## Accounting Challenges for Semi-Autonomous Revenue Agencies in Developing Countries

_IMF Working Papers, May 1, 2008_

## Source details

**Canonical URL:** [Accounting Challenges for Semi-Autonomous Revenue Agencies in Developing Countries](https://www.imf.org/en/publications/wp/issues/2016/12/31/accounting-challenges-for-semi-autonomous-revenue-agencies-in-developing-countries-21501)

## Other formats

- [Markdown version](/en/publications/wp/issues/2016/12/31/accounting-challenges-for-semi-autonomous-revenue-agencies-in-developing-countries-21501/index.md)
- [Structured JSON version](/en/publications/wp/issues/2016/12/31/accounting-challenges-for-semi-autonomous-revenue-agencies-in-developing-countries-21501/index.json)
- [Bundle manifest](/en/publications/wp/issues/2016/12/31/accounting-challenges-for-semi-autonomous-revenue-agencies-in-developing-countries-21501/bundle-manifest.json)

## Bibliographic details
- Authors: Seth E. Terkper
- Published: May 1, 2008
- Series: IMF Working Papers
- DOI: https://doi.org/10.5089/9781451869767.001

---

### Overview and scope
- Discusses improvements required for a semi-autonomous revenue agency (SARA) to meet fiscal and financial accounting obligations.
- Defines SARAs as legal entities, such as a service or a department, required to prepare accrual records that may diverge from a treasury's cash accounting records.
- Records reflect:
  - revenues generated;
  - budget funds for generating the revenues;
  - material programs administered for other agencies.

### Key accounting requirements and findings
- SARAs must maintain accounting records and financial statements (income statement, balance sheet and cash flow statement).
- Financial statements 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).
- Treatment of operating, investment and financing activities must align with the Government Finance Statistics (GFS) Manual.

### Implications for SARA practice
- Need to reconcile accrual records with treasury cash accounting where divergences occur.
- Required record enhancements pertain to recognition of tax revenue, presentation of operating income, control accounts, and working capital management as implied by listed keywords.
- SARAs administering programs for other agencies must capture and report those material programs in their financial statements.

### Subjects and keywords
- Subjects: 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.

---

## Content in this bundle

- **_wp08116**
  - [_wp08116 (Markdown version)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2008/_wp08116.pdf.md){rel="alternate" type="text/markdown"}
  - [_wp08116 (PDF)](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2008/_wp08116.pdf){rel="external" type="application/pdf"}

---

_Source: https://www.imf.org/en/publications/wp/issues/2016/12/31/accounting-challenges-for-semi-autonomous-revenue-agencies-in-developing-countries-21501_