Accounting Challenges for Semi-Autonomous Revenue Agencies in Developing Countries

Author/Editor:

Seth E. Terkper

Publication Date:

May 1, 2008

Electronic Access:

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Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

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.

Series:

Working Paper No. 2008/116

Subject:

Accrual accounting Budget planning and preparation Financial statements Fiscal accounting and reporting Personal income

English

Publication Date:

May 1, 2008

ISBN/ISSN:

9781451869767/1018-5941

Stock No:

WPIEA2008116

Pages:

26

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