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
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| 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
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| 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 |
