 The Head of Finance of Kyengera Municipal Council has prepared the (a) following trial balance as at 30 June, 2016: Code Details 111106 Local service tax 113101 Land fees 114505 Business licenses 114506 Liquor licenses 114508 0therlicenses 133104 LG unconditional grants 133342 Compensation for graduated tax 133327 Conditional transfers for PAF monitoring 133326 Conditional transfers for LGDP 133105 LG equalisation grants 142214 Market charges 010100 Administration 020100 Finance 030100 Statutory bodies 040100 Production 050100 Health 060100 Education 070100 Works 080100 Natural resources 090100 Community-based services 100100 Planning unit 110100 Internal audit 263208 Transfers to treasury 415006 Retention on road works 314201 Petroleum products 312000 Property plant 8 equipment - cost 428000 Accumulated depreciation 30 June. 2015 321602 Trade receivables 321501 Administrative advances 321102 Revenue accounts 321103 Expenditure accounts 321104 Proiect accounts 415005 Withholding tax payable 511201 Revenue reserves 512101 Capital reserves Total Shs '000' 1,159,762 780,105 489,727 800,310 255,485 5,750 3,000,759 21.600 263,243 48.800 73.398 97.000 81.300 10,913,621 278,657 20.000 65.000 39.122 13.000 Shs '000' 16,720 86.030 182.139 39,336 92,133 1,256.444 816.068 1,008.573 197.603 2,350.038 100.000 838.195 3,070.869 41,265 468.473 7 842 753 WW (d) on the market at a price of Shs 900,000 that can provide the remaining service potential of the desktop computer. Required: Determine, for the ministry. the impairment loss on the desktop computer. (4 marks) In accordance with International Public Sector Accounting Standard (IPSAS) 6: Consolidated and Separate Financial Statements. an entity combines the financial statements of the controlling entity and its controlled entities line by line by accumulating together like items of assets, liabilities. net assets! equity, revenue and expenses. Required: (i) Advise on the steps an entity should follow to ensure that the consolidated financial statements present financial information about an economic entity as that of a single entity. (6 marks) (ii) Discuss the disclosures required in consolidated financial statements in accordance with the relevant IPSAS. (5 marks) (Total 25 marks) Question 5 (a) The budget of Government Is a statement of the revenues the Government ('3) expects to collect in a financial year. and how it plans to spend those revenues. The national budget is guided by the Poverty Eradication Action Plan (PEAP) Uganda's national development framework and medium-term planning tool since 1997. The PEAP was revised and independently evaluated in June 2008 and replaced by the National Development Plan (NDP). The NDP is a comprehensive plan that articulates clearly the planned strategic interventions of all sectors of the economy. In the planning framework. the NDP is implemented in order to realise the Vision of 2040. Required: In accordance with the Budget Act. 2001 discuss the functions of the parliamentary budget office in the national budgeting process in Uganda. (4 marks) The key objective of commitment control is to manage the initial incurrence of obligations, rather than the subsequent cash payments, in order to enforce expenditure ceilings and avoid expenditure arrears. Additional information: 1. 2. 11. (b) Market fees amounting to Shs 115 million remained outstanding at the end of the year. A physical stock count carried out by the board of survey at the end of the year showed unconsumed supplies valued at Shs 27 million that had been procured for use by the finance department. Council. in consultation with the Auditor General, authorised the writing off of land fees due amounting to Shs 20 million. The board of survey report indicated a cash surplus of Shs 1.6 million from one of the project accounts. An advance of Shs 6 million was given to Mr. Kintu (municipal engineer) to buy culverts for force account operations. However. he died in a road accident before accounting for the funds. and it was confirmed that the work was not yet done. By the end of the year. Council had passed a resolution to write off the advance. At the beginning of the financial year. Council received a grader as a grant from the Ministry of Local Government. It was ascertained that the price of a similar grader on the market was Shs 700 million. On 5 January, 2016 Council purchased furniture at Shs 10 million for the Chief Administrative Officer's office and paid the supplier by electronic funds transfer (EFT). The furniture was financed internally from Council's revenue reserves. It is Council's policy to depreciate all its property. plant & equipment at 10% using the reducing balance method. All depreciation costs for the year are allocated to the finance department. The capital reserves account is amortised annually to the statement of financial performance with an amount equal to the annual depreciation charge for the year. Council prepares its financial statements on accrual basis as required by the Local Government Financial and Accounting Manual. 2007. Required: Prepare for Kyengera Municipal Council for the year ended 30 June, 2015 a statement of: (i) financial performance. (12 marks) (ii) financial position as at 30 June. 2016. (13 marks) The Head of Finance of Buyiisa District Local Government has organised a oneday workshop for all accounts and finance staff in the district. The workshOp is expected to be attended by about 30 staff from subcounties. town councils and health units within the district. The focus of the workshop is to train staff on the main books of account maintained by Question 2 (a) (b) The Public Procurement and Disposal of Public Assets (PPDA) Act, 2003 as amended, requires a procuring and disposing entity not to enter into a contract until the accounting officer confirms, in writing, that the required funds have been committed for the proposed contract. Required: With reference to the PPDA Act, 2003 and PPDA regulations, 2014: (i) Examine the relevance of a signed contract to the parties. (5 marks) (ii) Discuss the factors that may determine the choice of contract for a procurement and disposal unit. (5 marks) A Procurement and disposal unit may, in accordance with regulations made under the PPDA Act, 2003 as amended Sec 95A, undertake the works using the force account mechanism. Required: (i) Examine the meaning of 'force account mechanism'. (2 marks) (ii) Advise on the responsibility of the supervisor under force account. (5 marks) (iii) Discuss how a procuring and disposing entity may procure consultancy services. (8 marks) (Total 25 marks) Question 3 (a) (b) "The magnitude of financial impropriety unearthed in various Government Agencies in 2012 were alarming... and as a result. it has been necessary for review and strengthening of controls in public financial management and accountability systems." (Keith Muhakanizi. 2014 National Consultative Budget conference FY2014! 2015). Required: Discuss the major reforms the government of Uganda is undertaking to improve wage bill and payroll management. (10 marks) The Government of Uganda in the financial year 2013/ 14 introduced the concept of the treasury single account (TSA) in line with international best practice for public financial management