Session 8: Accounting in the PFM Cycle
Presenters : Bronwyn MacCallum , Caryn Maitland CA(SA)
Overview
The public sector is highly regulated. As opposed to the private sector, the laws and regulations that govern the financial management of public funds require that actions are only taken by local government if they are compliant with prescripts.
Governments have a responsibility to provide services to the citizens of a country, to protect and grow the country’s resources and to ensure the creation and maintenance of generational capital for future generations. Service delivery is a complex, multi-faceted concept that is dependent on many variables, some within the control of the country, and some that emanate from global issues.
Proper management of public funds requires robust accounting processes and systems that can keep track of how these funds are moving in and out of public entities. This webinar addresses all issues related to public sector accounting including the legislation, frameworks and daily processes.
Learning objectives
By the end of this webinar the attendee should:
- Understand the establishment, legislative mandate and work of the Accounting Standards Board (ASB);
- Identify the Conceptual Framework for General Purpose Financial Reporting as issued by the Accounting Standards Board applicable to PFMA entities;
- Identify the legislation that prescribes the relevant accounting frameworks;
- Differentiate between cash basis and accrual accounting and understand the framework for the cash basis of accounting; and
- Understand the context that impacts on the application of International Financial Reporting Standards to the public sector.
Content
The webinar will cover the following topics:
- The Accounting Standards Board (ASB):
- Establishment.
- Legislative mandate.
- Conceptual Framework for General Purpose Financial Reporting.
- Accounting frameworks for PFMA entities.
- Legislation prescribing the frameworks.
- Cash basis VS accrual accounting.
- Framework accounting on the cash basis.
- IFRS application to the public sector.
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