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    Basic Accounting and Budget Reporting Principles

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    Wawex Davis
    The document outlines basic accounting and budget reporting principles including complying with relevant laws and regulations, using accrual basis accounting and budget basis for financial statements, revising the chart of accounts, and preparing financial statements from accounting and budgetary records. It also discusses qualitative characteristics like understandability, relevance, and reliability. Finally, it lists the key components of general purpose financial statements.

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    Basic Accounting and Budget Reporting Principles

    Uploaded by

    Wawex Davis
    31 views4 pages
    The document outlines basic accounting and budget reporting principles including complying with relevant laws and regulations, using accrual basis accounting and budget basis for financial statements, revising the chart of accounts, and preparing financial statements from accounting and budgetary records. It also discusses qualitative characteristics like understandability, relevance, and reliability. Finally, it lists the key components of general purpose financial statements.

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    Basic Accounting and Budget Reporting Principles

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    The document outlines basic accounting and budget reporting principles including complying with relevant laws and regulations, using accrual basis accounting and budget basis for financial statements, revising the chart of accounts, and preparing financial statements from accounting and budgetary records. It also discusses qualitative characteristics like understandability, relevance, and reliability. Finally, it lists the key components of general purpose financial statements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    31 views4 pages

    Basic Accounting and Budget Reporting Principles

    Uploaded by

    Wawex Davis
    The document outlines basic accounting and budget reporting principles including complying with relevant laws and regulations, using accrual basis accounting and budget basis for financial statements, revising the chart of accounts, and preparing financial statements from accounting and budgetary records. It also discusses qualitative characteristics like understandability, relevance, and reliability. Finally, it lists the key components of general purpose financial statements.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    Download as pptx, pdf, or txt
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    Basic Accounting and Budget reporting Principles

    • Compliance with PPSAS


     
    and relevant laws,
    rules and regulations
    • Accrual basis of accounting 
    • Budget basis for presentation of budget
    information in the financial statements
    • Revised Chart of Accounts  
    • Double entry bookkeeping
    • Financial statements based on accounting
    and budgetary records
    • Fund cluster accounting
    GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Millan
    Fund clusters

    GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Millan


    Qualitative Characteristics

    • Understandability  
    • Relevance
    • Materiality
    • Timeliness
    • Reliability
    • Faithful representation
    • Substance over form
    • Neutrality
    • Prudence
    • Completeness
    • Comparability
    GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Millan
    Components of General Purpose Financial Statements

    1. Statement of Financial Position;


    2. Statement of Financial Performance;
    3. Statement of Changes in Net
    Assets/Equity;
    4. Statement of Cash Flows;
    5. Statement of Comparison of Budget and
    Actual Amounts; and
    6. Notes to the Financial Statements

    GOVT ACCTG & ACCTG FOR NPOs by: Z.B.Millan

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