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How does Audited Project Account differ from Audited Financial Statements?

April 26, 2017account audited differ financial statements project

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How does Audited Project Account differ from Audited Financial Statements?

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The Annual Project Accounts (APA) present the financial activity for a specific project. This includes: (i) Statement of Accounting Policies; (ii) Statement of Receipts; (iii) Statement of Payments; (iv) Statement of Receipts and Payments (Cash flow); (v) Statement of Uses of Funds by Project Activity; and (vi) Associated Notes to the Accounts. Annual Financial Statements present the financial position and performance of an entity for a given accounting period. They comprise: (i) Statement of Accounting Policies; (ii) Statement of Financial Performance (Profit and Loss Statement); (iii) Statement of Financial Position (Balance Sheet); (iv) Statement of Movements in Equity; (v) Statement of Cash Flow; and (vi) Notes to the Financial Statements.