Objectives of FPA 1957

 Provides guidance for the control & management of public finance for the whole
nation;
 Provides financial & accounting procedure;
 Provides guidelines on the collection, custody & payment of public monies;
 Provides procedures for purchase, custody & disposal of public properties;

Objectives of FPA 1957

 provides authority for the investment of money standing in the consolidated funds;
 defines and explain in detail the three accounts of the consolidated funds;
 to enforce provisions of the Federal Constitution relating to finance.

FPA 1957

 Main sections:
o Definition of terms
o Consolidated Fund
o Financial Procedure for payments, virements, estimates and write-offs
o Custody and investment of public funds
o Yearly statement of accounts
o Financial regulations provided by Yang DiPertuan Agong