Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.
Financial statement presentation
A government's long-term debt at the end of the accounting period must be presented on its Statement of Financial Position.
A government must provide the following information when it has externally restricted sinking funds set aside to retire its long-term debt:
- The gross amount of the long-term debt to be retired by the sinking funds; and
- The amount of the sinking fund assets available to retire the debt.