...PUBLIC SECTOR ACCOUNTING A. Institutional Framework for Public Sector Accounting 5. The institutional framework should include adherence to IFAC-issued International Accounting Standards. And it should support the groundwork for qualified accounting staff to provide the timely, relevant, and reliable financial information needed to support all fiscal and budget management, decisionmaking, and reporting processes. The diagnostic questionnaires that were used in this assessment collected information on the current arrangements and the apparent gaps in Maldives for accounting laws and regulations; education and training of public sector accountants; application of a code of conduct; and numbers and characteristics of public sector accountants. (1) Accounting Laws and Regulations 6. The Public Finance Act and the Financial Regulations are prescriptive about the maintenance and compilation of accounts but make no mention of International Accounting Standards. The Public Finance Act (see Annex C) should require conformance with International Public Sector Accounting Standards (IPSAS). However, under the Public Finance Act, there are proposed rules that would promulgate the allowance of IPSAS to be followed. The future accounts should be based on Cash Basis IPSAS with notes providing other information on assets, liabilities, and contingent liabilities as required by the Public Finance Act. Progression to accrual-based statements would occur as adequate computerized accounting systems...
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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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...European Journal of Accounting Auditing and Finance Research Vol.2. No.3, pp. 69-83, May 2014 Published by European Centre for Research Training and Development UK (www.ea-journals.org) A CRITIQUE ON CASH BASIS OF ACCOUNTING AND BUDGET IMPLEMENTATION IN NIGERIA Emmanuel Amaps Loveday Ibanichuka (Fca, Ph.D) Department of Accounting,Faculty of Management Science,University of Port-Harcourt, Port-Harcourt Oyadonghan Kereotu James (Aca) (Corresponding Author) Lecturer, Department of Accounting and Finance Niger Delta University, Wilberforce Island, P.M .B 071, Yenagoa, Bayelsa State, Nigeria ABSTRACT: In public sector accounting, government ministries and parastatals operate a cash basis of accounting which is believed to be simple in operation and understanding by staff that may not simply have a rigorous training in accounting. A great disadvantage is that it does not recognise assets, debtors and liabilities. This principle negligence is capable of introducing negligence into proper record keeping of how much value of infrastructural assets are being developed in the pass fiscal years, their state of activity and possibly resulting to a repetition of projects, poor monitoring of budget implementation and misappropriation of fund. The authors took a frank analysis of the implications as they relate to the consistent problem of poor budget implementation in Nigeria. This study was based on empirical analysis of one hundred and thirty (130) questionnaires...
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...Journal of Accounting, Auditing and Finance Research Vol.4, No.7, pp.23-42, July 2016 ___Published by European Centre for Research Training and Development UK (www.eajournals.org) EFFICIENCY AND ACCOUNTABILITY OF PUBLIC SECTOR REVENUE AND EXPENDITURE IN NIGERIA (1970-2014) Omodero Cordelia Onyinyechi and Prof. M.C. Okafor 1 Doctoral Student of Accounting, Micheal Okpara University of Agriculture, Umudike, Umuahia, Abia State, Nigeria. 2 Department of Accounting, Micheal Okpara University of Agriculture, Umudike, Umuahia, Abia State, Nigeria. ABSTRACT: Nigeria is the sixth largest producer of oil and gas in the world, but the average Nigerian on the street is poor and there is poor infrastructure like power supply, roads, hospitals etc. This study examines the efficiency and accountability of public sector revenue and expenditure in Nigeria (1970-2014). Data on total federal government revenue and expenditure, state governments’ revenue and expenditure were collected from Statistical bulletin from the Central Bank of Nigeria from 1970-2014. The results were analysed using relevant statistical tools. The findings reveals that the level of accountability is very poor in Nigeria because the attributes of accessibility, comprehensiveness, relevance, quality, reliability and timely disclosure of financial information, social and political information about government activities are completely non available or partially available for the citizens to assess the performance of public officers...
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...ISSN 1608-7143 OECD JOURNAL ON BUDGETING Volume 5 – No. 3 © OECD 2006 The United Kingdom Private Finance Initiative: The Challenge of Allocating Risk by David Corner∗ Since 1992, the United Kingdom has used a new type of public-private partnership for the delivery of public services: the Private Finance Initiative. In the design of PFI projects, the assessment of risk, and who is best able to manage it, needs to be carefully considered. Using data from government reports and case examples in the British public sector, this article explores aspects of procurement including, among other things, due diligence, public sector comparators, and the consequences of taking back the responsibility for delivering the service (taking back risk). PFI contracts can deliver better value for money than traditional methods of procurement if risks are transferred to the parties best able to handle them. The article concludes with a discussion of guidelines on generally accepted accounting practice and indicators for assessing risk. ∗ David Corner is Director of Corporate Policy in the United Kingdom National Audit Office. This article was originally published as Chapter 3 in Graeme Hodge and Carsten Greve (eds.) (2005), The Challenge of Public-Private Partnerships: Learning from International Experience, Edward Elgar Publishing, Cheltenham, United Kingdom, and Northampton, MA, United States, pages 44-61. Reprinted with permission from the editors and the publisher. OECD JOURNAL ON...
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...The IMPLeMeNTATION OF IFRS IN The UK DeVOLVeD ADMINISTRATIONS Ciaran Connolly Tony Wall The IMPLeMeNTATION OF IFRS IN The UK DeVOLVeD ADMINISTRATIONS by Ciaran Connolly Tony Wall Published by CA house 21 haymarket Yards edinburgh eh12 5Bh First published 2013 © 2013 ISBN 978-1-904574-94-1 eAN 9781904574941 This report is published for the Research Committee of The Institute of Chartered Accountants of Scotland. The views expressed in this report are those of the authors and do not necessarily represent the views of the Council of the Institute or the Research Committee. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the authors or publisher. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopy, recording or otherwise, without prior permission of the publisher. Printed and bound in Great Britain by Garnett Dickinson CONTeNTS Foreword .................................................................................................................... Acknowledgements .................................................................................................... Abbreviations .............................................................................................................. executive summary ...................
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...ISSN 1608-7143 OECD JOURNAL ON BUDGETING Volume 5 – No. 3 © OECD 2006 The United Kingdom Private Finance Initiative: The Challenge of Allocating Risk by David Corner∗ Since 1992, the United Kingdom has used a new type of public-private partnership for the delivery of public services: the Private Finance Initiative. In the design of PFI projects, the assessment of risk, and who is best able to manage it, needs to be carefully considered. Using data from government reports and case examples in the British public sector, this article explores aspects of procurement including, among other things, due diligence, public sector comparators, and the consequences of taking back the responsibility for delivering the service (taking back risk). PFI contracts can deliver better value for money than traditional methods of procurement if risks are transferred to the parties best able to handle them. The article concludes with a discussion of guidelines on generally accepted accounting practice and indicators for assessing risk. ∗ David Corner is Director of Corporate Policy in the United Kingdom National Audit Office. This article was originally published as Chapter 3 in Graeme Hodge and Carsten Greve (eds.) (2005), The Challenge of Public-Private Partnerships: Learning from International Experience, Edward Elgar Publishing, Cheltenham, United Kingdom, and Northampton, MA, United States, pages 44-61. Reprinted with permission from the editors and the publisher. OECD JOURNAL ON...
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...| | |PROFESSIONAL EXPERIENCE |Credit Program Officer, Millennium Challenge Account-Armenia Program, Foreign Financing Projects Management Center State | | |Institution, Ministry of Finance of the Republic of Armenia, Yerevan, Armenia, February 2012 – current | | |Overall management, oversight and evaluation of implementation of the MCA-Armenia | | |Credit Program (total portfolio 8.5 mln USD), preparation of the reports, memos and other papers on the progress of the Project | | |Review reports, other deliverables and implementation documents developed and submitted by the MCA-Armenia Credit Program | | |implementer | | |Monitoring and analysis of rural financial market development trends, study of the policies for the Rural Financial Market | | |development | | |Consultations and coordination with stakeholders and donors working in the area of rural...
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...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. However QuickBooks was more popular having more options in terms of digits that it can handle. Fauji Fertilizer Bin...
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...China’s budgetary system Year III Finance and Banking Balea Calin Dobrovolschi Natalia 2012 Content Introduction………………………………………………………………..pg 3 Traditional Budget Accounting…………………………………...……… pg 3 1.Taxonomy of Chinese Accounting……..…………….......................... pg 3 1.1 The Domain of Budget Accounting……….…………...………... .pg 3 1.2 Chinese units……………………………………………………... pg 4 2. Public Financial Management Process……………………..……….. pg 4 Conventional Budget Accounting …………………………………………pg 5 1. Overall and Unit Budgets…………………….…………………….. pg 5 2. Characteristics of the Chinese Budget Accounting System ….….…..pg 6 2.1 Accounting as a Budget Tool…………………….…………….. pg 6 2.2 Characteristics…………….…………………….……………… pg 7 The 1994 Budget Law………………………………..…………………… pg 8 1. Scope…….……………………………………………………….....pg 8 2. Institutional structure…………………………………………….....pg 8 3. Budget policy……………………………………………………….pg 9 3.1 General Policy…………………………………………………. pg 9 3.2 Separate Revenue System……………………………………....pg 9 3.3 Dual Budgeting System………………………………………...pg 10 3.4 Functional Classification of the Budget………………………...pg 10 3.5 Increased Budgetary transparency………………………………pg 11 3.6 Increased Effectiveness in resource utilization………………….pg 11 Further development………………………………………………………...
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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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...www.sciencedirect.com ScienceDirect Procedia Economics and Finance 28 (2015) 163 – 169 7th INTERNATIONAL CONFERENCE ON FINANCIAL CRIMINOLOGY 2015 13-14 April 2015,Wadham College, Oxford, United Kingdom Enhancement of the Accountability of Public Sectors through Integrity System, Internal Control System and Leadership Practices: A Review Study Mohamad Azizal Abd Aziza, Hilmi Ab Rahmanb, Md. Mahmudul Alamc, Jamaliah Saidc* a Faculty of Accountancy, Universiti Teknologi MARA (UiTM), Shah Alam, Selangor, Malaysia b Universiti Teknologi MARA (UiTM) Kelantan Campu, Malaysia c School of Business, Universiti Utara Malaysia c Accounting Research Institute (ARI), Universiti Teknologi MARA (UiTM). Shah Alam, Selangor, Malaysia Abstract Currently, governance in public administration has become a global issue as a result of the continuous stream of governance failures, fraud, inefficiency, corruption, and poor internal control and financial management. Public sectors worldwide are now under pressure to justify the sources and utilizations of public resources as well as improving the performance in their services delivery. Now it is considered as public rights to monitor the transparency and efficiency of public administration. To ensure good governance, understanding the way to improve accountability in public sector is very essential. Therefore, to enhance the accountability in the public sector, based on the literature review this study discusses on the organizational...
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...Topic: Skills development in the financial sector: A Namibian case study HN Muyoba Student No. MYBHER001 Assignment 1: Literature Review Research Methods BUS5004W MPhil: People Management (2014 intake) Contents 1. Introduction 3 1.1 Definitions 3 1.2 Background of the Study 4 1.3 Aims of the Study 5 1.4 Study objectives 5 2 The research problem 6 3 Research Questions: 6 4 Literature review 6 4.1 International perspective 6 4.2 African perspective 8 4.3 Namibian perspective 9 5 Conclusion 12 6 Bibliography 13 1. Introduction A functional financial sector is essential for economic development. Importantly, a strong financial sector, however, relies not only on the sound organized infrastructure, but also on the ability of its human resources. Human resources are critical in the development of the financial sector. Investments in human capital are influential in shaping the financial services industry where knowledge, skill, competencies and capabilities have become key strategic drivers of productivity, competitiveness and growth (BNM Financial Sector Development, 2015). With globalization, the need for capacity building in any country’s financial sectors becomes even more critical to ensure that experts within the industry will be able to keep up with the new changes brought about by the implementation of the international financial standards, such as IFRIS. In the next decade, there are likely to be many changes...
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...single most significant element. Available statistical evidence indicates a close correlation between the rating assigned to a bond and the price at which it is sold in the market. An improvement of one grade on the rating scale has been associated with a reduction in interest rate from 28 to 40 basis points (hundredths of a percent in interest rate).' Moreover, government securities are 1 Derived from tables in John E. Petersen, The Rating Game (New York: Twentieth Cenlury Fund, 1974), p.44. MICHAEL H. GRANOF, CPA. PhD., is associate professor of accounting at the University of Texas at Austin. He is currently teaching and conducting research at Ihe Jerusalem School of Busines.s Administration of (he Hebrew University of Jerusalem. A past director of the Austin. Texas, chapter of (be Niiiional Association of Accountants, Dr. Granof is a member of the American Institute of CPAs, the New York State Society of CPAs, tbe American Accounting Association, the Association of Government Accountants,...
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...Academia.edu Log InSign Up We're trying Google Ads to subsidize server costs. If you are logged in, you won't see ads. Hover to learn more. pdf An Evaluation of the Effectiveness of Public Financial Management Syste… 8 Pages An Evaluation of the Effectiveness of Public Financial Management System being used by Government Departments in Zimbabwe. (2000 – 2011) Uploaded by Donnelie Muzividzi Files 1 of 2 Views 3,402 connect to download READ PAPER Academia.edu An Evaluation of the Effectiveness of Public Financial Management System being used by Government Departments in Zimbabwe. (2000 – 2011) Download Research Journal of Finance and Accountingwww.iiste.org ISSN 2222-1697 (Paper) ISSN 2222-2847 (Online)Vol.4, No.4, 201320exodus from the public sector and from Zimbabwe impacted negatively on the effectiveness of PFMS andaccountability systems, threatening day to day operations from the reform.Some human resources existed but not adequate in numbers and quality to perform some critical functions andoptimal utilization largely due to lack of working facilities.The shortfall has been found to have two dimensions: the technical dimension and the governance dimension. Onthe technical dimension, the effectiveness of the PFMS has been reduced due to failure to maintain the systemand inability to cope with number of digits due to hyper inflation. On the governance dimension, some existingregulations and procedures were not followed...
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