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International Public Sector Accounting Standards
International Public Sector Accounting Standards (IPSAS) are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements. These standards are based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). Objective IPSAS aims to improve the quality of general purpose financial reporting by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability. This objective is to be delivered by developing and maintaining IPSAS and other financial reporting guidance, and by raising awareness and adoption of accrual-based accounting in the public sector. Scope IPSAS are accounting standards for application by national governments, regional (e.g., state, provincial, territorial) governments, local (e.g., city, town) governments an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Sector
The public sector, also called the state sector, is the part of the economy composed of both public services and public enterprises. Public sectors include the public goods and governmental services such as the military, law enforcement, public infrastructure, public transit, public education, along with public health care and those working for the government itself, such as elected officials. The public sector might provide services that a non-payer cannot be excluded from (such as street lighting), services which benefit all of society rather than just the individual who uses the service. Public enterprises, or state-owned enterprises, are self-financing commercial enterprises that are under public ownership which provide various private goods and services for sale and usually operate on a commercial basis. Organizations that are not part of the public sector are either part of the private sector or voluntary sector. The private sector is composed of the economic sec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Standard
An international standard is a technical standard developed by one or more international standards organizations. International standards are available for consideration and use worldwide. The most prominent such organization is the International Organization for Standardization (ISO). Other prominent international standards organizations including the International Telecommunication Union (ITU) and the International Electrotechnical Commission (IEC). Together, these three organizations have formed the World Standards Cooperation alliance. Purpose International standards can be applied directly or adapted to meet local conditions. When adopted, they lead to the creation of national standards that are either equivalent to or largely align with the international standards in technical content, though they may have: (i) editorial variations, such as differences in appearance, the use of symbols, measurement units, or the choice of a point over a comma as the decimal marker, and (ii) va ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
European Communities
The European Communities (EC) were three international organizations that were governed by the same set of Institutions of the European Union, institutions. These were the European Coal and Steel Community (ECSC), the European Atomic Energy Community (EAEC or Euratom), and the European Economic Community (EEC), the last of which was renamed the ''European Community'' (''EC'') in 1993 by the Maastricht Treaty establishing the European Union. The European Union was established at that time more as a concept rather than an entity, while the Communities remained the actual subjects of international law impersonating the rather abstract Union, becoming at the same time its Three pillars of the European Union, first pillar. In popular language, however, the singular ''European Community'' was sometimes used interchangeably with the plural phrase, in the sense of referring to all three entities. The European Coal and Steel Community ceased to exist in 2002 when its founding treaty exp ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Council Of Europe
The Council of Europe (CoE; , CdE) is an international organisation with the goal of upholding human rights, democracy and the Law in Europe, rule of law in Europe. Founded in 1949, it is Europe's oldest intergovernmental organisation, representing 46 member states from Europe, with a population of approximately 675 million ; it operates with an annual ordinary budget of approximately 500 million euros. The organisation is distinct from the European Union (EU), although people sometimes confuse the two organisations – partly because the EU has adopted the original Flag of Europe, European flag, designed for the Council of Europe in 1955, as well as the Anthem of Europe, European anthem. No country has ever joined the EU without first belonging to the Council of Europe. The Council of Europe is an official United Nations General Assembly observers, United Nations observer. Unlike the EU, the Council of Europe cannot make binding laws; however, the council has produced a numbe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Intergovernmental Organizations
An international organization, also known as an intergovernmental organization or an international institution, is an organization that is established by a treaty or other type of instrument governed by international law and possesses its own legal personality, such as the United Nations, the Council of Europe, African Union, Mercosur and BRICS. International organizations are composed of primarily member states, but may also include other entities, such as other international organizations, firms, and nongovernmental organizations. Additionally, entities (including states) may hold observer status. Examples for international organizations include: UN General Assembly, World Trade Organization, African Development Bank, UN Economic and Social Council, UN Security Council, Asian Development Bank, International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corporation, Inter-American Development Bank, United Nations Environment Programme ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canadian Institute Of Chartered Accountants
The Canadian Institute of Chartered Accountants (CICA) was incorporated by an Act of the Parliament of Canada in 1902, which later became known as the ''Canadian Institute of Chartered Accountants Act''. The CICA developed and supported accounting, auditing and assurance standards for organizations in Canada, developed and delivered education programs, and issued the professional designation of Chartered Accountant. The CICA was a founding member of the International Federation of Accountants The International Federation of Accountants (IFAC) is the global organization for the accountancy profession. Founded in 1977, IFAC has 180 members and associates in 135 jurisdictions, representing more than 3 million accountants in public prac ... and the Global Accounting Alliance. In 2014, CICA merged with Canada's two other major accounting designations to form the CPA Canada, Chartered Professional Accountants of Canada. History * 1902 – The Dominion Association of Chartered ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Multilateral Development Banks
An international financial institution (IFI) is a financial institution that has been established (or chartered) by more than one country, and hence is subject to international law. Its owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs. The best known IFIs were established after World War II to assist in the reconstruction of Europe and provide mechanisms for international cooperation in managing the global financial system. Types Multilateral Development Banks A Multilateral Development Bank (MDB) is a development bank, created by a group of countries, that provides financing, technical assistance and professional advice to enhance development. An MDB has many members, including developed donor countries an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Notes To The Financial Statements
Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to understand. They typically include four basic financial statements accompanied by a management discussion and analysis: # A balance sheet reports on a company's assets, liabilities, and owners equity at a given point in time. # An income statement reports on a company's income, expenses, and profits over a stated period. A profit and loss statement provides information on the operation of the enterprise. These include sales and the various expenses incurred during the stated period. # A statement of changes in equity reports on the changes in equity of the company over a stated period. # A cash flow statement reports on a company's cash flow activities, particularly its operating, investing and financing activities over a stated period. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statement Of Changes In Equity
A statement of changes in equity is one of the four basic financial statements. It is also known as the statement of changes in owner's equity for a sole trader, statement of changes in partners' equity for a partnership, statement of changes in shareholders' equity for a company, and statement of changes in taxpayers' equity for a government. The statement explains the changes in a company's share capital, accumulated reserves and retained earnings over the reporting period. It breaks down changes in the owners' interest in the organization, and in the application of retained profit or surplus from one accounting period to the next. Line items typically include profits or losses from operations, dividends paid, issue or redemption of shares, revaluation reserve and any other items charged or credited to accumulated other comprehensive income. It also includes the non-controlling interest attributable to other individuals and organisations. The statement is expected under the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cash Flow Statement
In financial accounting, a cash flow statement, also known as ''statement of cash flows'', is a financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, and breaks the analysis down to operating, investing and financing activities. Essentially, the cash flow statement is concerned with the flow of cash in and out of the business. As an analytical tool, the statement of cash flows is useful in determining the short-term viability of a company, particularly its ability to pay bills. International Accounting Standard 7 (IAS 7) is the International Accounting Standard that deals with cash flow statements. People and groups interested in cash flow statements include: * Accounting personnel, who need to know whether the organization will be able to cover payroll and other immediate expenses * Potential lenders or creditors, who want a clear picture of a company's ability to repay * Potential investors, who need to judge whether t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statement Of Financial Performance
An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a ''profit and loss statement'' (P&L), ''statement of profit or loss'', ''revenue statement'', ''statement of financial performance'', ''earnings statement'', ''statement of earnings'', ''operating statement'', or ''statement of operations'') is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues (also known as the ''“top line”'') are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for). The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported. An income statement represents a period of time (as does the cash flow statement). This contrasts with the balance sheet, which represent ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statement Of Financial Position
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". It is the summary of each and every financial statement of an organization. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
