PDF WORLD: January 2011

Thursday, January 27, 2011

Governmental vs. Enterprise Fund Accounting

In this, the inaugural edition of the REAC’s PHA GAAP Flyer, the focus will be on governmental vs. enterprise fund accounting. The REAC, in consultation with some of the nation’s largest accounting
firms, has concluded that in most, if not all instances, PHAs should use enterprise fund accounting.
The basis for the REAC’s position, along with the compelling reasons why PHAs should use enterprise fund accounting follows.

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Accrual Accounting Concepts

The accuracy of the financial reporting system depends on answers to a few fundamental questions. At what point has revenue been earned? At what point is the earnings process complete? When have expenses really been incurred?

During the 1990s the stock prices of dot-com companies boomed. Many dot-com companies earned most of their revenue from selling advertising space on their Web sites. To boost reported revenue, some dotcoms began swapping website ad space. Company A would put an ad for its website on company B’s website, and company B would put an ad for its website on company A’s website. No money ever changed hands, but each company recorded revenue (for the value of the space that it gave up on its site). This practice did little to boost net income and resulted in no additional cash flow—but it did boost reported revenue. Regulators eventually put an end to the practice.

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GOVERNMENT ACCOUNTING A Conceptual Approach

Government accounting presents several challenges to the newcomer more used to for-profit accounting. First, there are two reporting systems. These might be likened to a company having to produce reports based on both its managerial and its financial reporting system. Governments are required to do their internal accounting using fund accounting. They are required to publish reports that reflect the use of fund accounting. In addition, they are required to publish so-called government-wide reports that look much more like for-profit statements. It is very important, therefore, to know at which set of statements one is looking.

Second, governments are legally responsible for the flow of financial resources through the system. They levy and collect taxes, which are then spent in accordance with a budget established by the legislature, be it City Council, of House of Representatives. They must report back to taxpayers how that money was collected and how it was spent. They are much less concerned with measuring the flow of economic resources i.e., with recognizing revenue and matching it with expenses for the simple reason that they are not-for-profit entities and, therefore, have no mandate to measure the profit they make.

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Budidaya Lebah Di Indonesia

Dalam hal teknik budidaya lebah madu, angka produksi madu setiap tahun dan tingkat konsumsi madu, Indonesia sudah tertinggal dua sampai tiga dekade dari negara lain , meski perlebahan Indonesia terkategori sebagai salah satu komponen terpenting dalam pembangunan sektor pertanian dan kehutanan berkelanjutan. Secara ekologis dan ekonomis, peran lebah madu dalam penyerbukan tanaman cukup menguntungkan bagi kelestarian flora dan peternak lebah.

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