GTZ Report on Accrual Accounting Status Quo - LGCDP

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How to implement Accrual Accounting 29 Table 4: Macro and Micro Level Strategy Macro level strategy Milestones: Micro Level Strategy Milestones 1) Form a project planning steering group 2) Develop a national implementation plan 3) Establish a legal framework for accrual accounting 4) Develop a new chart of accounts 5) Develop detailed accrual accounting guidelines and manuals (also focussing on implementation phase) 6) Software Development 7) Prepare nationwide training in manual and computerized accrual accounting 8) Prepare long term education 9) Establish post implementation back up facility 1) Create a project management steering group 2) Accounting system and needs assessment 3) Decide on modified or full accrual accounting 4) General and specific training 5) Inventory; Obtaining information 6) Valuation of Assets (only if a full accrual accounting system is wanted) 7) Budgeting 8) Opening balance sheet 9) First fiscal year should be done both manually and computerized 10) First financial statements at the end of the fiscal year 11) Thereafter, computerized Accrual Accounting only 12) Financial statements
Annex 30 05. Annex Annex 1 IPSAS List IPSAS 1 - Presentation of Financial Statements IPSAS 2 - Cash Flow Statements IPSAS 3 - Accounting Policies, Changes in Accounting Estimates and Errors IPSAS 4 - The Effects of Changes in Foreign Exchange Rates IPSAS 5 - Borrowing Costs IPSAS 6 - Consolidated Financial Statements and Accounting for Controlled Entities IPSAS 7 - Accounting for Investments in Associates IPSAS 8 - Interests in Joint Ventures IPSAS 9 - Revenue from Exchange Transactions IPSAS 10 - Financial <strong>Report</strong>ing in Hyperinflationary Economies IPSAS 11 - Construction Contracts IPSAS 12 - Inventories IPSAS 13 - Leases IPSAS 14 - Events after the <strong>Report</strong>ing Date IPSAS 15 - Financial Instruments: Disclosure and Presentation IPSAS 16 - Investment Property IPSAS 17 - Property, Plant and Equipment IPSAS 18 - Segment <strong>Report</strong>ing IPSAS 19 - Provisions, Contingent Liabilities and Contingent Assets IPSAS 20 - Related Party Disclosures IPSAS 21 - Impairment of Non-Cash generating Assets IPSAS 22 - Disclosure of Financial Information about the General Government Sector IPSAS 23 - Revenue from Non-Exchange Transactions (Taxes and Transfers) IPSAS 24 - Presentation of Budget Information in Financial Statements IPSAS 25 - Employee Benefits IPSAS 26 - Impairment of Cash-Generating Assets Cash Basis IPSAS: Financial <strong>Report</strong>ing under the Cash Basis of Accounting
Page 1 and 2: Urban Development through Local Eff
Page 3 and 4: Contents 01. Executive Summary (p.1
Page 5 and 6: Cash Accounting vs. Accrual Account
Page 17 and 18: Findings and observations in the Ne
Page 25 and 26: How to implement Accrual Accounting
Page 31: How to implement Accrual Accounting
Page 35 and 36: References 32 06. References ADB (2
Page 37: References 34 Schiavo-Campo, S. & T

GTZ Report on Accrual Accounting Status Quo - LGCDP

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