Financial Management and Control of the Public Sector in Ghana

This research paper will detail the modified accrual revenue recognition in State and Local Government (SLG) accounting. There will also be discussions on the guidance of governmental fund expenditure recognition, and how it is used in state and local governments. Certainly, there are differences between the fund and the government-wide financial statements, but there are some similarities. Within the paper, it will include the purpose as well as the content of the financial statements. While explaining the government-wide financial statements, the preparation using derived information in the conversion worksheets, will be presented. Lastly, in this research paper, I will explain the elements of a Comprehensive Annual Financial Report (CAFR).

On a more local level there are governors, municipal governments, and mayors. The governors are elected by popular vote, but they were once appointed by the president. Each department has the right to establish lower governments known as municipal districts are. With in each district there is a municipal council which is elected by popular vote. The mayor is elected by popular vote to serve a two-year term, and just like the governors, the mayors used to be appointed by the presidents and controlled by the governor; all of this was changed with the 1991 constitution reform.

The legislative power shall be vested by the people with decision brought about by vote.

With regard to a mayor-council form, the system itself is based upon the presence of numerous factors which lead to the creation of a range of types which share one basic foundation. As suggested by the premise of this form of local government, the primary actors which come together to continue the sustenance of this framework include the mayor and the council, both of which must be elected (Center for Governmental Research 1). Consequently, the presence of these two parties within the wider framework entails the extent to which each actor holds a certain degree or extent of authority in managing the affairs of the city, this notion implies that the distribution of power and authority maybe classified as relative or absolute wherein it may favor the elected mayor or the elected council in terms of possession of power on the basis of the chosen variation of the mayor-council form of government.

Parliament is designed to hold the executive accountable; therefore it goes about this by various means of government scrutiny, such as Prime Minister’s Question Time. In addition, Parliament is expected to perform a legislative function, creating the process of a bill becoming a law after undergoing many stages between the House of Commons and the House of Lords. Finally, Parliament is also required to be representative of the nation, with constituencies creating a strong local link between the electorate and their MP.

The services they provide the community and the responsibilities they acquire differs in various ways . For instance the services that a community requires differs from each city, town or region causing different responsibilities amongst the government. Also, a municipal government is only the elected representative and the municipality administration. Whereas, a local government includes all sorts of other things because a municipality gives authority to the other organizations to do things. Thus, a local government is a municipal government in addition to agencies, boards and other corporations. Therefore, it is important to acknowledge the differences between them as they are different in various aspects and have different responsibilities and provide various

Throughout this paper a summary of the four elements of financial management will be discussed. A summary of generally acceptable accounting

There is an increasing focus on improving the quality of public financial management around the globe, with many countries starting to make important and impressive achievements in strengthening public financial management and governance (Lovanxay, 2009). Nonetheless, much still remains to be done as we have discussed in this course. The public sector landscape is rapidly changing with an increasing emphasis on fiscal management and discipline, prioritization of expenditure and value for money. As a result from our dialogue on the subject, it is even more important that governments, national and local institutions, including regulators and professional accountancy bodies, work together in partnership to achieve long-lasting improvements, transparency and accountability in public financial

The Financial manager is under an obligation to check the financial performance of the funds invested in the business. It requires retrospective analysis of the operating period to evaluate the efficiency of financial planning. An unbiased assessment of financial performance shall be great value to the

a) Municipal: Municipal government is the level of government, which is responsible for problems and issues within a local region, town, village, community or distinct area. They provide local services. The municipal government helps citizens solve small local issues and problems. Municipal governments are responsible for problems relating to public parks, public transit, road maintenance, and many more.

Fund is an expansive field with a wide assortment of undertakings and capacities including the examination, arranging, usage, and control of monetary parts of companies and corporate projects of all sizes. Account speaks to the main regimen discipline in banks and other money related foundations. What's more expense based budgetary arranging and resource administration are quickly extending regions of specialization.

Even though financial management "is a broader concept than accounting", the idea of financial management is more than just accounting for where money is spent, it is based on the analyzation of organization's economic

Finally, the legal approach ensures that the entire nation is integrated or kept together by the constitutional law despite the decentralization of administrative authority, which enables different states and administrative units to impose different laws. In particular, it is possible for the autonomy of the various administrative units to impede national economic development and to lead to the violation of individual rights and standards of decency. In this regard, the

in my opinion the PMO should delegate sub-committees nationally due to the nature of the

Article 123 and 213 of the Indian Constitution grant the President and the Governor the ordinance making powers respectively. Ordinarily the Parliament is responsible for the law making process, but the makers of the Constitution though considering Ordinances to be “a necessary evil”, hold that the Ordinance making power should be delegated to the Executive to deal with such situations when the existing law is not enough to deal with the aroused situation and the Parliament is not in session. This ‘extraordinary’ power is given to them when “both Houses of the Parliament or State Legislature are not in session and the President or the Governor is satisfied that circumstances exist which render it necessary for him to take immediate action.” The conditions necessary to pass an ordinance are- a)both the houses should not be in session, b) The President or the Governor is satisfied that such conditions exist that make it necessary for him to pass the ordinance. Ordinance is just like any other Act and has the same force but it ceases to exist if both houses of the Parliament or the State Legislature pass a resolution against it. It also ceases to exist if it is not replaced by an Act within six weeks of reassembly of the Parliament or the State Legislature. This method of issuing an ordinance has been devised with a view to enable the executive to meet any unexpected or urgent situation arising in the Country when Parliament is not in session, and which it cannot deal with