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British government public finance management

2018-11-01 来源: 51due教员组 类别: Paper范文

下面为大家整理一篇优秀的paper代写范文- British government public finance management,供大家参考学习,这篇论文讨论了英国政府公共财政管理。英国政府的统一账户是由英国财政部主持开发的、跨越整个公共部门的合并财务报表,它借鉴商业会计方法,为整个公共部门制作一套基于通用会计准则的、统一的合并财务报表,提供质量更高的、更透明的信息,支持财政政策的发展,更好地管理公共服务,以及更有效地分配资源。

public finance management,英国政府公共财政管理,essay代写,paper代写,作业代写

The government common account is a consolidated financial statement developed by the Treasury and across the public sector. This paper introduces the scope, key elements, development goals and development process of WGA, and analyzes the expectations of the government on WGA and the main challenges faced by WGA. For example, the limitations of supporting macroeconomic decision-making, the difficulties of government debt consolidation, and the problems of consolidated accounting techniques.

WGA is a combination of all public sectors in the UK and financial statements. It drew on commercial accounting methods and produced a set of unified consolidated financial statements for the entire public sector based on general accounting standards. Its purpose is to provide higher quality and more transparent information, support the development of fiscal policies, better management of public services and more effective allocation of resources.

The government resources and accounting act 2000 provides a legislative framework for the WGA, which requires the Treasury to prepare the WGA for each entity performing public functions, as well as for those partially or fully funded by public funds. Specifically, the gaap-based WGA encompasses more than 1,300 public entities of various types in four regions: England, Scotland, wales, and Northern Ireland.

Because of the huge workload of the merger, the ministry of finance was responsible for the entire merger process and the preparation of the accounts by the ministry of finance in coordination with the government department, and the government department was used as an intermediary for the sub-mergers of its host entities. In terms of the merger steps, a phased approach is adopted to first develop the central government unified account and unaudited, statistics-based WGA, then transition to gaap-based WGA, and conduct several years of simulation operation on the account to ensure quality. The ministry of finance also set up special project teams and advisory groups to develop detailed consolidated schedules, requiring each relevant public entity to develop an annual data schedule and other measures to ensure the smooth implementation of WGA projects.

The WGA regards all public sectors as a complete entity, and therefore must exclude the impact of intra-group transactions, that is, to cancel all material transactions and balances between different public entities from the consolidated WGA figures. In addition, transactions reported in multiple accounts are adjusted to avoid double counting, which mainly involves centralized fund accounts, national loan funds, and national insurance funds.

Consolidation must be based on a uniform accounting policy framework, which is a fundamental principle. However, the accounting policy system adopted by various British public entities is inconsistent, and the difference of specific accounting policies also increases the difficulty of merger. Therefore, it is necessary to compare, adjust and centralize all kinds of regulations and accounting guidance series in the public sector, and adopt consistent accounting policies and accounting practices.

The government resources and accounting act 2000 states that early WGA reports should include at least three core statements: financial performance reports, financial performance reports, and cash flow statements. Explain in the notes to the financial statements how the main figures are derived. These highly centralized reports provide useful macroeconomic information to parliament and other users.

To increase the credibility of the WGA, its accounts must be audited independently. This audit relies to a large extent on the statutory audit of all public entities incorporated into WGA. For this purpose, audit standards similar to the industry standards for public entities audit should be established to standardize the form of audit opinions, clarify the scope of audit and coordinate the work of different auditors. For example, according to the scope of the merger, the audit competence and scope of the auditor general, private sector auditors, auditors appointed by the audit committee of England, wales, Scotland, and the auditor general of Northern Ireland were clarified, and the differences in accounting confirmation among different auditors were coordinated. In addition, an audit simulation run can be carried out for one to several years to test its effectiveness.

While developing and implementing the gaap-based WGA, the Treasury Department decided to first develop the unaudited, statistics-based WGA for the entire public sector. It can be generated shortly after the end of the fiscal year in favor of providing the required data in time for short-term or medium-term fiscal policy to facilitate the development of fiscal policy, and it has the potential to improve the quality of national accounts based on the European account system.

The medium-term goal of establishing WGA is to prepare a fully audited WGA based on GAAP, which will flow into both esa95-based national accounts and statistics-based WGA. Audited, gaap-based accounts are generated on an annual basis and are subject to parliamentary scrutiny and serve fiscal and economic policy. Its main sources of information are the department's resource accounting and budget accounts, the financial reports of trust and pension plans, the accounts of local authorities and other public sector entities.

Generated on a statistical WGA annual or quarterly basis. To generate quarterly information, it needs to generate comprehensive data from the national accounts and departmental RSB accounts, and adjust the national accounts classification to generate accounts that use the RAB classification. These unaudited quarterly information should be ready in time to enter the short-term fiscal policy planning process.

The WGA is an important addition to the existing national accounts. National accounts, gaap-based WGA, and statistics-based WGA all have the potential to accept data from each other, for example: national accounts can be improved by wga-generated data.

In the long term, gaap-based information first flowed directly from the RAB, then from the WGA, into the national accounts more and more. The long-term development goal of the WGA is to establish a separate data collection system capable of providing annual audit accounts, quarterly output data, national accounts, as well as international comparison, planning and forecasting, and economic and fiscal policies for all outputs.

To achieve long-term goals, you must: successfully implement gaap-based WGA and audit; It has the technology to receive data from multiple platforms to implement merges, and to process data for multiple reports. In order to produce the results shown in the figure, some data from the WGA may need to be adjusted or combined with other data. For example, given the ESA classification, data adjustments may be required to prepare national accounts; Some predictions may need to combine GAAP information with demographic planning data and so on.

In recent years, under new Labour, the WGA has evolved from an initial focus on increasing transparency and increasing financial responsibility between various government departments and public entities to being directly relevant to government decision-making. There are clear benefits to the government itself, as well as to parliament, taxpayers and other potential users.

The government hopes that WGA can provide higher quality and more transparent information for users such as government departments, parliaments and taxpayers at all levels, so as to assist the development of economic policies and promote the improvement of economic performance through better decisions, thus benefiting taxpayers.

Through the WGA, the government expects to provide fresh information on macroeconomic decisions, especially to help address issues of intergenerational equity and fiscal sustainability. The implicit assumption here is that WGA can include important information required by the golden rule of pension, tax, social security population prediction, fixed asset usage period, etc., but WGA information cannot meet these requirements. For the purpose of accountability, information such as the cost of protection and maintenance of such assets must be as accurately reflected in the government accounts as possible.

While the government wants the WGA to provide aggregate data on all public sector debt, it does not want some significant debt on its balance sheet. This ambivalence directly affects the availability of WGA information and the process of merging it. The classic example of the debt consolidation dilemma is the accounting treatment of the 21 trillion pound debt of the railway network entity. The comptroller general applied Britain's GAAP to the idea that the network's debt should be on the balance sheet, while the national statistics agency applied the ESA95 principle that the debt should be off the table. The accounting treatment of private active financing and public-private partnership projects. According to the basic principles set in FRS5, PFI projects should be included in the WGA merger, but PFI projects are kept out of the table. The assets and liabilities of private companies cooperating with the government in PPP projects are neither included in the balance sheet of the public sector nor in the balance sheet of specific use entities.

Compared with the private sector, the public sector is more difficult to use the concept and operation of consolidated accounting techniques. Main performance: due to highly consolidated figures, WGA may disguise some government units with poor performance, and underestimate the contribution of those units with good performance, so it is difficult to provide sufficient information to evaluate the government financial status and financial performance. There are various definitions of the public sector and different definitions reflect different political responsibilities. Opponents of WGA formulation argue that the inclusion of non-sectoral public entities, local governments, state-owned industries, etc., into the WGA is misleading because these entities are constitutionally independent from the central government, which does not own any assets and liabilities of these entities. But supporters of the WGA argue that the WGA would be incomplete if it respected the constitutional independence of these entities, which more or less receive funding from the central government. The entities involved in the WGA audit are numerous and difficult to coordinate. On the one hand, the comptroller general, the auditing bodies of each of the four regions and the private sector have their own independent auditing authority. On the other hand, the main auditors such as the comptroller general must rely on the work of the secondary auditors. To manage the work of secondary auditors, the comptroller general must have the right to veto their work. However, at present, there is no clear audit line authority, and different public sector audit entities are competing for territory, which makes the WGA audit process have important structural defects, and there may be big differences among various audit entities on accounting confirmation. WGA requires public entities to implement an accounting system based on accountability. A large number of central government accounts have been changed to an accounting basis, but because of the technical difficulty in obtaining information, the tax calculation is still on a cash basis. Timeliness and quality of department RAB, as well as the unsolved problems mentioned above, will jeopardize WGA's utility.

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