Government financial statements are annual
financial statements or reports for the year. The financial statements, in contrast to budget, present the revenue collected and amounts spent. The government financial statements usually include a statement of activities (similar to an income statement in the private sector), a balance sheet and often some type of reconciliation.
Cash flow statements are often included to show the sources of the revenue and the destination of the expenses.
Specific countries and jurisdictions
India
The Annual Financial Statement of India is tabled in the
Indian Parliament by the
Finance Minister on the Budget Day. 13-15 other documents are also released in the Parliament along with the actual statement. Briefly divided into three parts, namely
Consolidated Fund,
Contingency Fund and
Public Account, the statement comprises the receipts and expenditure incurred by the government on each part.
United Kingdom
The
UK Government
A government is the system or group of people governing an organized community, generally a State (polity), state.
In the case of its broad associative definition, government normally consists of legislature, executive (government), execu ...
publishes annual accounts for the whole of government.
It aims to provide more complete data for fiscal planning by producing consolidated
financial statements. The accounts are produced in accordance with the
International Financial Reporting Standards
International Financial Reporting Standards, commonly called IFRS, are accounting standards issued by the IFRS Foundation and the International Accounting Standards Board (IASB). They constitute a standardised way of describing the company's fi ...
and
independently audited by the
Comptroller and Auditor General.
United States
In the United States, financial reporting in the
federal government
A federation (also called a federal state) is an entity characterized by a political union, union of partially federated state, self-governing provinces, states, or other regions under a #Federal governments, federal government (federalism) ...
(national) must be in accordance with the
Chief Financial Officer Act. The elements of financial reports are regulated by the
Office of Federal Financial Management. At the state and local level of the United States, the
Government Accounting Standards Board (GASB) make the accounting and financial rules. A major change came in June 1999, when GASB introduced accrual and consolidated rules with fund accounting taking a secondary role.
References
Transition to Accrual Accounting -- IMF Technical Guidance Note, Abdul Khan, IMF, 2007
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 ...
(IFAC)
* ttp://economictimes.indiatimes.com/news/economy/policy/budget-2012-et-in-the-classroom-explains-the-process/articleshow/12226325.cms Budget Explained by The Economic Times
Financial statements
Financial statements
Government finances
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