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MGT202
Lecture # 04
How Adequate Are Current Financial
Management Systems?
( US GOA Report with approval from UN publication Report on Fourth Meeting of Experts on the UN Program in Public Administration and Finance )
Government accounting is still seen mainly as an
accountability device for public receipts and expenditures;
its evaluation, performance, measurement and managerial
function tend to be neglected. Accounting in the public
sector has, by and large, adhered to a book keeping or
administrative / legislative approach; the accounts are
generally kept according to the cash basis system rather
than the accrual system The amount of paperwork is vast,
but neither efficiency, accountability nor financial control is
improved budget items are rarely assessed from a
managerial (performance budget) point of view. A
tremendous gap might exist between budgetary estimates
and actual receipts or expenditures.
( US GOA Report with approval from UN study Government Accounting in Economic Development Management )
Weaknesses in FM
Lesson # 05
Budgeting and Budget Practices
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