Question 18. According to IPSAS 9 'Revenue from Exchange Transactions', which of the below conditions apply to the recognition of revenue for transactions involving the rendering of services?

The costs incurred for the transaction and the costs to complete the transaction can be measured reliably AND the amount of revenue can be measured reliably

The amount of revenue can be measured reliably AND the significant risks and rewards of ownership have been transferred to the buyer

The costs incurred for the transaction and the costs to complete the transaction can be measured reliably AND the significant risks and rewards of ownership have been transferred to the buyer

Question 19. Which of the following statements is true in regards to RPG 1 'Reporting on the long-term sustainability of an entitys finances'?

Provides mandatory requirements for an entity to report on the long-term sustainability of a public sector entitys finances.

Entities that elect to apply RPG 1 are required to also comply with RPG 2 and 3 in order to state IPSAS compliance.

The non-mandatory RPG 1 recognises that long-term fiscal sustainability information is broader in scope than information in financial statements, and focuses on the three dimensions of service, revenue and debt.