Concept and Accounting Policies ACCA B.com

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KEY CONCEPT AND ACCOUNTING POLICIES

To ensure the matching of expenditure against appropriations, the cash basis of accounting has been modified to recognize some items of expenditure on a commitment basis.

Commitments are used to control large and non-regular expenditures against appropriation and need not be recorded for immaterial expenditure of recurring nature. Commitments will be accounted for on a memorandum basis.

The following criteria shall be applied when determining and recognizing a commitment.

· a valid purchase order is raised and where applicable, a purchase contract (legal undertaking or legally binding) has been entered with the supplier. The amounts involved should be clearly mentioned in the purchase order / contract.

· the officer in accordance with the Delegation of Finance Powers (who shall deemed to be the approving officer) has authorized the commitment.

· the amount involved (expenditure) is above Rs. 100,00 or 10% of total budget head, whichever is higher.

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