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(use approx. 40 minutes) You were following two persons, a police officer and an accounts clerk in a government department. They were discussing issues in
(use approx. 40 minutes) You were following two persons, a police officer and an accounts clerk in a government department. They were discussing issues in relation to their work. The police officer said he booked John Doe for incorrect parking and the fine paid is an example of an exchange transaction. The accounts clerk agreed with the officer and said, "the fine will be recorded by government using IPSAS." The two also discussed the vaccine below but were confused on how government will record the vaccine in the financial statements since it is important that government should comply with an IPSAS standard. Required Describe the following: a) The difference between exchange and non-exchange transactions ( 10 marks) b) At least five (5) important things users of financial reports prepared in accordance with IPSAS will gain? (15 marks). c) How should the Fiji Government record in their financial statements the Covid-19 vaccine donated by the European Union? ( 15 marks) Note: Use examples to support your answers
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