Preview

Influence of Rules and Regulation on Public Sector Accounting Practice

Good Essays
Open Document
Open Document
863 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Influence of Rules and Regulation on Public Sector Accounting Practice
TITLE : RULES AND REGULATION IN PUBLIC SECTOR ACCOUNTING.
DATE / TIME : 07 OCTOBER 2012 (MONDAY) / 4:00 PM
LOCATION : ROOM SPK308, OTHMAN YEOP ABDULLAH BUILDING (SCHOOL OF ACCOUNTING.)

GUEST : STUDENT OF PUBLIC SECTOR ACCOUNTING GROUP C
AGENDA : INFLUENCE OF RULES AND REGULATION ON PUBLIC SECTOR ACCOUNTING PRACTISE.

Last Sunday, we are discussing about the rule and regulation regarding Public Sector Accounting Practice. On that day, we are discussing about the article in federal law which on part VII (Financial Provision). Initially, we must know about the establishment history of the Federal Constitution. Federal Constitution it’s also known it as the Malaysian Constitution. It is the written legal documentation that it’s formed based on two previous documents of the Federation of Malaya Independence Constitution of 1948 and 1957. The legal drafted based on the advice of Reid Commission. Federal Constitution consists of several different parts. Public Sector Accounting Practice is related to part VII in the Federal Constitution. These VII parts consist of several articles. The article starts from Article 96 until Article 112. This segment is focus on the financial provision for the government and state.

Article 96, Indicates that no money can be raised by taxation or rates, nor can it be spent (except) under the authority of the federal law. Article 97, all revenues and monies raised or received by the Federal government shall be paid to the Federal Consolidated Fund and all revenues and monies received by the state shall be paid to the State Consolidated Fund. Article 98, Indicates that expenditure charge to the Federal Consolidated Fund include grant, remuneration of the royalties, pensions, debt charges, money to pay for court judgment. Next Article 99, Annual financial statements require the federal government to prepare and submit to the Parliament, statements of estimated receipts and estimated expenditure of the following year before
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Powerful Essays

    Continous Problem - City of Everlasting Sunshine
    • 5852 Words
    • 24 Pages

    Continous Problem - City of Everlasting Sunshine

    Chapters 2 through 8 describe accounting and financial reporting by state and local governments. A continuous problem is presented to provide an overview of the reporting process, including preparation of fund basis and government-wide statements. The problem assumes the government is using fund accounting for its internal record-keeping and then at year-end makes necessary adjustments to prepare the government-wide statements. The problem that follows is presented in the same order as the textbook (beginning with Chapters 3, and 4). Each chapter requires the preparation of journal entries to record the events and transactions of governmental, proprietary, or fiduciary funds. For the General Fund, use control accounts for the budgetary accounts, revenues, expenditures and encumbrances. For all other funds, use separate accounts for each type of revenue and expenditure/expense. At appropriate stages, preparation of the fund and government-wide statements are required. The following funds are included in this series of problems: Governmental Funds General Special revenue—Street and Highway Fund Capital projects—City Hall Annex Construction Fund Debt service—City Hall Annex Debt Service Fund Debt service—City Hall Debt Service Fund Proprietary Funds Internal service—Stores and Services Fund Enterprise—Water and Sewer Fund Fiduciary Funds Private-purpose—Student Scholarship Fund Pension trust—Fire and Police Retirement Fund…

    • 5852 Words
    • 24 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    The Public Company Accounting Oversight Board
    • 1182 Words
    • 4 Pages

    The Public Company Accounting Oversight Board

    The Sarbanes-Oxley Act created the Public Company Accounting Oversight Board (PCAOB) to assume the responsibility of overseeing the auditors of public companies. The PCAOB is a private-sector, non-profit corporation. It was established to "protect the interests of investors and further the public interests in the preparation of informative, fair, and independent audit reports". (The PCAOB) Although the PCAOB is a private sector organization, it has many government-like regulatory functions. The PCAOB was created in response to an increasing number of accounting restatements by public companies during the 1990s and a series of recent high-profile scandals like Enron and WorldCom. Prior to the PCAOB, the audit industry was self-regulated through the Public Oversight Board of the AICPA, but with the recent scandals and restatements something had to be changed.…

    • 1182 Words
    • 4 Pages
    Powerful Essays
    Read More
  • Good Essays

    Accounting Practice Legislations, Procedures and policy Report
    • 1022 Words
    • 5 Pages

    Accounting Practice Legislations, Procedures and policy Report

    A policy for how long client information is kept after clients are no longer involved with the service. For example, different government departments produce documents that outline legal requirements for their staff in relation to storing and maintaining information.…

    • 1022 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Main Theories That Explain the Politic Process of Accounting Standard Setting and Regulatory Process
    • 600 Words
    • 3 Pages

    Main Theories That Explain the Politic Process of Accounting Standard Setting and Regulatory Process

    Choose one of the 3 main theories that explain the politic process of accounting standard setting and regulatory process in Australia. Explain critically the main elements of this theory and illustrate with examples. How does this theory operates in the real world.…

    • 600 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Politicalization of Accounting Standards
    • 435 Words
    • 2 Pages

    Politicalization of Accounting Standards

    These groups are put in place to help regulate the economy and to help form accounting principles that should be followed to promote and ensure accuracy and efficiency in companies across America. There was much policitalization which led to the abolishment of the APB and the formation of FASB. This was due to reasons such as the investment of tax credit in 1961 which made the APB responsible for deciding how it was to be reported. Due to the disagreement which what the APB chose to follow, the SEC took it into their own hands to let the companies decide for themselves what method they wanted to follow for reporting tax credit. Since the APB disregarded such principles the companies were reluctant to participate. Due to the problems the APB caused in 1972 FASB was formed. Members were not all from the AICPA, as they were in the APB, but instead the members of FASB were from various organizations. FASB includes members which as full time employees whose overall objective is to improve financial reporting, improve understanding, promote compatibility, and keep standards current.…

    • 435 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Regulatory and Political Influence on Accounting Practices
    • 2486 Words
    • 10 Pages

    Regulatory and Political Influence on Accounting Practices

    egulatory and Political Influence on Accounting Practice Learning Objectives ! ! ! !…

    • 2486 Words
    • 10 Pages
    Powerful Essays
    Read More
  • Good Essays

    Article Review of Leaderships Is a Conversation
    • 1600 Words
    • 7 Pages

    Article Review of Leaderships Is a Conversation

    The authors of this article are Boris Groysberg and Michael Slind. It is published in the Harvard Business Review, June 2012. Boris Groysberg is a Professor of Business Administration in the Organizational Behavior unit at the Harvard Business School. He currently teaches Managing Human Capital course in the second year elective course of the MBA program and in several Executive Education programs. Michael Slind is a writer, editor, and communication consultant of talk, inc: How Trusted Leaders Use Conversation to Power Their Organization (Harvard Business Review Press, 2012). As the phrase “Leadership is a Conversation” implies, this article focuses on how leaders should communicate with their employees.…

    • 1600 Words
    • 7 Pages
    Good Essays
    Read More
  • Powerful Essays

    Regulatory Environment of Financial Reporting
    • 1665 Words
    • 6 Pages

    Regulatory Environment of Financial Reporting

    Over the last 100 years, there have been significant changes to the regulatory environment that shaped financial reporting requirements. The Securities Act of 1933, The Securities Exchange Act of 1934, and the Sarbanes-Oxley Act of 2002 are the most notable laws enacted to ensure transparency and accuracy in reporting. Each new law subsequently provided stricter guidelines on the internal controls, auditing and financial reporting of publically traded companies. Through a thorough review of these laws, we can establish the regulatory environment created to prevent fraudulent reporting.…

    • 1665 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Compare and Contrast the Budget Cycle Between Presidential System and Parliamentary Democracy System
    • 3925 Words
    • 16 Pages

    Compare and Contrast the Budget Cycle Between Presidential System and Parliamentary Democracy System

    Since the democratic dispensation in South Africa, government have developed progressive laws that embrace democratic values. These include the Constitution (Act no. 108 of 1996), which entrenches democratic rights and provides a core foundation for the functionality of the South African government. Among other things, the Constitution sets out structures of government, assigns powers and authority of government and spells out the citizens’ rights. Underpinned in the Constitution are the delegation of powers and authority, and the doctrine of the separation of powers among the three spheres of government, namely, Legislature, Executive and Judiciary. These are enhanced by the checks and balances to ensure that no sphere of government abuses its powers. The Constitution further entrenches a culture of accountability in government as well as a degree of transparency in government budgeting and financial management. In addition, national legislative framework has been enhanced to translate these important principles into the budget process. The Public Finance Management Act (PFMA) of 1999 serves as a legislative cornerstone of the management of public funds and sets stringent transparency requirements including regular reporting and the assignment of accountability. In enforcing its oversight responsibility and further clarifying the separation of powers, Parliament recently introduced new budget reforms. Two Acts of Parliament were enacted including the Financial Management of Parliament Act (FMPA). Among the objectives of this Act is to provide for parliamentary oversight of Parliament’s budget and expenditure through an appropriate oversight mechanism of parliament. 1 It also spells out responsibilities of different role players in the budget process and the relationship with other state institutions, including…

    • 3925 Words
    • 16 Pages
    Powerful Essays
    Read More
  • Good Essays

    Local Government Accounting System
    • 1549 Words
    • 7 Pages

    Local Government Accounting System

    However, with broad authority, it is not meant that local governments can use the financial resources they have at will, without a clear direction and purpose. Extensive rights and powers granted to the region, in essence a mandate that must be accounted for in an accountable and transparent, both to the people in the region and the central government has been distributing the balance funds to all regions in Indonesia. Renewal of local financial management in the era of regional autonomy, characterized by a very fundamental change, ranging from the budgeting system, treasury up to the responsibilities financial statements. Before the passing of autonomy, accountability regional financial reports to be prepared by the Local Government Budget Calculation just a report and Calculation Memorandum and the system used to generate the report is MAKUDA (Regional Financial Administration Manual) in force since 1981.…

    • 1549 Words
    • 7 Pages
    Good Essays
    Read More
  • Good Essays

    The Issues Surrounding Accounting Treatment for Assets and Liabilities Under the Accrual Accounting for the Government of Malaysia.
    • 369 Words
    • 2 Pages

    The Issues Surrounding Accounting Treatment for Assets and Liabilities Under the Accrual Accounting for the Government of Malaysia.

    Discuss the issues surrounding accounting treatment for assets and liabilities under the accrual accounting for the government of Malaysia.…

    • 369 Words
    • 2 Pages
    Good Essays
    Read More
  • Good Essays

    Chicken Run
    • 4276 Words
    • 18 Pages

    Chicken Run

    Page Introduction 1. What were the problems/issues facing the company? 2. Who are the stakeholders and what their stakes are? 3. How were the affairs of the company managed? 4. How would you describe the system that existed within the company? 5. How would you assess and rate the financial health of the company? 6. What are the possible salvage plans? 7. What would you suggest as appropriate course of actions? 8. How would an external auditor perform his work in this company? 9. If you are appointed as the auditor to handle the work of this company, describe an appropriate audit programme on Trade Receivables of the company? 10. How should a professional member conduct himself/herself in commerce and industry? 11. What are the roles of professional accountants in relation to their compliance to the By-Laws of the Malaysian Institute of Accountants as in this case? 12. List 6 critical success factors for small and medium size enterprise. 3 3 4 5 5 6 6 7 8 9…

    • 4276 Words
    • 18 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Legal And Regulatory Influence On Financial Statements
    • 256 Words
    • 1 Page

    Legal And Regulatory Influence On Financial Statements

    All businesses have to meet the internal and external reporting standard of financial activities in order to provide meaningful and acceptable financial statement.…

    • 256 Words
    • 1 Page
    Satisfactory Essays
    Read More
  • Powerful Essays

    The New Government Accounting System (Issues in Public Audit)
    • 1806 Words
    • 8 Pages

    The New Government Accounting System (Issues in Public Audit)

    The New Government Accounting System: Issues in Public Audit 1 Introduction Historically, the growth of government auditing and accounting in the Philippines was greatly influenced by the administrative practices in the United States, so much so that during the time that the General Accounting Office in the United States was responsible for the government’s accounting, that concept was similarly introduced in the Philippines. Unfortunately, by the time the practice was abandoned in the United States in favor of a better system, the Philippines has then become independent and hence the change was not followed here.2 COA Promulgates New Accounting System Unlike in the United States where accounting standards are formulated by the Federal Accounting Standards Advisory Board (FASAB) and subsequently enacted into law, such as the Federal Financial Management Act of 19963, the Philippines new government accounting system was formulated almost single-handedly by a team of highly professional and competent COA officials in only a span of four months4. Parenthetically, the FASAB is the standard-setting body in the U.S. composed of the Secretary of the Treasury, the Director of the Office of Management and Budget, and the Comptroller General, which body is also recognized by the American Institute of Certified Public Accountants as the official board that promulgates generally accepted accounting principles (GAAP) for federal entities.5 Thus, invoking the 1987 Constitution of the Philippines which vests the Commission on Audit with the exclusive authority to promulgate accounting and auditing rules and regulations, the COA promulgated COA Circular No. 2001-004 prescribing a New Government Accounting System (NGAS) for national government agencies, and COA Circular No. 2001-005 for local government units, to take effect January 1, 2002. Subsequently, COA Circular No. 2002-002 was issued prescribing the Manual on the NGAS. In the Foreword to the Manual the need to revamp the…

    • 1806 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    samsung
    • 3051 Words
    • 18 Pages

    samsung

    We would like to acknowledge with appreciation the role of our instructor Mr. Faraz Naseem for providing us this opportunity .This report has really helped us to understand the effects of good financial managements practices. After studying course Introduction to Financial Accounting and with his teachings the way we look at organization is changed. We would like to extend our gratitude to all of them for their guidance and constant supervision as well as for providing necessary information regarding different functions of management and the general practices in the organizations.…

    • 3051 Words
    • 18 Pages
    Powerful Essays
    Read More

Related Topics