Old Sys Vs New Accounting Basis of Accounting

-

OLD SYSTEM VS NEW ACCOUNTING MODEL

Basis of Accounting

§ Cash basis of Accounting

§ Receipts are recorded on the basis of actual collections

§ Expenses are recorded when the payment is made

§ Uses mainly single entry bookkeeping

§ Modified Cash Basis of Accounting

§ Receipts are recorded on the basis of actual collections

§ Expenses are recorded when the payment is made PLUS

§ Commitments are recorded

§ Fixed Assets Register is maintained

Financial Reporting

§ Current reporting does not incorporate principles of

§ Current reporting shall incorporate these principles of

§ Quality

§ accuracy

§ validity

§ completeness

§ comparability

§ timeliness

§ Quality

§ accuracy

§ validity

§ completeness

§ comparability

§ Timeliness

Financial Reporting

§ Expense and revenue figures were not reported “By Object”

§ No Programs and Projects

§ Fixed Assets were not reported separately

§ Disclosures relating to National Debt were inadequate

§ Comparison to budget wise limited and not meaningful

§ AG/AGPR/CGA to provide quality and timely information

§ AG/AGPR/CGA will provide FD/Departments information that is useful for the purposes of preparing Annual Budget Statements (ABS) and for monitoring performance against budgets

§ AG/AGPR/CGA will give country’s “Financial Management” information to assist in their financial management

Popular posts from this blog

History of Labor Day

-
Casting a glance back on Labor Day history is essentially about commemorating and celebrating the American Labor Movement. It is all about knowing the share that the American laborers had in building up the nation with its richness and its many achievements. The Labor Day, usually held on the first Monday in September, inspires this sense of the togetherness that workers need to feel and share in respecting their own contribution to the history of America . Labor Day is an annual recognition of all those dedicated American workers whose achievements, both socially and economically, deserve to be honored. On every Labor Day, Americans pay their tributes to those workers of strength and perseverance whose selfless efforts have added to the growth and prosperity of the American nation. Even after a century-long celebration, there is no one consistent theory about the Labor Day history. The prominent amongst these attributes the Labor Day to one Peter J. McGuire. He is the one who is cr...
Read more

Relationships Ruined by the Internet

-
10 Relationships Ruined by the Internet The wife who found pictures of her husband's wedding to another woman at Facebook Lynn France, a wife who suspected her husband was having an affair, found he was actually married to another woman through a simple Facebook search. All she had to do was type in the name of the woman she believed her husband, John, was seeing. The pair had been married at Disney World , no less, with France's husband dressed as Prince Charming , and his new bride as Sleeping Beauty . There was like an album of 200 pictures there. Their whole wedding. She had grown suspicious when her husband began taking frequent business trips, even leaving the day the couple's newborn son came home from the hospital. Once, she found his passport at home when he was supposed to be in China for business. She once caught her husband with another woman in a hotel so a girlfriend recommended checking the woman's Facebook page, where France...
Read more