Galileo convinces the Pope
Article Abstract:
Cambridgeshire County Council has successfully replaced the Consolidated Loans Fund with a centralized debt charge system for proper capital accounting. This new system had been opposed because it was not covered by the existing rules of accounting. However, the option of not recharging capital financing and using a central loans and investment account without recharging services became an accepted practice after the Chartered Institute of Public Finance Accountancy standards were published in 1991. This practice in lieu of Consolidated Loans Fund made capital accounting applicable to local governments.
Publication Name: Public Finance and Accountancy
Subject: Business
ISSN: 0305-9014
Year: 1992
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Accounting for reserves and provisions
Article Abstract:
The Accounting code of practice and Practitioner's guide sufficiently covers provisions and reserves under the Local Government and Housing Act of 1989. However, it neglects to analyze the implications of the cancellation of special funds which are distinct from the General Fund Revenue Account. The practice of charging directly to special funds and acknowledging this with a Revenue Outturn form must be changed in favor of incorporating these charges into a General Fund Revenue account. Limitations to this solution include the diversity of special funds and the classification of expenditures.
Publication Name: Public Finance and Accountancy
Subject: Business
ISSN: 0305-9014
Year: 1992
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Government watchdog qualifies four accounts
Article Abstract:
The UK's National Audit Office had to certify four accounts to correct mistakes in accounting and invoicing record entries. The Social Fund Account for 1990-91 had overpayments, wrong account codes and inaccurate figures for loans. The Development Board for Rural Wales accounts had an unrecovered anomalous payment to its former CEO. The Dept of Environment (DOE) had back accounts of old uncertified land grant claims, and the DOE's Property Services Agency's budget had a total of 65 million pounds sterling as non-collectible.
Publication Name: Public Finance and Accountancy
Subject: Business
ISSN: 0305-9014
Year: 1992
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- Abstracts: Accounting for the effects of changing prices. Accounting for pensions costs: transitional provisions
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