difference between FASB and IASC framework
Budgeting
A budget is a plan for one’s future income and expenditures that one can use as a guideline for spending and saving. Although many use a budget to plan their spending, the majority also routinely spend more than they can afford. The key to spending within means is to know the expenses and to spend less than make. A good monthly budget can help to ensure of paying bills on time, have funds to cover unexpected emergencies, and reach financial goals.
History of Budgeting Practices
Money management has been around as long as money has existed. But the idea of a budget is a recent concept, often attributed the British monarchy in the 1700s. The Parliament was put in place to establish some form of checks and balances.
At that time in 19700s, budgeting was mainly self-serving as the first controls were put on the military so the King couldn’t create a force to overthrow the Parliament. However, things were rarely written down, there wasn’t a regular review and no auditing or reporting. As the budget expanded to include more areas of the government, the idea of a true budget evolved to mean more control and accountability.
By the early Eighteenth Century, officials of the King delivered his plans on how to spend the money that Parliament would allocate. The term “budget” actually came from the Latin word for the bag in which these plans were carried. It later came to mean the plans themselves.
At the beginning of the Nineteenth Century, many of the currently accepted policies and procedures were taking shape. It was actually the French efforts to streamline their own government that budgeting became a useful and practical practice. By the mid-1800s, they had put together guidelines for performing audits, defined a standard fiscal year, and created accountability reporting. They required written reports that detailed all of the revenue and expenses for the year with a reconciliation of where all funds came from and how they were dispersed.
In the early
A budget is a plan for one’s future income and expenditures that one can use as a guideline for spending and saving. Although many use a budget to plan their spending, the majority also routinely spend more than they can afford. The key to spending within means is to know the expenses and to spend less than make. A good monthly budget can help to ensure of paying bills on time, have funds to cover unexpected emergencies, and reach financial goals.
History of Budgeting Practices
Money management has been around as long as money has existed. But the idea of a budget is a recent concept, often attributed the British monarchy in the 1700s. The Parliament was put in place to establish some form of checks and balances.
At that time in 19700s, budgeting was mainly self-serving as the first controls were put on the military so the King couldn’t create a force to overthrow the Parliament. However, things were rarely written down, there wasn’t a regular review and no auditing or reporting. As the budget expanded to include more areas of the government, the idea of a true budget evolved to mean more control and accountability.
By the early Eighteenth Century, officials of the King delivered his plans on how to spend the money that Parliament would allocate. The term “budget” actually came from the Latin word for the bag in which these plans were carried. It later came to mean the plans themselves.
At the beginning of the Nineteenth Century, many of the currently accepted policies and procedures were taking shape. It was actually the French efforts to streamline their own government that budgeting became a useful and practical practice. By the mid-1800s, they had put together guidelines for performing audits, defined a standard fiscal year, and created accountability reporting. They required written reports that detailed all of the revenue and expenses for the year with a reconciliation of where all funds came from and how they were dispersed.
In the early