Public Sector Accounting - Research Paper Example

Only on StudentShare

Extract of sample
Public Sector Accounting

In respect to accounting there are differences in objectives of accounting process between public and private sectors. In addition, this paper identifies some of the critical differences in accounting between public and private sectors. Amongst such differences identified is measurement of performance through profits, as well as rate or return as in the case of private sector, which is lacking in the public sector. Other than the critical differences, this paper identifies accounting differences that emanate from the financial control aspect, whereas legislators or parliament financially controls public sectors, private sectors are financially controlled by the shareholders. Another important difference identified is the aspect of spending as public sectors unlike private sectors do not have a choice but to spend. Lastly, the paper identifies the auditing aspect of accounting, which differs in these two sectors in respect to its objectives. From the discussion, the paper concludes that the differences in accounting stem from varied management and control aspects of public and private sectors. Introduction Public sector refers to national, regional and local governments, in addition to various institutional units that are governed and controlled by governments of different nations or economies. ...
Download paper

Summary

Public Sector Accounting Institution Date Executive Summary The following is a discussion of the accounting differences that emanate from public and private sectors. Evidently, business environment has two main categories of business entities: public and private sectors…
Author : maxie73

Related Essays

Contemporary Management Practices within the Public Sector
A recent trend in the realms of business management shows that the public sector has shown a gradual shift in its operational perspective, with a greater focus on privatization, and an emphasis on cost saving and increasing efficiency. Comprehending the necessity of outsourcing large-scale work to the private sector for better economic growth and developments, many State governments have started the processes of public procurement, under prescribed directives and regulations created to regulate the process, as are seen in the Council Directives 93/37/EEC, 93/38/EEC and 93/36/EEC and their...
112 pages (28112 words) Thesis
Public Sector Accounting
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...
8 pages (2008 words) Essay
Finance and Accounting
Managers of public sectors and their agencies are the politicians. Politicians are elected by the citizens to act on their capacity and serve their interests when in office. After being granted this mandate, the citizens bequeath their duty of keeping the politicians accountable. Worse still, the leadership portrayed by the politicians is always authoritative, as they do not give the opportunity for the public to look and assess the performance of public entities. This thus makes it impossible to uncover, dwindling financial positions in the public as opposed to the private companies where the...
3 pages (753 words) Research Paper
Earmarked taxcontemporary issues in Public Sector Accounting and Policy
For instance, earmarking of taxes for protecting the environment is commonly applied in the US, Europe and other western countries. Furthermore, taxes that are collected from fuel consumption and motor vehicles are allocated for the construction of national and state roadways (Anesi, 2003). Furthermore, concerned with the increasing health related issues, World Health Organisation (WHO) has further increased the global tax rate of cigarettes and other tobacco related products to 10% which will ensure an additional revenue generation of 7%. However, the revenue percentage generated can increase...
16 pages (4016 words) Essay
Compare and contrast the key features of public and private sector organisations and explain how these might impact on the role
Public sector involve organisations owned and operated by government or their agents and are mostly set up not for profit, but to offer essential services to the public, though profit still reminds one of the objectives of such organisations. Public sectors will major in owning, producing, providing, allocating and delivering goods and services for the government or the public, on either local or international levels, with service provision being more important than making profits. The managers are government appointees, making public companies political institutions. Private organisations....
8 pages (2008 words) Essay
the differences between working in public accounting versus working in private accounting
One of the perspectives to understanding the difference between working, as an accountant, in private sector and working in the public sector is the scope of work with respect to the environment. The different stakeholders in the two sectors, the extent of need and involved scope of meeting the stakeholders’ interest form an aspect of the sectors’ distinction. Major stakeholders to the public sector accounting are the public, political personalities, and investors in government initiatives. Apart from the investors, the other stakeholders are politically motivated and may influence...
3 pages (753 words) Essay
Accounting and the Public Sector - Who Measures What and Why?
There has been a shift in the emphasis of the control from process and input to output control. The performance orientation is one of the major elements in the new public management concepts and the explicit standards for the performance measurement are seen to support this diffusion of new concepts. This study aims towards conducting a literature review of accountability in public sector. Catasu´s and Gro¨nlund (2005) have conducted research on the accountability and measurement on the Swedish Armed Forces. There is a scale down observed in the Swedish public sectors and they are aiming to...
4 pages (1004 words) Literature review
Got a tricky question? Receive an answer from students like you! Try us!