1 ETHIOPIA (MoFED) Regional Workshop On Financial Reporting - Moving Towards Accrual Basis April 11-14,2011 Arusha, Tanzania 1
2 Overview on Basis of Accounting 2
3 BASIS OF ACCOUNTING Cash basis of accounting are applied except the following Revenue is recognized when: Aid in kind is received. Payroll is processed (income tax and employee fines) Salary advance is made to an employee (interest on salary advances) Withholding tax is deducted from the amount due to a supplier 3
4 Basis Cont Expenditure is recognized when: Payroll is processed (salary and pension expenses) Aid in kind is deliver Goods are received or services are rendered At the end of the year, a grace period payable is accounted for. 4
5 Basis Cont Intergovernmental transfers are recognized without actual cash movement 5
6 ACCOUNTING POLICIES REVENUE Revenues are recognized on receipt of amounts except as stated above. FINANCE COSTS Finance costs are recognized as an expense in the period in which they are paid. 6
7 Acct Cont TRANSLATION OF FOREIGN CURRENCIES Transactions denominated in foreign currencies are translated into Ethiopian Birr at the rates of exchange ruling at the date of the transaction. Cash and bank balances that are denominated in foreign currencies are translated at the rates of exchange ruling at the year end and the exchange gains/loss arising from such translation are recognized as revenue/expenditure respectively. 7
8 Some Fact Program Budget will be launched in 2004/2012 budget year. IBEX version 2 has been develop and launched soon IFMIS has been under implementation 8
9 Thank You አመሰግናለሁ 9
10 THE BASIS OF ACCOUNTING AND MAIN ACCOUNTING POLICIES USED BY KENYA A PAPER PRESENTED BY COUNTRY TEAM AT EAST AFRITAC REGIONAL WORKSHOP ON FINANCIAL REPORTING - MOVING TOWARDS THE ACCRUAL BASIS ARUSHA, TANZANIA, 10 TH TO 15 TH APRIL, 2011
11 1.0 Cash Basis of Accounting and Main Policies Kenya uses cash basis of accounting in its financial reporting framework where only receipts and payments and balances of the entity are compared with budgetary estimates. The variances between budgetary estimates and actual figures are reported in the appropriation accounts to obtain variances which are then explained in the footnotes to the accounts.
12 Pending bills and revenue receivable are disclosed in the notes to the accounts but are not accrued for. Contingent liabilities are not accounted for whether likelihood of occurrence is certain. Accounting reports are produced for audit at the end of 3 months (or by 30 th September) of the year of reporting.
13 The auditing accounts are consolidated and placed before Parliament within 6 months of the financial year end. Comparative information is disclosed in respect of the previous year s (period s) transactions (figures). Where comparative information requires narration to comprehensive provide a clear understanding of the statements,
14 the same is disclosed in the notes to the current period s financial statements. 1.1 Funds Including Trust Funds Kenya uses modified accrual basis of accounting to account for funds. Generally, the annual fund accounts and statements are prepared to show receipts, earnings and accruals of funds and monies expended for the purposes for which the funds were established.
15 This involves the preparation of the income and expenditure account and the balance sheet as at the close of the accounting period. Usually when preparing the annual fund accounts the accounting system is partly observed by incorporating non-cash adjustments such as reserves, provisions, accruals and prepayments.
16 A fixed asset such as Investments are accounted for at cost while others such as Equipment, vehicles and land and buildings and associated amortizations are reported at cost and not market value. Any officer administering a fund established under the Financial Management act shall prepare, sign and transmit to the Auditor General within three months after the close of the period to which they relate. The period of the account may be prescribed by the law establishing the fund and in the absence of such law the Treasury will prescribe.
17 Similarly, any officer administering any trust or other fund or account not provided for in Acts shall if so directed by the Treasury, prepare, sign and transmit to the Auditor General an account in such a form as the Treasury may form time to determine. 1.2 Foreign Currency Cash Receipts, Payments and Balances Cash receipts and payments in foreign currency are recorded in the Ministry or departmental reports at the
18 Exchange differences arising in reconciling items between opening and closing cash balances for the period are disclosed in the notes for the accounts. 2.0 Planned Changes Cash balances for foreign debts are reported using the closing rate of exchange. An accounting Standards Committee was appointed to assess the possibility of moving to accrual basis of accounting
19 The Committee is current working on planned change to modified and/or full accrual accounting bases. 2.1 Foreseeable Challenges (Issues yet to be resolved) It will be costly to completely compile, locate, reconcile and accurately value the detailed information on the fixed assets and liabilities.
20 It is expected that when Kenya Government first start to compile assets register, there may be insufficient information to determine ownership of some assets. It is noteworthy that complete information on assets and liabilities, including that relating to ownership and control, is a precursor to proper management of assets and liabilities. It will be difficult to determine the most efficient way of managing the assets, assessing the
21 contingent liabilities and reporting on their stewardship. How to measure values, the time and the costs thereof of assets such as roads, water masses, forests and amortize or re-value them for accounting purposes. The management of public assets requires sufficient records to identify the existence of assets and the costs of holding and operating these assets.
22 The recognition of assets in a Statements of Financial Position requires that government undergo a rigorous process of identifying all assets, verifying ownership and professionally placing a value on assets. While the adoption of accrual accounting is not a necessary prerequisite for this to occur, it is often the driving factor. Financial reporting deadlines require that this process be completed within a given timeframe and the review of this information by an external auditor provides assurance as to its reliability.
23 The Country should adopt full accrual for the National and Country Governments of Modified Accrual and full accrual for the national and county governments respectively.
24 Malawi Presentation
25 Cash Basis of Accounting. The current basis of accounting in Malawi is Cash based where transactions are recognised when cash is paid or received Characteristics Capital expenses are expensed when purchased. Commitments are not accounted for. No accounting for capital repayments of debt. No transfers between financial years for recurrent expenditures.
26 Authority The Accountant General has delegated authority from the Secretary to the Treasury to prepare Consolidated Annual Financial Statements. Bases for Preparation The basis for preparation are: the Constitution of the Republic of Malawi, the Public Finance Management Act, the Public Audit Act, Treasury Instructions, and the Malawi Growth and Development Strategy
27 Section 13(o) Public Trust and Governance states that the Government shall introduce measures which will guarantee accountability, transparency, personal integrity and financial probity and by virtue of their effectiveness and transparency will strengthen confidence in public. Section 184(1) and (2), states that there shall be an office of the Auditor General and he/she shall report on the public accounts of Malawi and shall submit reports at least once a year to the National Assembly, through the Ministry of Finance, not later than the first meeting of the National Assembly after the completion of the report.
28 Section 13 of the PFMA 2003 requires that all financial reports, associated information and accounting procedures be in accordance with Generally Accepted Accounting Principles (GAAP). GAAP is defined by the Act as: Standards and practices promulgated by the International Federation of Accountants as applicable to Governments and Statutory Bodies; or
29 If no standard or practice exists, then accounting principles or practices which have the authoritative support of the accounting profession in Malawi or in countries that maintain accounts and records and prepare financial statements similar to the Government of Malawi and its statutory bodies.
30 Treasury Instruction Part 9 provide for financial reporting of government accounts and therefore the financial reports need to provide sufficient information to: Assess the Government s overall financial position and condition. Evaluate the Government s performance and it s ongoing ability to deliver the existing level of services. Predict the timing and volume of cashflows and future cash and borrowing requirements. Assess the government s ability to meeting its short and long term financial obligations
31 Instituted the Asset Management Division. Issues: Assets classifications Valuations Identification of assets Asset Registers Capitalize or expense as usual Where to start, and what to include in the financial statements.
32 Accounting for Capital Repayment of Public Debt. Commitments to be brought as notes to the accounts. Adoption of Cash Basis IPSAS as a starting point.
35 THE UNITED REPUBLIC OF TANZANIA MINISTRY OF FINANCE ACCOUNTANT GENERAL S DEPARTMENT East AFRITAC Regional Workshop Financial Reporting- Towards Accrual Accounting,Ngurdoto Arusha, Tanzania
36 TABLE OF CONTENTS INTRODUCTION/BACKGROUND INFORMATION BASIS OF ACCOUNTING MAIN ACCOUNTING POLICIES WAY FORWARD CONCLUSION 2
37 INTRODUCTION/BACKGROUND INFORMATION The Accountant General (ACGEN) Office in Tanzania is responsible for ensuring that entities in the public sector keep proper books of accounts that comply with general accepted accounting principles. In 2006, the International Public Sector Accounting Standards (IPSAS) were adopted to provide a record of the Government of United Republic of Tanzania s financial performance. 3
38 INTRODUCTION/BACKGROUND INFORMATION. The IPSASs are designed to apply to the general purpose financial statements of all public sector entities. Public sector entities include National Governments, regional Governments (for example, state, provincial, territorial), local governments (for example, city, town) and their component entities (for example, departments, agencies, commissions), unless otherwise stated. 4
39 INTRODUCTION/BACKGROUND INFORMATION. At the moment, the Central Government is using cash-basis accounting whereas the Local Government is using the accrual-basis of accounting. It is expected that the Central Government will move to accrual-basis of accounting in the near future 5
40 BASIS OF ACCOUNTING The Consolidated financial Statements have been prepared in accordance with Public Finance Act of 2001(revised 2004), and Comply with the requirements of Cash Basis International Public Sector Accounting Standards (IPSAS) Financial Reporting under the cash Basis of Accounting. 6
41 MAIN ACCOUNTING POLICIES These are the specific principles, bases, conventions, rules and practices adopted by the Government of United Republic of Tanzania in preparing and presenting the financial statements. These policies have been consistently applied to all years presented, unless other wise stated: 7
42 MAIN ACCOUNTING POLICIES.. a) Reporting Period b)reporting currency and translation of foreign currencies c)unspent cash balances d) Employee Benefits Employee Benefits include salaries, pensions and other related employment costs. Employee benefits are recognizes when paid. 8
43 MAIN ACCOUNTING POLICIES e) Revenue Revenue represents cash received by the entity during the financial year, and comprises tax, non-tax revenue, financing income and external assistance. Revenue not yet received is disclosed in the Consolidated Statement of Revenue in Arrears. 9
44 MAIN ACCOUNTING POLICIES Revenue comprises of Taxation, Non-Tax Revenue, Financing Income and External Assistance External assistance received by Government is in form of loans and grants. External assistance received by all Government entities is accounted for centrally by the Ministry responsible for finance which is the principal recipient on behalf of the Government. 10
45 MAIN ACCOUNTING POLICIES Grants are recognized as income when received. Where the accounting entity receives non monetary grants, a dummy exchequer is issued and the amount is recorded as Payment by third parties and disclosed on the face of the Statement of Cash Receipts and Payments, payment by function and notes to the financial statements 11
46 MAIN ACCOUNTING POLICIES f) Transfers These are funds received or transferred to or from the other Government entities, agencies or other third parties. g) Expenses In general, expenditure is recognized when cash is paid. 12
47 MAIN ACCOUNTING POLICIES h) Receivables Receivables are disclosed in the financial statements at original historical cost. Bad debts are written off with the approval of Parliament, when identified and are reflected in the Statement of Losses of Public Money, stores written off and claims abandoned. i) Inventories Consumable supplies are expensed in the period in which they are paid for. 13
48 MAIN ACCOUNTING POLICIES j) Property, Plant and Equipment Property, plant and equipment principally comprise land, buildings, plant, machinery, motor vehicles, furniture and fixtures, computer equipment, intangible assets, biological assets and other civil works. 14
49 MAIN ACCOUNTING POLICIES Property, plant and equipment purchased, are expensed fully in the year of purchase. However, a memorandum record is maintained in the Fixed Asset Registers at historical cost or valuation of non-current and intangible assets of the respective entity. Proceeds from disposal of property, plant and equipment are received by the Treasury. 15
50 MAIN ACCOUNTING POLICIES All items of property, plant and equipment are owned by the respective entities. k) Losses Losses are disclosed in the statement of Losses of Public Money, stores written off and claims abandoned 16
51 MAIN ACCOUNTING POLICIES j) Provisions Provisions are disclosed in the Statement of Liabilities when the Government has a present obligation (Legal or Constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation and reliable estimates can be made of the amount of the obligation. Where Government expects some or all of a provision to be reimbursed, 17
52 MAIN ACCOUNTING POLICIES m) Project Expenditure Government Projects are series of undertakings by the entity with specific objectives and a defined period and could be either: o Fully funded by the Government; o Jointly funded by Government and development partner; or o Fully funded by development partner 18
53 MAIN ACCOUNTING POLICIES n) Contingencies Contingent liabilities are disclosed in the Consolidated Statement of Contingent, when contingency become evident. Contingent assets are neither recognized nor disclosed. o) Commitments p) Value Added Tax Expenses and liabilities are recognized at amount inclusive of Value Added Tax (VAT). Payables are stated with amounts of Value Added Tax. 19
54 REPORTING ENTITIES Reporting Entities in the national Financial Statement to date are 23 Ministries 9 Commission 25 Independent Department 21 Regional Administrative Secretary 32 Embassies 20
55 WAY FORWARD... ACGEN set up a task force/project comprising of exemplary Chief Accountants and/or deputies to provide support in driving the IPSAS agenda to the next level Develop work stream identifying critical & conventional paths Enabling key decision makers including the presidency, cabinet, PAC, RAC to support such an agenda Implementation of Asset Management Model 21
56 WAY FORWARD... Strengthening of standards & regulatory Training Needs Assessment & coming up with an effective training programme Recruit qualified accountant & intensify training. Development of IPSAS compliant accounting manual Learning from other countries: Countries such as Ghana, South Africa, Switzerland, New Zealand, have been successful in adoption of IPSAS & taping experience & lessons from these countries will be of help to Tanzania to fast track the adoption of IPSAS. 22
57 CONCLUSION The adoption & implementation of IPSAS in Tanzania will enhanced transparency; good governance and accountability in public sector; Goes extra mile in providing more relevant, sufficient and reliable information for policy and other decision making Involvement of all key stakeholders effectively 23
58 THANK YOU
59 Financial Reporting- Specific case of The Government of Uganda
60 Background Financial reporting for the Government has undergone significant improvements over the last 8 years Since 2003 Government moved from pure cash basis reporting to modified cash basis to better report on its operations The reporting templates are undergoing further review to be a report using the new budgeting basis Output Based Budgeting
61 Financial Reporting Policies Key GoU Accounting policies that impact on financial statement presentation include: Modified cash basis of accounting: Revenue recognised when cash is received/collected while expenditure is recognised when incurred (not necessarily when paid) Expenditure on property (inc. infrastructure), plant and equipment is fully expensed in period its incurred Liabilities are recognised when crystallised Contingent liabilities not recognised in financial statements but are disclosed
62 Reporting Entities Consolidated Government Ministries Government Agencies Statutory Commissions Uganda Missions Abroad Local Governments ( To the extent of Transfers) Tertiary Institutions ( To the extent of Disbursements)
63 Other Entities Not Consolidated The Government Business entities. These include both trading and statutory enterprises which are either fully Government owned or Government has a stake. These entities operate commercially and are not reliant on continuing Government funding to be a going concern. Government Business Entities are excluded from the consolidated Government Accounts. Dividends from these entities are treated as Non tax revenue.
64 Other Entities Not Consolidated Direct Donor Disbursements to projects is not included in consolidation. Development partner funded projects that disburse through Treasury are accounted for as inflows and fully expensed. In the short term as we proceed to develop guidelines for project accounting and reporting we intend to capture the bank balances in the statement of financial position and thereafter the net movement.
65 Other Entities Not Consolidated The above are not consolidated; Different accounting policies and reporting requirements (IFRSs) Donor have differing agreements and Reporting formats. Different calendars.
66 Financial Statements produced by Entities Annual accounts are prepared in accordance with the Third Schedule of the PFAA and include: Statement of Financial Performance Statement of Financial Position (Balance Sheet) Statement of Changes in Equity Cash flow Statement (Direct method) Statement of Appropriation by Nature and Service. Statement of losses of public moneys and stores written off Statement of outstanding commitments Statement of arrears of revenue Plus other notes and supplementary schedules
67 Financial Statements for Consolidation Statement of Outstanding Debt Statement of Outstanding Advances and loans issues by Government Statement of losses of public moneys and stores written off Statement of outstanding commitments Statement of arrears of revenue
68 Financial Assets and Liabilities Cash and Cash Equivalents are carried in the Statement of Financial Position at cost. This for purposes of cash flow comprise cash on hand, deposits held at call with banks, other short-term Highly liquid investments and bank overdrafts. In accordance with the requirement of the Public Finance and Accountability Act 2003, unspent cash balances at the end of the financial year are returned to the Consolidated Fund in the course of the following financial year. Receivables are carried at original historical cost. Outstanding letters of credit at period end are treated as deposits receivable and expensed in the following year when performance has been enhanced.
69 Financial Assets and Liabilities Investments: All purchases and sales of investments are recognized at the date when payments are effected or when proceeds are received. All investments in the balance sheet are carried at historical cost. For investments quoted in foreign currency, the historical cost is translated at the closing rate. Borrowings: Borrowings are initially recorded in the Statement of Financial Position [the balance sheet] at cost net of any transaction costs paid. Interest expense or income on borrowings is recognized in the Statement of Financial Performance only when paid or received. Payables Accrued expenditure at the end of Financial year at cost Liabilities Public Debt Arrears
70 Fixed Assets Property plant and equipment comprises land, buildings, plant, vehicles, equipments, highways, specialist military equipment and any other infrastructure assets but does not include regenerative natural resources such as forests and mineral resources. Purchase of the Fixed Assets are expensed fully in the year of purchase. Fixed asset register is kept at historical cost of non-current assets of government. No recognition of gains or losses from changes in values and disposal proceeds treated as Non Tax Revenue
71 Contingent Liabilities Contingent liabilities are recorded in the Statement of Contingent Liabilities (Memorandum Statement) Contingent liabilities are recorded in the Statement of Contingencies Liabilities when the contingency becomes evident. Contingent assets are neither recognised nor disclosed.
72 Current Situation The new format of accounts is more informative and comprehensive. Better tracking of payables and arrears say pensions which were previously maintained off-balance sheet Reduced incidence of excess expenditure. Improvement in accounting for assets thus setting the basis for updating of assets registers. Guidelines for accounts preparation Re-engineering current government processes (payment systems, payroll systems) Massive professional training, Restructuring.
73 Challenges The cost and timescale that should be allowed to achieve the necessary changes to the underlying accounting system cannot be underestimated. In the public sector the budget is the starting point for accounting and reporting and is often seen as the key document. The budget determines the allocation of resources, determines fiscal policy and the distribution of the taxation burden, allocates public resources between the different expenditure programmes and provides the legal authority for expenditure. It is therefore imperative that budgeting must also adopt accrual.
74 Challenges-Cont. Transitional arrangements are a big challenge (Asset Valuation) The differing reporting requirements of certain projects and Business agencies. Different Calendars for reporting purposes
75 Ongoing and future improvements Gradually moving towards full accrual accounting. This will necessitate joint effort to move towards accrual budgeting so that budgeting and reporting bases remain consistent. Testing of Donor funded projects solutions on IFMS so that projects can be consolidated in the national accounts is being undertaken. Reviewing of the PFAA to streamline reporting arrangements and consider having the Local Governments Accounts consolidated as well.
76 Conclusion Government s financial reporting has continued to steadly improve and this is evidenced by more timely production of financial statements as well as a reduction in queries and qualified audit opinions.
INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD: FINANCIAL REPORTING UNDER THE CASH BASIS OF ACCOUNTING Structure of the Standard This Standard comprises two parts: Part 1 is mandatory. It sets out the
Contents Indian Accounting Standard (Ind AS) 7 Statement of Cash Flows Paragraphs OBJECTIVE SCOPE 1 3 BENEFITS OF CASH FLOW INFORMATION 4 5 DEFINITIONS 6 9 Cash and cash equivalents 7 9 PRESENTATION OF
IPSAS 2 CASH FLOW STATEMENTS Acknowledgment This International Public Sector Accounting Standard (IPSAS) is drawn primarily from International Accounting Standard (IAS) 7, Cash Flow Statements published
HKAS 7 Revised February November 2014 Hong Kong Accounting Standard 7 Statement of Cash Flows HKAS 7 COPYRIGHT Copyright 2014 Hong Kong Institute of Certified Public Accountants This Hong Kong Financial
Accounting and Reporting Policy FRS 102 Staff Education Note 14 Credit unions - Illustrative financial statements Disclaimer This Education Note has been prepared by FRC staff for the convenience of users
International Accounting Standard 7 Statement of cash flows * Objective Information about the cash flows of an entity is useful in providing users of financial statements with a basis to assess the ability
Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps
46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and
APPROVED by Resolution No. 10 of 10 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 16 BUSINESS ACCOUNTING STANDARD CONSOLIDATED
MPSAS 2 GOVERNMENT OF MALAYSIA MPSAS 2 Cash Flow Statements March 2013 MPSAS 2 CASH FLOW STATEMENTS Acknowledgment The Malaysian Public Sector Accounting Standard (MPSAS) 2 is based on International Public
Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated
FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE INDEPENDENT AUDITORS REPORT... 1 MANAGEMENT S DISCUSSION AND ANALYSIS... 3 FINANCIAL STATEMENTS... 13 Government wide Financial Statements Statement of Net Position...14
C H 2 3, P a g e 1 CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS (note from Dr. N: I have deleted questions for you to omit, but did not renumber the remaining questions) 1. The primary purpose of
(Incorporated in the Republic of Singapore) AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION FOR THE PERIOD FROM 23 DECEMBER 2008 (DATE OF INCORPORATION) TO 30 JUNE 2009 LAM/KCH DIRECTORS REPORT
www.xtremepapers.com INTERNATIONAL ACCOUNTING STANDARDS CIE Guidance for teachers of 7110 Principles of Accounts and 0452 Accounting 1 CONTENTS Introduction...3 Use of this document... 3 Users of financial
Charities Accounting Standard Accounting Template Explanatory Notes Introduction Purpose of Accounting Template The Accounting Template is designed to help smaller charities prepare and present financial
Issued on behalf of AssetCo plc Date: Friday 29 June 2012 Immediate Release Statement by the Chairman, Tudor Davies AssetCo plc ( AssetCo or the Company ) Results for the six-month period ended 31 March
TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other
International Accounting Standard 21 The Effects of Changes in Foreign Exchange Rates Objective 1 An entity may carry on foreign activities in two ways. It may have transactions in foreign currencies or
Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting
Suruhanjaya Syarikat Malaysia Taxonomy Tagging List Templates ssmt_20131231 A view of financial and non financial elements as may be presented in set of financial statements. Content Page  Filing
February 2015 15-01 Accounting Policy: Financial Reporting Code for NSW General Government Sector Entities Policy & Guidelines Paper Preface The Financial Reporting Code (the Code) applies to all New South
R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,
Volex Group plc Transition to International Financial Reporting Standards Supporting document for 2 October 2005 Interim Statement 1. Introduction The consolidated financial statements of Volex Group plc
Annual Accounts for the period Period start date To Period end date Charity Name Charity No (if any) Section A Statement of financial activities Descriptions by natural category Note Unrestricted funds
Capcon Holdings plc Interim Report 2011 Unaudited interim results for the six months ended 31 March 2011 Capcon Holdings plc ("Capcon" or the "Group"), the AIM listed investigations and risk management
AUDIT REPORT of DUBOIS AREA SCHOOL DISTRICT DuBois, Pennsylvania A.U.N. 1-06-17-200-3 For The Year Ended June 30, 2013-1 - TABLE OF CONTENTS Page Number Independent Auditor's Report 4 Management's Discussion
June 2014 UNDERSTANDING CANADIAN PUBLIC SECTOR FINANCIAL STATEMENTS www.bcauditor.com TABLE OF CONTENTS Who Will Find this Guide Helpful 3 What a Set of Public Sector Financial Statements Includes 5 The
FINANCIAL ACCOUNTING FORMATION 2 EXAMINATION - AUGUST 2012 NOTES: You are required to answer Question 1. You are also required to answer any three out of Questions 2 to 5. (If you provide answers to all
Financial Statements The financial information forms the basis of financial planning, analysis & decision making for an organization or an individual. Financial information is needed to predict, compare
3. CONSOLIDATED QUARTERLY FINANCIAL STATEMENTS (1) Consolidated Quarterly Balance Sheets September 30, 2014 and March 31, 2014 Supplementary Information 2Q FY March 2015 March 31, 2014 September 30, 2014
IASB EMERGING ECONOMIES GROUP 8th MEETING December 11-12, 2014 ISSUES FOR DISCUSSON: OTHER NON-FINANSIAL ASSETS AND RELATED MATTERS National Organization for Financial Accounting and Reporting Standards
Republic of Namibia AUDIT REPORT ON THE ACCOUNTS OF THE MOTOR VEHICLE ACCIDENTS FUND FOR THE FINANCIAL YEAR ENDED 31 MARCH 2005 2005 Published by authority Price (Vat excluded): N$ 26.21 Report no: 363
WHITE CLOUD AREA FIRE DEPARTMENT JOINT BUILDING AUTHORITY NEWAYGO COUNTY, MICHIGAN ANNUAL FINANCIAL REPORT YEAR ENDED DECEMBER 31, 2013 TABLE OF CONTENTS INDEPENDENT AUDITOR'S REPORT 1 MANAGEMENT S DISCUSSION
STATE OF FLORIDA DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION BALANCE SHEET As of ASSETS CURRENT ASSETS Cash and Cash Equivalents Cash - Restricted Accounts Receivable - Trade Accounts Receivable
Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for
AIRA Factoring Public Company Limited Report and financial statements 31 December 2012 Independent Auditor's Report To the Shareholders of AIRA Factoring Public Company Limited I have audited the financial
Department of Education, Employment and Workplace Relations Financial Statements for 2013 14 INDEPENDENT AUDITOR'S REPORT To the Minister for Education To the Minister for Employment Report on the Financial
Financial Statement Guide A Guide to Local Government Financial Statements January, 2012 Ministry of Community, Sport and 1 Financial Statement Guide Table of Contents Introduction Legislative Requirements
ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL
ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE
Page 1 of 1 TOPIC ACCOUNTING PRINCIPLES SUB-SECTION 03.00.00 SECTION ISSUANCE DATE JUNE 30, 1999 SUB-SECTION INDEX REVISION NUMBER 99-004 03 Accounting Principles 10 Organization Structure of State Government
ACCOUNTING STANDARDS BOARD OCTOBER 1996 FRS 1 (REVISED 1996) Financial Reporting Standard 1 (Revised 1996) is set out in paragraphs 1-50. The Statement of Standard Accounting Practice set out in paragraphs
STATUTORY BOARD FINANCIAL REPORTING STANDARD SB-FRS 21 The Effects of Changes in Foreign Exchange Rates SB-FRS 21 The Effects of Changes in Foreign Exchange Rates was operative for Statutory Boards financial
POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations
17 Financial assets Available for sale financial assets include 111.1m (2013: 83.0m) UK government bonds. This investment forms part of the deficit-funding plan agreed with the trustee of one of the principal
Staff Education Note 1: Cash flow Statements Accounting and Reporting Policy FRS 102 Staff Education Note 1 Cash flow statements Disclaimer This Education Note has been prepared by FRC staff for the convenience
10. Balance sheet Introduction 10.1. All charities preparing accruals accounts must prepare a balance sheet at the end of each reporting period which gives a true and fair view of their financial position.
Financial Statements Canadian Baptist Ministries INDEPENDENT AUDITORS' REPORT To the Members of Canadian Baptist Ministries We have audited the accompanying financial statements of Canadian Baptist Ministries,
Preliminary Announcement for the year ended 30 September 2015 Chairman s Statement The result for the year to 30 September 2015 is a net Profit before Taxation of 1,869,000 (2014: 1,333,000), on Revenues
Capital Nomura Securities Public Company Limited Report and financial statements 31 August 2011 and 2010 Report of Independent Auditor To the Shareholders of Capital Nomura Securities Public Company Limited
REFORMS IN PUBLIC SECTOR ACCOUNTING PAKISTAN PERSPECTIVE Background of Public Sector Accounting System in Pakistan Pakistan inherited an accounting system devised by the British. This system had been basically
Financial statements of ČEZ, a. s. as of December 31, 2013 In terms of Section 19a of the Accounting Act, the financial statements of ČEZ, a. s. as of December 31, 2013 were compiled in accordance with
Registered number: 08927013 CROSSWORD CYBERSECURITY PLC AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2014 COMPANY INFORMATION DIRECTORS T Ilube J Bottomley Professor D Secher
REPUBLIC OF KENYA COUNTY GOVERNMENT OF LAIKIPIA MEDIUM TERM DEBT MANAGEMENT STRATEGY 2013/14-2017/18 COUNTY EXECUTIVE MEMBER, FINANCE, PLANNING AND COUNTY DEVELOPMENT LAIKIPIA COUNTY February 2014 i EXECUTIVE
CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)
FACTORIT S.p.A. SOCIETA DI FACTORING DELLE BANCHE POPOLARI ITALIANE FINANCIAL STATEMENTS AT 31 DECEMBER, 2001 2 FACTORIT S.p.A. Balance sheets as at 31 December, 2001 and 2000 (in Lire/million) Notes Assets
Indian Accounting Standard (Ind AS) 21 The Effects of Changes in Foreign Exchange Rates (This Indian Accounting Standard includes paragraphs set in bold type and plain type, which have equal authority.
FINANCIAL STATEMENTS AND SUPPLEMENTAL INFORMATION TABLE OF CONTENTS Page Independent Auditors' Report 1 Management s Discussion and Analysis 4 Basic Financial Statements: Statement of Net Position 8 Statement
PUBLIC FINANCE MANAGEMENT ACT NO. 1 OF 1999 as amended by Public Finance Management Amendment Act, No. 29 of 1999 ACT To regulate financial management in the national government and provincial governments;
Consolidated Financial Statements of AUDIOTECH HEALTHCARE CORPORATION Year ended September 30, 2008 1 CHARTERED ACCOUNTANTS MacKay LLP 1100 1177 West Hastings Street Vancouver, BC V6E 4T5 Tel: (604) 687-4511
Model financial statements for the year ended Illustrative example of general purpose financial statements prepared in accordance with the Financial Reporting Act 1993, the Companies Act 1993, applying
IFRS IN PRACTICE IAS 7 Statement of Cash Flows 2 IFRS IN PRACTICE - IAS 7 STATEMENT OF CASH FLOWS TABLE OF CONTENTS 1. Introduction 3 2. Definition of cash and cash equivalents 4 2.1. Demand deposits 4
APPROVED by Resolution No. 1 of 18 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 5 BUSINESS ACCOUNTING STANDARD CASH FLOW STATEMENT
CONSOLIDATED STATEMENT OF INCOME Notes Sales 1) 5,429,574 5,169,545 Cost of Goods Sold 2) 3,041,622 2,824,771 Gross Profit 2,387,952 2,344,774 Selling Expenses 3) 1,437,010 1,381,132 General and Administrative
CLOSED JOINT-STOCK COMPANY Eurobank Financial Statements For the Year Ended CLOSED JOINT-STOCK COMPANY EUROBANK TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND
SIGNIFICANT GROUP ACCOUNTING POLICIES Basis of consolidation Subsidiaries Subsidiaries are all entities over which the Group has the sole right to exercise control over the operations and govern the financial
International Public Sector Accounting Exposure Draft 32 November 2006 Comments are requested by March 31, 2007 Standards Board Proposed Amendment to International Public Sector Accounting Standard Financial
2015/16 EDUCATION PAYROLL LIMITED STATEMENT OF PERFORMANCE EXPECTATIONS Published in August 2015 Education Payroll Limited 2015/16 EDUCATION PAYROLL LIMITED STATEMENT OF PERFORMANCE EXPECTATIONS CONTENTS
21 August 2007 Company Announcements Office Australian Stock Exchange Limited, Melbourne By E-lodgement Preliminary Final Report This release contains an announcement to the Australian Stock Exchange Limited
Registered number 123456 Small Company Limited Report and Accounts 31 December 2007 Report and accounts Contents Page Company information 1 Directors' report 2 Accountants' report 3 Profit and loss account