Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa - Research Paper Example

?Table of Contents 0 INTRODUCTION 2 1 Introduction to Government Accounting: 2 2 Purpose of Government Accounting: 2 3 Government Accounting in African Countries: 4 1.4 Aim and Objective of the Research: 5 1.5 Research Questions: 5 2.0 LITERATURE REVIEW 7 2.1 Overview of the African Countries’ Conditions: 7 1.2 Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa: 8 1.3 Position of Accounting and Financial Disclosures of African Countries: 9 1.4 Government Accounting Problems in Africa: 12 1.5 Government Accounting Practices in Africa: 13 1.6 References from other Countries: 18 1.7 Reforms Needed: 20 3.0 RESEARCH METHODOLOGY: 22 Works Cited 24 1.0 INTRODUCTION 1.1 Introduction to Government Accounting: Accounting as function of business is aimed to provide reliable and relevant information of the resources under business disposal and their usage. It has some broader meaning for government as government accounting is an important and only source of information for the local as well as international investors to know about how the resources are being raised and utilized in country. Government accounting is the process that encompasses recording, analysis, classification, summary, communication, and interpretation of financial information about government conduct in financial domain in aggregate. It is detailed reflection of transactions and other economic events involving the receipt, payments, spending, transfer, usability and disposition of assets and liabilities (International Federation of Accountants, 2000). 1.2 Purpose of Government Accounting: Government disclosure in accounting provides citizen evidence and reasoning for the raising of funds from public and donors and domains where the said amount is made useful with its cost and benefits information also exportable from such statements. Government accounting is also an important source of information for national and international investors about how the economy is being run based on internal revenues, local or international debts. Information disclosed in government accounting statements are fulfillment of “their right to know” about the government strategy regarding the accounting and finance of the country (GASB 2006, p. 5). Government accounting, concisely, is required to serve the following three purposes based on their priority (Chan, 2003): BASIC PURPOSE: Basic purpose of government accounting is to prevent and detect public treasury from corruption and graft. Citing report by the International Monetary Fund (IMF) and the International Development Association, Thomas (2001, p. 38) mentioned that countries with heavy debt and poor state of economic stability 'lack the practices and procedures necessary for budgeting, monitoring, and reporting on the use of public resources'. INTERMEDIATE PURPOSE: Intermediate purpose of government accounting is to ensure the robust and thorough financial management of public resources through budget planning and presenting actual activities. ADVANCE PURPOSE: The advance purpose of government accounting is to help government ensure its accountability to public. To achieve this purpose it is required to have efficiency on three levels; accountability of the bureaucracy to the chief executive, of the executive to the legislature, and of the government to the people. Transparency in government accounts serves to ensure efficiency in economy and a weapon against government theft and frauds. Accounting information can be used to monitor and enforce the terms of economic, social and political contracts; when government conduct any market transaction its information from financial statements can be used for economic accounting of government. Similarly, when government levies any tax to finance its budgetary needs, details regarding its need and benefit can be assessed for political accounting of government (Chan, 2003).Hence, accounting for government is more for accountability as it involves public resources. Acknowledgment of the importance of government accounting, international accounting standards have been devised to get information available on standard formats and standards such as cash basis, accrual system, mixed system etc. International Public Sector Accounting Standards (IPSASs) stands out as the most significant development in the government accounting standards (ASA). This ensures consistency in the presentation of accounts across nations. Consistency benefits to locals in understanding of their country affairs, international investors, donors, and other evaluating agencies to rate government practices in different countries against benchmarks. For instance, Open Budget Index, World Bank has also issues country-wise Reports on Observance of Standards and Codes (ROSC), IMF’s code of conduct for the purpose all are meant to align government presentation of accounting in one course. 1.3 Government Accounting in African Countries: Despite of the huge land space as well as human capital, economic condition of the continent is not appreciable. The land has rich resources but many of its member countries are under heavy debt burden. Among reasons cited for the worst situation prevailing in Africa; two are considered to be main reasons. First, extensive intervention of foreign countries in internal affairs (Museveni, 2000, p. 151) and the other most important one is less accountability of African countries. Though this position is not so in all countries but characterizes most of the African countries. For instance, Uganda has improved its position on Open Budget Index in 2010 dramatically, though not to the mark of best practices (IBP, 2012). Moreover, Botswana, Ghana, Kenya, Mauritius, Nigeria, Rwanda, Sierra Leone, South Africa and Uganda have been mentioned countries with best practice in terms of their financial statements being exemplary in timeliness, understandability, openness and consistency (Wynne, et al., 2011a). International Standards of Accounting and Reporting (ISAR) in cooperation with United Nations Center of Transnational Cooperation and World Bank issued a report that categorized accounting practices in African countries in three categories of Anglophone Africa, Francophone Africa, Lusophone Africa on the basis of their accounting practices. It further mentioned problems that are part of African accounting system. Apart from this it has been identified that the base for all issues is the lack of trained professionals; situation worsens when government accounts are in hands of assistants of qualified professional. These professionals employee themselves in private organizations and their assistants who are available in bulk but their qualification is not at the level of expertise as required to maintain quality of government accounts. Furthermore, it mentioned lack of national level supply of these professionals through standard examinations. These problems multiply when overall intention of the government is also not in course to provide complete, comprehensive, transparent information of their financial affairs. 1.4 Aim and Objective of the Research: With the importance of the government accounting information highlighted above and practices of government accounting in African countries discussed, this research study is aimed to explore the ways that can serve in improving the government accounting practices in African countries. This study will explore the domain of the title of this research in line with the practices that are conducted by African countries to improve transparency and availability of information in understandable formats and supportive details to fulfill the due requirement of accountability. It will also explore the accounting standards that are increasingly taking place in government standards. For the purpose, information and plan that other countries would have devised to take their accounting to international acceptable level would also be considered to lend knowledge to African countries for improving their accounting practices. 1.5 Research Questions: This study will address following research questions: 1. Given the three purpose of government accounting, is government accounting in African countries are fulfilling any or all three? 2. Given the current practices in African countries what are the core problems that need attention on first hand? 3. What plan shall the African countries adopt to take their practices on international standard? 4. With many countries in world updating their accounting system, can their plans be helpful for African countries in improving their (African Countries Accounting practices) matters? 2.0 LITERATURE REVIEW 2.1 Overview of the African Countries’ Conditions: Economic conditions of the whole African continent over all are not appreciable. Being on the leading position in space as well as population context, the continent has been severely hit by conditions that led continent to remain backward; among many aspects its backwardness on economic forum is also very evident. Large number of reasons is cited behind the backwardness of the continent, most prominent has been government paying no due attention to the needs of public. Conditions have been so deteriorating that public finance moved into a negative region, with current public expenditure increased with higher growth rate as compare to expenditure in fiscal and related earnings everywhere excluding change that remained in oil-exporting for the few years due to Oil Producing and Exporting Countries. In most parts of continent, constituting almost two-third of the whole region, government has no accountability and concern for the public which has resulted in consistent decline in investment since 1985. Negligence and ignorance is to the extent that most countries do not make investment efforts for routine public services and investment in African countries is only meant to retain growth level above zero and implying a fall in per capita consumption, while essentials of food and other equipment is only reliant on foreign aid. This negligence on part of government provides reason for heightening Africa's foreign debt which is mostly 'public'. Whatever minimal changes this least investment from government and foreign aid create are eliminated by any obstacle in foreign aid and increasing inflation. Private firms, however, takes first place in Africa and Latin America. Worse social and political conditions are apart from the mentioned menaces that have led Africa in a position that has been sometimes called Beggar continent; and two main reasons for this worst situation are foreign intervention in the internal matters of Africa (Museveni, 2000, p. 151) and no accountability of African governments. In light of the reasons that points to the worsening conditions of continent, there has emerged dire need to get revolutionary changes in the public accounting that also lead to the true audit of revenue, aid, investment and expenditures in all. 1.2 Importance of Financial Accounting of Government Affairs in World and More Specifically in Africa: Accounting in general is aimed to provide reliable and relevant information of the resources under one’s control. For government, accounting of their financial matters has the purpose to provide citizen evidence and reasoning for the raising public revenue and details of where that revenue is being utilized. Government accounting is an important source of information for its public (local and international) to know how the economy is being run as well for local public it is fulfillment of “their right to know” of how their resources collected by government is being used (GASB 2006, p. 5). Apart from the general purpose of information available to public, government accounts are required to be available in a clear and comprehensive way to fulfill the purpose of transparency. This will help in the attainment of the goal of good economic governance in the broader spectrum and achieving the goal of Millennium Development Goal (MDGs) to reduce poverty. In specific to African governments this transparency and openness in information available regarding the use of public resources is also more stressed to get clear picture of reality regarding the worsening conditions of the region despite of huge resources available naturally as well as donors continuous investment; these two together being unable to bring any betterment has made the issue very complex. To concise, following four paradox solutions are aimed at financial openness and transparency requirement to the budgetary processes of African countries: first, availability of rich natural resources to many regions of Africa, second, with minimal or no results being produced by the factors that are constantly increasing generosity of donors to this region of world, third, uncontrolled menace of poverty that is growingly clutching the region and last but not least, information regarding the government involvement in corruption, theft of public resources, money laundering etc. (UNECA, 2005, p. ix). 1.3 Position of Accounting and Financial Disclosures of African Countries: Financial documents, if prepared in their true sense and spirit provides complete information regarding the raising of funds from public and donors, reasons for raising funds, their usage, strategies applied to get the mentioned reasons accomplished, their cost and benefits, obstacles and so forth. There are large number of practices adopted internationally for benchmarking such as yearly, quarterly and monthly reports, short term and long term reports of plans, economic assumptions, assets and liability disclosures etc in documents such as prescribed by OCED (2002). World Bank has also issued country-wise Reports on Observance of Standards and Codes (ROSC) that covers similar various aspects of countries financial structure in domain of data dissemination, fiscal transparency etc against International Monetary Fund (IMF) code (World Bank). In a similar Survey by World Bank for southern African country Botswana provided evidence that how relevant strategies for economic development and transparency in government conduct as well as alignment to world standard benchmarks have supported the growth. Government efficient use of diamond resources has taken up country among the wealthiest nations of Africa with per capita gross national income of US$4,340 and approximately 7 percent in last two decades (World Bank, 2006).However, there is still room for large improvement in accounting practices in line with its efficiency in resource usage. Survey of 94 countries by International Budget Partnership in year 2010 has provided ranking of different countries with respect to key budgetary documents required to make decision which is ultimately a measure of transparency (figure 1). Among its main findings is improvement in the Uganda’s, country in east Africa, government efforts and it has been regarded as one with dramatic improvement from very low levels, though not up-to the benchmark of best practice (IBP, 2010). Open Budget Survey (2010) indicated Ghana, Namibia and South Africa as the countries which provided little or no information on spending specifically on secret items, although this fraction is less than three per cent of expenditure of these countries (Wynne, et al., 2011a). Figure 1 (International Budget Partnership, 2010) 1.4 Government Accounting Problems in Africa: Some of the accounting problems in Africa were identified by UNCTC (1991) which have been presented below, almost all of these problems are still being faced by the African countries. Most attention requiring problem is the fact that 18 countries in all have fewer than 50 fully- qualified accounting professionals. These professionals are mostly employed in private sectors leaving public sectors understaffed (Museveni, 2000). Next to this comes, assistants to these professionals which are apparently huge in number but lack due training. This is because of lack of educational infrastructure related to field and education mostly provides theoretical guidance than practical exposure (Museveni, 2000). Many accountancy bodies are working but very few provide national qualifying examination which is one of the biggest constraints in supplying accountant professionals and hampers economic growth in all (Museveni, 2000). Accounting methods adopted from developed economies in bona-fide pattern and so adoption is not applicable to African environment (Museveni, 2000). Lack of national diplomas which in turn makes it difficult to get consistent supply of experts and compatible professional and also no regional accountancy program compatible with the needs of country systems of Africa (Museveni, 2000). In many parts, still outdated plans are used (Museveni, 2000). These problems are similarly affecting public as well as private sector. Another additional problem that public sector faces; is the lack of audit structure that picks and forces correction of misappropriations in public sector. 1.5 Government Accounting Practices in Africa: International Standards of Accounting and Reporting (ISAR) in cooperation with United Nations Center of Transnational Cooperation and World Bank in 1991conducted a comprehensive survey of 37 African countries to find problems of the area and to align the accounting practices in Africa with other countries. The overall system is categorized into following three sections (UNCTC, 1991): ANGLOPHONE AFRICA: Here accounting framework is regulated by companies act and income tax act and most practices are guided by individual companies’ need. FRANCOPHONE AFRICA: This section practices national and sectarian plan that provide standardized formats to be followed for financial transactions and financial statement presentation benefitting inter accounting firm and industry comparison. This is a somewhat comprehensive system which ensures compatibility at different levels. LUSOPHONE AFRICA: accounting system in this section is almost similar to Francophone Africa i.e. chart based accounting system. The problem this section is facing is lack of professionals who devise these charts, which was before independence done by Portuguese professionals. No accounting bodies also resulted in lack of audit framework. Africa Capacity Building Foundation in collaboration with World Bank, together with other development partners has initiated an effort to identify the level training required for the provision of certified professionals in public financial management. This training of the professionals was intended to benefit public sector financial management professionals with increasing scale of qualified professionals who have qualification in accordance with the International Education Standards developed by the International Federation of Accountants (IFAC), which expresses benchmarks that IFAC member bodies must have their professional accountants nurtured with continuous development in accountancy with course content against PEFA benchmark (Wynne, et al., 2011b).Though efforts like these are an important contribution but still the vacuum is large Andrew (2010) explored the level of changes that has occurred in Public Finance Management (PFM) in 31 African countries under evaluation because of the long reform efforts and new challenges arising with growing time. Andrew (2010) developed stylized picture of Public Financial Management (figure 2) addressing how PFM theory in place in Africa is facilitating, what challenges are being faced and how they can be met. The three themes identified in this regard are as follow: Budgets are made better than they are executed; Practice lags behind the creation of processes and laws; that all areas of process in African PFM lack serious deficit and law and processes seldom have effective results Actor concentration pays; refers that process are tend to be stronger when between certain people or department and involvement of outsiders than PFM entity such as budget department results in weakened processes. Figure 2 (Andrews, 2012, p. 44) Andrew (2010) segregated the studied countries into groups (leagues) that have been identified to receive impact from five factors; which are: Growing economies characterizes stronger PFM; PFM progress results in stability; stronger PFM systems are of Fiscal states; PFM progress is directly related to long term reform commitment; and, impact of Colonial heritage matters. Andrew (2010) suggested that existing and growing challenges in public financial management can be met with some adjustments in the process. These adjustment include increased focus on horizontal basis than vertical (move from technical aspects to broader space), move from higher concentration to single or specific aspect and finally move from replica applications in different domains to case sensitive (or country sensitive) mechanisms. In a most recent study conducted by African Capacity Building Foundation (ACBF) in 2011 regarding the best practices in annual financial reporting of Sub-Saharan Africa accounting for good practices, it has been mentioned that International Accounting Standard promoted for Sub-Saharan countries are Cash Basis IPSAS but none of the 31 African countries who tried to implement these standards have been able to implement its key requirements even after nine years (Wynne, et al., 2011a). Further, for the best practices it indentified following countries’ financial statements as example of good practices: Botswana, Ghana, Kenya, Mauritius, Nigeria, Rwanda, Sierra Leone, South Africa and Uganda. Wynne, et al. (2011a) on the broader criteria identified four categories for evaluation on the basis of good practices. These were: Timeliness: Financials are made public and presented to parliament timely within 12 months of relevant financial year and most of African countries are following this practice. Further exemplary practice is conducted in Mauritius, Tanzania, Uganda and South Africa where they are presented within nine months so results can be considered in preparation of next year’s budget (Wynne, et al., 2011a). Understandability: understandability is the main factor and it is achieved by adding commentary to statements, from the auditor general with graphs, charts and glossary to explain the technical jargons. This can sometimes increases length of statement and supporting documents to 2500 like that of Kenya, and may be as concise and small as comprising of 30 page document for main report in Sierra Leone. Tanzania and Uganda’s government financial statement include executive summary from auditor general that provide key findings of the entire report which adds to easy understandability (Wynne, et al., 2011a). Openness: Openness of financial statement is main segment in which information of public and politicians’ interest is made available. It had varied level of information, most necessarily to mention that budget agreed and actual results are not usually explained with all clarity. For example, Mauritius provided all details of government borrowing including interest rate, exchange rate and external debts. In additional to this Botswana provided details about the individual loans. Mauritius, Tanzania and Uganda provided the details of arrears from revenue, Botswana and Tanzania also provided details of expenditure that brought no fruit and can be regarded as wasteful expenditure, Ghana provided details of privatization, Tanzania mentioned the details of contingent liability especially long term guarantees, and other related details from Mauritius, and synopsis based descriptions provided by South Africa. Moreover, Mauritius is among very few countries form continent that provide details of most of its projects or non-cash aid. Hence, different countries focus on different level of openness (Wynne, et al., 2011a). Consistency: this is the most important element of any financial statement that allows reader more clear understanding of country affairs over period of time from financial perspective with year to year changing performance. Mauritius and Sierra Leone has been consistent in its format since last five years. The Tanzanian government has been consistent in providing nearly 10-year history of quarterly budget out-turn reports on its website but these reports lack consistency with other relevant financial reports (Wynne, et al., 2011a). Among mentioned ones’ various countries have been found to be successful on the yardstick of timeliness, understandability, openness, and consistency. Specifically, Botswana, Tanzania, Ghana, Mauritius and Sierra Leone are found active almost all fronts. Hence, it can easily be established from the success of Botswana that if these factors are kept in consideration then it results in benefiting the government and country in long run. Similarly Uganda has also been successful in increasing its rating on Open Budget Index, which surely ensures attraction for foreign direct investment as investors key concern of honest and considerate government are addressed (Wynne, et al., 2011a). Countries lacking this information are usually considered to be led by menaces of theft and corruption. IDASA an African Democratic Institute is also another organization that keeps an eye on on-going mechanism with developments of public sector arrangement and their conduct. It in collaboration with other international bodies like World Bank, the IMF, the European Investment Bank and Regional Development Banks make sure that the government is working in accordance with the interest of public in broader domain than just government accounting to overall economic as well as ecological matters (IDASA, 2012). 1.6 References from other Countries: To meet the basic principles devised by international bodies countries are constantly striving to improve transparency, openness and meet all requirements to improve their positions as country. Indonesia has also undergone huge changes in its public accounting to improve transparency and accountability during the socio-political institutional change that characterized the post-Suharto reform period. During the transition period on the pressure of donor agency government accounting system turned to accrual accounting system from cash system and resulted in involvement of large number of government agencies in government accounting process. Even after transition period Indonesia is still updating and improving its accrual system, with more emphasis on how Indonesia’s culture is willing to embrace accountability and transparency, as a key outcome of the government accounting process, than as simple administrative compliance need before transformation period. The transformation from one accounting system to other was less difficult than moving from secret kind of system that supported corruption to making transparency its main objective (FEB, 2011). GASAB (2008) documented a study to prepare recommendations with Gap analysis of Indian government accounting system to international standards to enhance and strengthen the quality of decision making and public accountability. Currently cash basis accounting system is prevailing in India and adoption of International Public Sector Accounting Standards (IPSAS) will benefit country with the quality and comparability of financial information presented by various governments around the world. Using diagnostic tool of World Bank GASAB (2008) compares the Government Accounting in India prevailing in that point in time with Cash IPSAS with plan to highlight specific differences for which transition path has been developed. This path has to be in alignment with further updates in international standards and highlighting the issues that would come underway in transition period with their resolution to be implemented as long term goal of 10 to 12 years. Hence, countries around the world are in search of a way to improve their accounting system to ensure the correct availability of information regarding public resources, fund raising, and expenditure. It is important to present all information in order to maintain transparency of in-flows and outflows in government exchequer. Also this result in making sure that public is also well aware of the usage of their resources. It is important to acknowledge here that transparency ensures reduction in levels of theft, corruption money laundering etc. In context to countries in Africa it has been found that basic issues have become paradox; countries with rich resources are also receiving considerable donation and donors are also being generous though results of their investment are not appreciable. Most of the countries are also lacking trained staff and skilled labor is usually hired by private sector leaving public sector at mercy of their trained assistants whose skills are not up to the mark. Betterment in government accounting is beneficial as countries that have been recognized as best in accounting practices in this domain are also moving in better positions on Open budget Index which brings in overall economic benefit to country with greater information available leads to greater investments from local and foreign investors. 1.7 Reforms Needed: Ball and Pflugrath (2012) debated the long-time question of why the governments which force their private sector to adopt detailed accounting practices pay little attention to apply same when it is matter of public accounts. Negligence on this part brought forward cases like Greece where self interest practices by government in accounting reporting was not merely deficient, but also fraudulent. Implementation of the processes that increase the availability of complete and correct information to investors would also increase government ability to make better decisions. New Zealand, has improved its net worth position from 20 years in negative zone to 10 percent of GDP with this century beginning, this has been because of fiscally responsible decision with true information provided in its disclosure. It seems to be straightforward exercise to remove deficiencies in government reporting system with introduction of robust financial reporting system. This implementation can be attained with existence of two things: first, selection of such framework that ensures reporting of all financial matters with details disclosure and second, the politicians’ will to implement such framework that improve government transparency and accountability, and therefore enable greater scrutiny of their decision-making. There has always been the need of the former for the purpose of improvement but achievement of latter is a difficult target. Implementation of these accounting practices are long term objectives but achievement of latter objective requires long time efforts as it requires to change the culture overall. IPSAS provides internationally accepted, high-quality public-sector reporting standards; global adoption of the same would improve comparability. Pictorial representation given below refers level (from bottom to top) of meaningful arrangements that ensures financial reporting and audit arrangements (figure 3). Figure 3 (Ball and Pflugrath, 2012, p. 14) All countries in the world generally and African Countries particularly, have to adopt measures that ensure transparency, clarity, understandability with accounting of accountability in order to remain safe from menace of financial crises such as one recently hit world. 3.0 RESEARCH METHODOLOGY: The main aim or purpose of the research study is to come up with effective and efficient strategies for improving the government accounting in African countries. Hence the research is ‘descripto-explanatory’ (Saunders, Thornhill, & Lewis, 2009, p.140). As the researcher will describe the current government accounting practices prevalent in the African countries and at the same time will explore the strategies and methods which can be adopted in order to improve the government accounting in African countries. The research study will be based on deductive analysis and scientific research. The researcher will strive to collect the relevant data and information in order to analyze and evaluate it on the basis of the different theories identified. In order to collect and gather the relevant data the researcher will indulge in extensive literature review and secondary research. The literature review on one hand will allow the researcher to understand and comprehend different theories in this regard and will facilitate the researcher in the process of identifying the important variables and the possible relationship between them; this will result in the creation of the conceptual or theoretical framework. On the other hand the extensive literature review and secondary research will help the research in the process of identifying different strategies and methods for improving the government accounting practices in the African countries. This will allow the researcher to come up with comprehensive findings and results. Apart from this the research will be based on both quantitative and qualitative data and hence will be mix method research. This again will facilitate the researcher in accomplishing the aim an objectives of the research study and exploring the answers to the research questions which will be explored by the research study. As the research will be mostly desk based there will be no serious ethical considerations or issues. However the researcher will make sure that all secondary data is properly referenced and acknowledged in order to avoid any copyrights and plagiarism issues. However the overall scope of the research study will be limited because of the limited availability of funds and time. Another limitation of the research will be that it is only based on the secondary data and primary data will not be gathered. Works Cited Andrews, M. (2010) How Far Have Public Financial Management Reforms Come in Africa? Cambridge, MA: Harvard Kennedy School of Government. Retrieved September 28, 2012, from http://web.hks.harvard.edu/publications/getFile.aspx?Id=548 ASA. IPSAS – Improving Accountability Across the World. Retrieved September 23, 2012, from http://www.accountancysa.org.za/resources/ShowItemArticle.asp?Article=IPSAS+-+IMPROVING+ACCOUNTABILITY+ACROSS+THE+WORLD&ArticleId=1573&Issue=1068 Ball, I., and Pflugrath, G. (2012). ‘Government Accounting: Making Enron look good.’ World Economics, 13(1), 1-18. Retrieved September 29, 2012, from http://www.ifac.org/sites/default/files/Government%20Accounting%20Making%20Enron%20Look%20Good.pdf Chan, J. (2003) ‘Government Accounting: An assessment of theory, purposes, and standards.’ Public Money and Management, January, 13-20. Retrieved September 26, 2012, from http://jameslchan.com/papers/Chan2003Assess.pdf FEB. (2011). The transformation of Indonesian Government accounting during the reform period: a bourdieun analysis. Retrieved September 27, 2012, from http://www.feb.ugent.be/accoeco/Papers_Cigar2011/33.%20The%20transformation%20of%20Indonesian%20government%20accounting%20during%20the%20reform%20period.pdf GASAB. (2008). A study on GAP analysis of Indian Government Accounting with International Standards. Retrieved September 28, 2012, from http://www.gasab.gov.in/pdf/Gap_Analysis.pdf GASB (2006). White Paper: Why Governmental Accounting and Financial Reporting Is—and Should Be—Different, Norwalk. CT: GASB. Retrieved September 29, 2012, from http://www.gasb.org/white_paper_full.pdf IBP. (2010). Open Budget Survey: Key Findings. Retrieved September 24, 2012, from http://internationalbudget.org/what-we-do/open-budget-survey/rankings-key-findings/key-findings/ IDASA. (2012). Global Transparency. Retrieved September 26, 2012, from http://www.idasa.org/our_work/programme/global_transparency/ International Budget Partnership. (2010). OBI 2012 Scores. Retrieved September 26, 2012, from http://internationalbudget.org/wp-content/uploads/2011/06/2010_Rankings.pdf International Federation of Accountants. (2000). Financial reporting under the cash basis of accounting. New York: Exposure draft9, Public Sector Committee. Museveni, Y. (2000). What is Africa’s Problem? USA: Regents of the University of Minnesota OECD. (2002). OECD Best Practices for Budget Transparency. Retrieved September 26, 2012, http://www.oecd.org/governance/budgetingandpublicexpenditures/1905258.pdf Saunders, M., Thornhill, A., & Lewis, P. (2009). Research Method for Business Students. London: Financial Times Prentice Hall. Thomas, W. A. (2001). ‘Getting debt relief right.’ Foreign Affairs, 80(5), 36-45 UNCTC. (1991). Accountancy Development in Africa. Retrieved September 26, 2012, from http://unctc.unctad.org/data/stctc109a.pdf UNECA. (2005). Assessing Public Financial Management and Accountability in the Context of Budget Transparency in Africa. Addis Ababa: UNECA. Retrieved September 29, 2012, from http://www.uneca.org/eca_resources/Publications/dpmd/Budget_transparency.pdf World Bank. (2006). Report On The Observance Of Standards And Codes (ROSC): Republic of Botswana. Retrieved September 25, 2012, from http://www.worldbank.org/ifa/rosc_aa_bot.pdf World Bank. ROSC: Reports on the Observance of Standards and Codes. Retrieved September 25, 2012, from http://www.worldbank.org/ifa/rosc_more.html Wynne, et al. (2011a). ‘Annual Financial Reporting by Governments – What is Africa’s Best Practice?’ Working Paper, 7th Annual Meeting of the ACBF Technical Advisory Panels and Networks. Retrieved September 23, 2012, from http://www.acbf-pact.org/Data/Sites/1/docs/tapnets/GOVT%20FINANCIAL%20REPORTING%20-%20WHAT%20IS%20AFRICA'S%20BEST%20PRACTICE%20-%20November%202011%20AW%20(2).pdf Wynne, et al. (2011b). ‘A Baseline Study of Public Financial Management Training in Africa’ A FIMANET Working Paper, 7th Annual Meeting of the ACBF Technical Advisory Panels and Networks. Retrieved September 23, 2012, from http://www.acbf-pact.org/Data/Sites/1/docs/tapnets/Study%20of%20PFM%20training-AW-September%202011.pdf Read More