Auditor General's Report on the Public Accounts of Montserrat 2004

GOVERNMENT OF MONTSERRAT – CONSOLIDATED FUND
NOTES TO THE FINANCIAL STATEMENTS
ACCOUNTING POLICIES
A. General
These are the specific principles, bases, conventions, rules and practices
adopted by the Government of Montserrat in preparing and presenting public
accounts. The accounting policies are based on the Finance (Administration)
Act 2001- FMA - and comply with generally accepted accounting practices.
The accounting policies have been applied consistently throughout the year.
B. <strong>Report</strong>ing currency
The reporting currency is the East Caribbean Dollar.
C. <strong>Report</strong>ing period
The reporting period for the Financial Statements is the financial year of
the Government, which runs from 1 January to the next.
D. Basis of accounting
The financial statements comply with generally accepted accounting
practices. The measurement base applied is historical cost. The cash basis of
accounting has been used consistently during the year. Receipts are
recorded when cash is received and payments are recorded when cash is
paid.
E. Revenues
The Government of Montserrat maintains a Consolidated Fund into which all
revenues and moneys raised or received for purposes of Government are
paid (FMA S8). These accounts show the revenues collected and received in
the year ended 31 December 2004. The revenues consist of tax collections,
non tax collections, grants and loans as detailed in the accounts.
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