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Public Sector Accounting - Essay Example
Finance & Accounting
Pages 8 (2008 words)
Public Sector Accounting Table of Contents Table of Contents 2 Introduction 3 Accounting Needs & Objectives 4 Accounting Laws, Regulations & Guidelines 5 Public Sector Performance Assessment 7 Role of Auditor in Public/Private Organizations 8 Conclusion 9 References 11 Bibliography 12 Introduction This project includes a critical analysis of public sector accounting in UK as to how the public sector organizations demonstrate accountability…
In order to demonstrate the differences an organization from each sector has been taken. The chosen public sector organization is The Royal Mail Holdings Plc and the publicly listed company is Aviva Plc. Royal Mail is a 100% UK Government owned organization involved with the postal services throughout UK, Ireland and Europe (Royal Mail Group Ltd, 2012). Aviva is a UK-based largest global insurance company and world’s sixth largest (Aviva, 2012). The third section demonstrates the effect of the objectives of public sector accounting and the rules and regulations governing public sector organizations in the form of differences and similarities in the format, style and accounting policies in the annual reports of Royal Mail and Aviva. The fourth section deals with the role of auditor in both the organizations. Overall the four sections in the project analyze if the differences between the two sectors’ accounting practices are prominent or if there is any reduction in their differing frameworks. Accounting Needs & Objectives The public sector encompasses all the organizations that are not owned or operated by private organizations. ...
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