Old Sys Vs New Accounting Basis of Accounting

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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

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