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What is the history and development of public sector accounting in Ghana?
Public sector accounting in Ghana has evolved significantly since the country gained independence in 1957. Initially influenced by colonial accounting practices, Ghana's public financial management system underwent reforms in the 1990s aimed at improving transparency and accountability. The introduction of the Public Financial Management Reform Program (PFMRP) in the early 2000s further modernized accounting practices, leading to the adoption of International Public Sector Accounting Standards (IPSAS). Today, Ghana continues to refine its public sector accounting framework to enhance governance and fiscal responsibility.
What is the difference between IPSAS format and other formats of presentation of financial reports?
The IPSAS formats are the required schedules under the International Public Sector Accounting Standards. These include: Statement of Financial Position Statement of Financial Performance Cash Flow Statement Statement of Changes in Equity
What is the meaning of 'Ornari res ipsas nolit contenta doceri'?
The sentence 'Ornari res ipsas nolit contenta doceri' contains an error. The verb 'ornari' needs to be written as 'ornare'. The corrected sentence, 'Ornare res ipsas nolit contenta doceri', means To provide the very things, he isn't willing to be taught what is contained [or strained]. In the word-by-word translation, the verb 'ornare' means 'to provide'. The noun 'res' means 'things'. The word 'ipsas' means 'themselves, very'. The verb 'nolit' means '[he/she/it] is unwilling'. The word 'contenta' means 'contained, strained'. The verb 'doceri' means 'to be taught'.
What are the procedure of issuing accounting standards in India?
PROCEDURE FOR ISSUING AN ACCOUNTING STANDARD FOR LOCAL BODIES (ASLB) Broadly, the following procedure is adopted for formulating Accounting Standards for Local Bodies: 1. Determine the broad areas in which Accounting Standards need to be formulated and the priority in regard to the selection thereof. 2. For the preparation of the Accounting Standards, the CASLB will be assisted by Study Groups constituted to consider specific subjects. In the formation of Study Groups, provision will be made for wide participation by various interest groups. 3. The draft of the proposed standard will normally include the following: a. Objective of the Standard, b. Scope of the Standard, c. Definition of the terms used in the Standard, d. Recognition and measurement principles, wherever applicable, e. Deviations, if any, from the corresponding International Public Sector Accounting Standard (IPSAS), as an Appendix to the Standard. 4. The CASLB will consider the preliminary draft prepared by the Study Group and if any revision of the draft is required on the basis of deliberations, the CASLB will make the same or refer the same to the Study Group. 5. The procedure for issuance of an Interpretation on any Accounting Standard for Local Bodies will be the same as that for issuance of an Accounting Standard since the authority of an Interpretation is the same as that of Accounting Standard for Local Bodies to which it relates. 6. The CASLB will circulate the draft of the Accounting Standard/Accounting Standards Interpretation for Local Bodies to the Council members of the ICAI and the following specified bodies for their comments: a. Comptroller and Auditor General of India (C&AG)b. Ministry of Urban Development, Government of India c. Controller General of Accounts d. Ministry of Panchayati Raj, Government of India e. National Institute of Urban Affairs f. Directorates of Local Bodies of the State Governments g. Directorates of Local Fund Audit Department of the State Government h. Major Local Bodies i. National Institute of Financial Management j. Securities and Exchange Board of India k. Any governmental Committee(s) or other similar body, e.g., the Technical Committee on Budget and Accounting Standards for ULBs constituted by the Ministry of Urban Development l. The All India Council of Mayors m. All India Institute of Local Self Government n. Donor of funds to Local Bodies such as US AID, World Bank, etc. o. The Institute of Cost and Works Accountants of India p. The Institute of Company Secretaries of India q. All the Indian Institutes of Management (IIMs) r. Any other body considered relevant by the CASLB keeping in view of the nature of the Accounting Standard. 7. The CASLB will hold a meeting with the representatives of the selected specified bodies to ascertain their views on the draft of the proposed Accounting Standard/Accounting Standards Interpretation for Local Bodies. On the basis of comments received and discussion with the representatives of specified bodies, the CASLB will finalise the Exposure Draft of the proposed Accounting Standard/Accounting Standards Interpretation for Local Bodies. 8. The Exposure Draft of the proposed Standard/Interpretation will be issued for comments by the members of Institute and the public. The Exposure Draft will be sent to the specified bodies (as listed above), and other interest groups, as appropriate. 9. The Exposure Draft will be sent to any governmental Committee(s) or other similar body, e.g., the Technical Committee on Budget and Accounting Standards for ULBs constituted by the Ministry of Urban Development for sending comments on the Exposure Drafts of the proposed Standard/Interpretation.10. After taking into consideration the comments received, the draft of the proposed Accounting Standard/Accounting Standards Interpretation for Local Bodies will be finalised by the CASLB and submitted to the Council. 11. The Council of the ICAI will consider the final draft of the proposed Standard/Interpretation, and if found necessary, modify the same in consultation with the CASLB. The Accounting Standard/Accounting Standards Interpretation on the relevant subject will then be issued by the ICAI. 12. The ICAI will send the Accounting Standards so formulated to the governmental Committee(s) or other similar body, e.g., the Technical Committee on Budget and Accounting Standards for ULBs constituted by the Ministry of Urban Development for recommending the same for implementation by the State Governments to achieve uniformity in preparation and presentation of financial statements by complying with the requirements of the Accounting Standards for Local Bodies. 13. For a substantive revision of an Accounting Standard.Accounting Standards Interpretation for Local Bodies, the procedure followed for formulation of a new Accounting Standard/Accounting Standards Interpretation for Local Bodies, as detailed above, will be followed. 14. Subsequent to issuance of an Accounting Standards/Accounting Standards Interpretation for Local Bodies, some aspect(s) may require revision which are not substantive in nature. For this purpose, the ICAI may make limited revision to an Accounting Standard/Accounting Standards Interpretation for Local Bodies. The procedure followed for the limited revision will substantially be the same as that to be followed for formulation of an Accounting Standard/Accounting Standards Interpretation for Local Bodies, ensuring that sufficient opportunity is given to various interest groups and general public to react to the proposal for limited revision.
