Until the end of 1997, governmental accounting in Portugal was characterised as essentially cash-based budgetary accounting, using single-entry as the bookkeeping method. The only compulsory accounting system was Budgetary Accounting. As many countries all over the world, nowadays Portugal is implementing a reform of the whole governmental accounting, which has as most important innovations the use of double-entry within a system compulsorily integrating accrual-based Financial and Cost Accounting along with Budgetary Accounting (still essentially cash-based). The main purpose of this paper is to describe and analyse the reform and current situation of governmental accounting in Portugal, especially discussing the accrual basis implementation. In particular, it shows that not only gover...
In the past, most governments throughout the world maintained their budget and accounting systems on a cash or near-cash basis of accounting. However, many of these governments are in the process of transitioning to the accrual basis of accounting to identify the value of assets owned and total liabilities owed. To provide accounting standards for these governments throughout the world, the International Public Sector Accounting Standards (IPSAS) Board has been established by the International Federation of Accountants. This article discusses a stepwise approach that can be used by developing countries to assist in the transition. The steps are: 1. reporting entities, 2. accounting for cash, 3. optional disclosures under Part 2 of the Cash Basis IPSAS, and 4. miscellaneous optional disc...
The going-concern assumption is universally understood and accepted by accounting professionals. Indeed, the assumption of a going concern is critical to the decision usefulness of financial information under the accrual basis of accounting. It has, however, received little attention in the accounting literature and has never been formally incorporated into US GAAP. Auditors are about to get relief. Sometime during the first quarter of 2011, FASB intends to issue a Statement of Financial Accounting Standards, Going Concern. When adopted, this standard will leave no doubt as to who is charged with making the going-concern determination. Such responsibility will be clearly placed on management. Those responding to the exposure draft generally agreed with FASB's proposed move to include a ...
Installment Tax Correction Act of 2000
... methods used for record-keeping: the cash basis and the accrual basis. Small business owners must ...
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