...sphere to achieve the vision of strengthened Integrated Financial Management System (IFMS) of the country. • I ensured that each project and i worked in “GO LIVE” on PIFRA platforms and managed all of that through the following: • Assessing the Hardware and software requirements for the project implementing entity. • Updating the Project Accounting system with New Accounting Manual(NAM) Codes. • System and data mapping. • Test Runs • GO LIVE Provided with a computer terminal that is directly linked to the PIFRA transaction server of the Controller General of Accounts establishment (i.e. AGPR, AGs, DAOs and Treasuries). The project’s non-lapsable budgets is loaded into the system at the project implementing entity by the project’s Finance Manager. A sub-account of the consolidated fund shall be established for each donor-funded project, representing the project’s Designated (Special) Account. Each time a payment is processed through the system by the project implementing entity, the transaction will be charged against the sub-account of the consolidated fund of the government and defaulted as a charge against the Bank account of the project. This Bank account will be denominated as the sub-account of the consolidated fund. The project manager at the implementing entity shall also be accorded the powers of a Principal Accounting Officer for the project. Each project accounting systems migrated from MS Excel to QuickBooks or Peachtree depending upon the reporting requirements...
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...Lesson # 1 Financial Management: Introductory Notes and Words Concepts of Finance and Financial Management Financial Management refers to the proper management of finance functions of an enterprise or organization. In other words, financial management is concerned with the financial decision-making and other financial aspects. Thus, financial management involves financial planning, financial organization, financial coordination and control, financial reporting, financial mergers, combinations and acquisitions, insurance and tax management etc. Financial planning is concerned with the act of deciding in advance the financial activities that are essential if the enterprises are to achieve their financial goals and objectives. These financial activities mainly consist of properly estimating financial needs; selecting the proper sources of finances; procuring the requisite funds; proper utilization of the funds and custody and safekeeping of funds. Financial organization is the grouping of the finance functions into various divisions, departments, sections and sub-sections of the enterprises for their proper and efficient performance. That is, financial organization deals with the proper allocation of the finance functions amongst the various financial executives. Financial coordination and control deal with the proper adjustment of the finance function and evaluation of the same in relation to the predetermined standards. Financial reporting is the proper collection and...
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...Government Budgetary Systems Budgetary process of the US and Saudi Arabia are different from each other in many aspects. Budgetary systems of the US are based on the budget and Accounting Act of 1921 and Congressional Budget and Impoundment Control Act of 1974. Whereas budgetary systems of the Saudi Arabia are based on the rules and regulations devised by the Kingdom of Saudi Arabia. Budgetary system of the Saudi Arabia is not disclosed to the general public. National budget in Saudi Arabia compiled by the Ministry of Finance is approved by the Royal institution and then it is allowed to be published in the Official Gazette. Budgetary Systems of the Saudi Arabia was made on the basis of the Hijri year but in 1987 its basis was changed to the Gregorian calendar. In US budget is prepared when president submits a request to the congress for the preparation of the budget. Then Office of Management and Budget carries out the formulation process of the budget. Budget is prepared for all the institutions of the state from federal executive departments to the independent agencies. Budget Control Act of 2012 also plays its role to in the formation of the different provisions of the budget and controls it. Different resolutions related to the budget are also approved by the congress, House and Senate. Authorizing committee is capable of resolving any issues related to the budget process. Categories of the different types of the spending like mandatory spending and discretionary spending are...
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...The UK public sector has been transformed over the past few decades. In an increasingly global economy, the main lever by which central governments can influence the success of the domestic economy is by ensuring its public sector operates efficiently. The central governments of the developed economies have adopted similar change agendas to transform their public sectors. These change agendas entail the introduction of new structures, new kinds of organizations and a ‘reinvention’ of many parts of the public sector. The intention of successive governments has been the creation of a ‘New Public Sector’, which is more strategic and corporate in its thinking. This ‘New Public Sector’ is intended to replace a public sector characterized by bureaucracy, professionalism and departmentalism. In this paper we take a specific look at the National Offender Management Service (NOMS) from an accounting perspective to shed light on the influence and changes involved of defining something as an accounting entity. We will look closer at and critically evaluate the issues involved in the representation of NOMS as an accounting entity. Furthermore, we will analyze the implications of the representation of NOMS as an accounting entity on definitions of organizational accountability. Therefore, we look in a next step which aspects of NOMS’ accountability are highlighted in the Accounts and what aspects are left out? Finally we examine what issues, items and risks are kept “off-balance sheet”? And...
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...The media’s watching Vault! Here’s a sampling of our coverage. “Vault has become the go-to source for career preparation.” - Crain’s New York Business “The best place on the web to prepare for a job search.” - Fortune “Vault is indispensable for locating insider information.” - Metropolitan Corporate Counsel “[Vault guides] are an INVALUABLE CliffsNotes to prepare for interviews.” - Women Lawyers Journal “For those hoping to climb the ladder of success, [Vault’s] insights are priceless.” - Money magazine “To get the unvarnished scoop, check out Vault.” - Smart Money Magazine “[Vault guides] make for excellent starting points for job hunters and should be purchased by academic libraries for their career sections [and] university career centers.” - Library Journal Customized for: fugui Family (ffugui@gmail.com) University of California, Irvine Online Career Library Customized for: fugui Family (ffugui@gmail.com) University of California, Irvine Online Career Library s f b t= c o l j= qe b= ql mW= ^ a s f ` b= c o l j cfk^k`b Customized for: fugui Family (ffugui@gmail.com) University of California, Irvine Online Career Library molcbppflk^ip cáå~åÅÉ= mêçÑÉëëáçå~äë © 2008 Vault.com Inc. Customized for: fugui Family (ffugui@gmail.com) University of California, Irvine Online Career Library s f b t= c o l j= qe b= ql mW= ^ a s f ` b= c o l j cfk^k`b Customized for: fugui Family (ffugui@gmail.com) University of California, Irvine Online Career Library ...
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...1.0 INTRODUCTION Perception is an important aspect to understand or predict the behaviors of customers in some situation, according to Sethi, 2002. Eagly and Chaiken, 1993 in their article said that general attitudes are relatively good predictors of general behavioral likelihoods. Furthermore, customer’s attitude toward a product or service is influenced by a match of the product or service user image with the customer’s self-concept . Islamic banking which started in 1983 in Malaysia, refers to a system of banking that complies with Islamic law which also known as Shariah law. The underlying principles that govern Islamic banking are mutual risk and profit sharing between parties and the assurance of fairness for all transactions based on an underlying business activity. It does not allow any transactions based on interest (riba), gambling (maisir) and speculative trading (gharar) at all cost. In terms of products and services, there are more than 40 Islamic financial products and services that may be offered by the banks using various Islamic concepts such as Mudharabah, Musyarakah, Murabahah, Al-Bai Bithaman Ajil, Al-Ijarah, Al-Takjiri, Qard Hasan, Al- Wakalah, Al-Kafalah and Wadiah. This study was stated the most perception of Islamic banking product among the Malaysian customer. As one of the important in service industry today, Islamic banking is no longer regarded only to fulfil the religious obligation of the Muslim. It is also how the Islamic banks want to market...
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...“Capital budgeting over the years has become a sophisticated process for the finance officer. The different methods available to the finance officer have increased and become more accurate and centred upon the goal of maximizing wealth. However has there been an increase in the usage of these new methods or are decision makers still using the easier methods?” Capital budgeting is a tool management use to make investment decisions. Despite the pitfalls pointed out in Yee-Ching Lilian Chan’s article “Use of capital budgeting techniques and an analytic approach to capital investment decisions in Canadian Municipal Governments”, which includes overemphasis on the quantifiable aspects of capital projects, random cut offs on the timing and the amount of cash flows, Unrealistic discount rates or IRR assumptions. Methods such as profitability index, internal rate of return, breakeven, payback period and net present value are all discounted cash flows which are commonly used in practice. In 2001 Elijelly, A & Abuldris published an article “ A survey of capital budgeting techniques in the public and private sectors of a less developed country, Sudan” They concluded that most public enterprises in less developed countries, do not apply any capital budgeting methods when making investment decisions. The payback method was the most widely used followed by the Internal rate of return in the private and public sectors that did use capital budgeting techniques. “In contrast to the traditional...
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...identify criteria’s and different aspects to assess what makes a city global. Firstly, it will outline and explain the concept of globalisation and a global city, showing evidence from the use of academic sources and giving examples if necessary. It shall then continue to examine and focus on a specific global destination, discussing different types of aspects to show what criteria’s make up a global city. Globalisation is a very complex process in which national economies have become more and more integrated and inter dependant towards each other. Global cities are all able to be categorized using a number of different types of methods even though they all share a common ground (Sassen, 1991). There are a number of different types of criteria’s available that make up a global city. These aspects are used in different types of ways to examine whether a city can be considered, identified or revealed as being a global destination. In regards to this, Frieddman (1986) states that global cities are significant destinations that have specific characteristics or functions in terms of economics, political, cultural and connectivity in the global economic system. Global cities, which can also be referred to as Alpha cities or World cities, play a significant role in regards to the country’s economic status. They have become well known as the centre of the world’s global economy. Global cities have become popular and recognised for the processes of finance and economic trade. When...
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...1. Introduction The relationship between the central government and local governments in China has always been an important issue. Many people believe that the public administration of big countries has a confusing problem that in the formal system, how the policies made by senior policymakers can be implemented by adaptive agents of middle and basic levels (Lin & Liu, 2000). China has the largest population in the world, the authoritarian system and the implementation gap in the field of policy increase the complexity of the problem. Since the end of 1980s, political reform took place under the leadership of Deng Xiaoping and Zhao Ziyang, a relatively free political environment existed, thus a nationwide debate of neo-authoritarianism occurred among government officials and intellectuals (Landry, 2008). The collapse of the former Soviet Union made Chinese people again worry about the weakness of central power, the intellectual field even began to doubt the long-term vitality of communist countries. Therefore, after the Tiananmen Square protests calmed down, Central government of China tightened its control over all provinces through restructuring the cadre appointment system (Brødsgaard, 2002). In this paper, the author will analyze how has the Central government asserted its control over the local governments since the 1990s, and make a critical evaluation of its effectiveness. 2. Central government’s policies on local governments since the 1990s 2.1 First stage: 1990-1993 ...
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...THE WORLD OF FINANCE BY MARK ROY AIU Abstract This essay will go over and cover what the NYSE and the Nasdaq are all about and how they both are different. It will explain how they both operate and to see if they have similar traits or are totally different. THE WORLD OF FINANCE The concept of any business venture is to find the best overall one that will work and fit your organization the best with the most or best outcome possible. When we are talking about finances and or how to make the most money, it may take some time and research to find what you are looking for. When we are talking about finances two better known organizations come to mind. The two are the New York Stock Exchange and Nasdaq. These two organizations have been around for some time now and are known to many that are within the business of making money and stocks as well. In 2007 Nasdaq formed with the Scandinavian Exchange group OMX and formed the Nasdaq OMX Group. They are both committed to technology and innovation across global markets. Nasdaq is a public company that is listed on the Nasdaq Global Select Market (NDAQ) and part of the S&P 500 since 2008. Also in 2007, NYSE Group and Euronext combined and formed to also have global financial markets. The New York Stock Exchange is a leading global operator of financial markets and a provider of innovative trading technologies, and is the only exchange operator in the Fortune 500. (Nasdaq, 2013). Both these organizations are similar...
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...present a different angle and point of view on the gender gap essay and...
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...US Constitution lays the framework for the separation of power between the nation’s three governing branches, the executive branch, the judiciary system, and the legislature. The separation of power amongst the three branches along with the different terms served by each member of the corresponding branches, avoids the monarchial system most Americans of the time were familiar with from Great Britain, France and the likes of the various European nations America’s immigrants hail from. The political system up to this day is unique but leaves too many national issues to be lost in legalities, slowing the nation down while political and economic developments move faster and faster in our modern world. We will examine the US governmental process through political, economic, and social dimensions. In addition, we will discuss the character of American society, and the change in society throughout American history. The political aspect of American government is built on bureaucracies who handle the different flavors of public service, i.e. health care reform, education, and national security just to name a few. In order to understand the political aspect of government it must be first observed on a grand scale, and the social and economic aspects must be included in the discussion. When examining American government, one thing that stands out the most is the system of checks and balances carried out...
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...Policy Research Institute, Ministry of Finance, Japan, Public Policy Review, Vol.8, No.1, June 2012 45 Public Sector Accounting - An Interdisciplinary Field Involving Accounting, Economics, and Jurisprudence 1 Ryosuke Tao Research Fellow, Institute of Administrative Management Abstract Public sector accounting has recently been improved. Currently, there are requirements to disclose stock information in addition to the flow information presented in budget statements or accounts statements. Public sectors have prepared and disclosed their financial statements (including balance sheets and income statements) based on business accounting approaches. Moreover, as a matter of policy, the government tends to prepare and disclose cost information along with the financial statements for the individual ministries and governmental agencies. The objectives of clarifying the fiscal conditions in a state through the preparation and disclosure of financial statements are to fulfill the state’s accountability to its citizenry and market participants and to optimize and enhance the efficiency of its fiscal activities. Most importantly, the improved information should contribute to democratic decisions on public finance. A perspective different from the business accounting is that public sector accounting places more emphasis on inter-generational fairness. With respect to the inter-generational benefits and burdens, however, various factors must be considered, and the differences between...
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...Project Finance and Private Public Partnership in financing logistics infrastructure. Introduction Finance scholars acknowledge a clear-cut distinction between corporate finance and project finance. The two techniques are considered as basically different approaches to the problem of raising debt to fund capital investments. In corporate finance lenders assess the creditworthy of a whole company, evaluating the going concern, the full range of projects in place, and the cautional value of all the assets. The amount to lend and the risk-spread are decided on a global evaluation of the firm’s economic and financial situation. In project finance, the goal is the implementation of a specific project. Lenders typically finance a special purpose vehicle for the development and construction of a particular project, looking to cashflows and project’s assets as sources of payment for their loans, rather than to the credit ratings of the project sponsors. Historically project finance was widely used in financing transport and logistics infrastructure, like railways or channels. More recently, in the past decades, there has been a new wave of global interest: large amounts of debt have been raised to finance projects like motorways, distriparks, maritime ports, intermodal logistic platforms. These infrastructures are built, owned and operated by special purpose vehicles (SPV), organized for that single project and financed mainly by debt. In many cases, SPVs are not wholly owned by private...
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...In a thorough evaluation of the articles, the common theme of the new health care reform was present. Many articles took a different look at the negative aspects as well as a few positive aspects that the new bill would bring to the medical system. Being a predominant issue to the public, the health care legislation is highly criticized. The passing of the bill will affect more than just the medical system. It will affect the doctors, patients, and financial status of hospitals. In noting that this reform can affect the population, people are continuously opposed to the law. If the bill passes to become a law, opportunity costs will be present. Such opportunity costs can include waiting in lines, less quality in patient care, or even a downfall to the hospitals that cannot keep up with the change. Today’s society is not willing to change. Americans are mainly against any type of change that can alter their lifestyle. The health care reform is seen to have a negative effect on the medical system. Another similarity with the articles is they all establish some credibility. Each author chose to include a credible physician, actuary, or reliable higher figure to support their argument. The article “The Discipline of Efficiency” from the National Journal uses Foster the chief actuary, but then questions his credibility. When an author is trying to persuade the audience to understand his argument, questioning the credibility of data collected makes the reader not want...
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