Accounting Challenges for Semi-Autonomous Revenue Agencies in Developing Countries
May 1, 2008
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Summary
The paper discusses the improvements which a semi-autonomous revenue agency (SARA) must make to its records to meet fiscal and financial accounting obligations. SARAs are legal entities, such as a service or a department, which are required to prepare accrual records that may diverge from a treasury's cash accounting records. Their records reflect revenues generated; budget funds for generating the revenues; and material programs administered for other agencies. The accounting records and financial statements (income statement, balance sheet and cash flow statement) must conform to generally-accepted accounting principles (GAAPs) or standards such as the International Public Sector Accounting Standards (IPSAS) of the International Federation of Accountants (IFAC)-and to the treatment of operating, investment and financing activities in the Government Finance Statistics (GFS) Manual.
Subject: Accrual accounting, Budget planning and preparation, Financial statements, Fiscal accounting and reporting, Personal income
Keywords: balance sheet, control account, operating income, tax revenue, working capital, WP
Pages:
26
Volume:
2008
DOI:
Issue:
116
Series:
Working Paper No. 2008/116
Stock No:
WPIEA2008116
ISBN:
9781451869767
ISSN:
1018-5941
