What Is Government Accounting?

According to the provisions of the International Accounting Standards Board, government accounting refers to the accounting system used to confirm, measure, record and report the financial revenue and expenditure activities of governments and public institutions and the performance of their fiduciary duties. Because the political and economic systems and management systems of different countries are different, the connotation of government accounting is also different. This article defines government accounting as a special accountant used to confirm, measure, and record the government's entrusted management of public affairs, state resources, and state-owned assets by the people, report the performance of the government's public financial resource management, and perform the fiduciary duties.

Government accounting

(Record and report financial revenue and expenditure activities of government and public institutions)

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according to

Government business activities can be divided into government affairs activities,

The content of government accounting includes three parts: in general, it can be called "one system, two systems", that is, the government accounting standards system, the government

1. Monitor the compliance of the budget execution process.

From budget

(A) the accounting system is not suitable

Order No. 78 of the Ministry of Finance of the People's Republic of China--

"Government Accounting Standards-Basic Standards" ^[2]

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The "Government Accounting Standards-Basic Standards" have been deliberated and approved by the Ministry of Finance's Ministry of Finance meeting, and are now announced for implementation from January 1, 2017.

Minister: Lou Jiwei

October 23, 2015

Government Accounting Standards-Basic Standards

Chapter 1 General Principles of Government Accounting

Article 1 In order to standardize the government's accounting and ensure the quality of accounting information, these guidelines are formulated in accordance with the Accounting Law of the People's Republic of China, the Budget Law of the People's Republic of China, and other relevant laws and administrative regulations.

Article 2 This standard applies to governments at all levels, departments, and units (hereinafter collectively referred to as government accounting entities).

The departments and units mentioned in the preceding paragraph refer to state organs, the army, political party organizations, social organizations, institutions and other units that have direct or indirect budgetary appropriation relations with the financial department of the government at the same level.

The Army, units that have been incorporated into the corporate financial management system, and social organizations that implement the Accounting System for Civil Nonprofit Organizations do not apply to these standards.

Article 3 Government accounting consists of budget accounting and financial accounting.

Budget accounting implements a system of cash collection and payment. If the State Council provides otherwise, such regulations shall be followed.

Financial accounting implements accrual basis.

Article 4 Specific government accounting standards and their application guidelines, government accounting systems, etc. shall be formulated by the Ministry of Finance in accordance with these standards.

Article 5 The government accounting entity shall prepare final accounts and financial reports.

The goal of the final report is to provide users of the final report with information related to the implementation of the government budget, and comprehensively reflect the results of the annual implementation of the budgetary revenues and expenditures of the government accounting entities. The budget provides a reference and basis. Users of government final accounts include people's congresses and their standing committees at all levels, governments at all levels and their related departments, government accounting entities themselves, the public and other stakeholders.

The goal of financial reporting is to provide users of financial reports with relevant information about the government's financial status, operating conditions (including operating costs, the same below), and cash flow, reflecting the performance of public fiduciary duties of government accounting entities, and helping to use financial reporting. Make decisions or supervise and manage. Users of government financial reports include standing committees of people's congresses at all levels, creditors, governments at all levels and their related departments, government accounting entities themselves, and other stakeholders.

Article 6 A government accounting entity shall conduct accounting calculations on its own economic business or events.

Article 7 Government accounting shall be premised on the continuous operation of the main body of government accounting.

Article 8 Government accounting shall divide the accounting period, settle accounts in installments, and prepare final accounts and financial reports in accordance with regulations.

The accounting period is divided into at least annual and monthly. The start and end dates of the accounting period such as the fiscal year and monthly are in the Gregorian calendar.

Article 9 Government accounting shall use Renminbi as the reporting currency. When a foreign currency business occurs, the relevant foreign currency amount shall be converted into the RMB amount for measurement, and the foreign currency amount shall be registered.

Article 10 Government accounting shall be recorded by the debit and credit bookkeeping method.

Chapter 2 Government Accounting Quality Requirements for Government Accounting Information

Article 11 Government accounting entities shall conduct accounting calculations based on the economic transactions or events that have actually occurred, faithfully reflect the status and results of various accounting elements, and ensure that the accounting information is authentic and reliable.

Article 12 A government accounting entity shall incorporate all economic operations or events that have occurred into accounting calculations to ensure that the accounting information can fully reflect the government accounting entity s budget implementation and financial status, operating conditions, cash flow, etc.

Article 13 The accounting information provided by government accounting entities shall be relevant to reflecting the performance of public fiduciary responsibilities of government accounting entities and reporting the needs of users for decision-making or supervision and management, and to help report users to the past, present or Evaluate or forecast future conditions.

Article 14 The government accounting entity shall conduct accounting in time for the economic business or events that have occurred, and may not advance or postpone them.

Article 15 The accounting information provided by government accounting entities shall be comparable.

The same or similar economic business or events occurring in different periods of the same government accounting entity shall adopt consistent accounting policies and shall not be changed at will. If it is really necessary to change, the content, reason and impact of the change shall be explained in the notes.

The same or similar economic business or events occurring in different government accounting entities shall adopt consistent accounting policies to ensure that the government accounting information is consistent and comparable to each other.

Article 16 The accounting information provided by government accounting entities shall be clear and easy to understand and use for report users.

Article 17 Government accounting entities shall conduct accounting in accordance with the economic substance of economic operations or events, and shall not be limited to the legal form of economic operations or events.

Chapter Three of Government Accounting

Article 18 The elements of government budget accounting include budget revenue, budget expenditure and budget balance.

Article 19 Budget revenue refers to cash inflows obtained by government accounting entities in accordance with the law within the budget year and included in budget management.

Article 20 Budget revenue is generally recognized when it is actually received, and is measured at the amount actually received.

Article 21 Budget expenditures refer to the cash outflows that the government accounting entities have incurred in accordance with the law and included in the budget management within the budget year.

Article 22 Budget expenditures are generally recognized at the time of actual payment, and are measured at the amount actually paid.

Article 23 The budget balance refers to the balance of funds in the budget year of the government accounting entity after deducting budget expenditures, and the balance of funds rolled over the years.

Article 24 The budget balance includes balance funds and carry-over funds.

The balance of funds refers to the remaining funds after the completion of the annual budget, the actual completion of budget revenues after deducting budget expenditures and carry-over funds.

Carry-over funds refer to funds that have not been implemented at the end of the year for the budget arrangement items or have not been implemented for any reason, and need to continue to be used in the next year according to the original purpose.

Article 25 Items that meet the definition of budgetary income, budgetary expenditure, and budgetary balance and their recognition conditions shall be included in the government statement of final accounts.

Chapter Four of Government Accounting

Article 26 The elements of government financial accounting include assets, liabilities, net assets, income and expenses.

Section 1 Assets

Article 27 Assets refer to economic resources formed by the past economic business or events of the government accounting entity and controlled by the government accounting entity, which are expected to generate service potential or bring in economic benefits.

Service potential refers to the potential ability of government accounting entities to use assets to provide public goods and services to perform government functions.

The inflow of economic benefits is represented by the inflow of cash and cash equivalents, or the decrease in the outflow of cash and cash equivalents.

Article 28 The assets of government accounting entities are classified into current assets and non-current assets according to their liquidity.

Current assets refer to assets that are expected to be consumed or realizable within one year (including one year), including monetary funds, short-term investments, receivables and prepayments, inventory, etc.

Non-current assets refer to assets other than current assets, including fixed assets, construction in progress, intangible assets, long-term investments, public infrastructure, government reserve assets, cultural and cultural assets, affordable housing, and natural resource assets.

Article 29 Economic resources that meet the definition of assets stipulated in Article 27 of these Standards are recognized as assets when they simultaneously meet the following conditions:

(1) The service potential related to the economic resources is likely to be realized or the economic benefits are likely to flow into the government accounting subject;

(2) The cost or value of the economic resources can be reliably measured.

Article 30 The measurement attributes of assets mainly include historical cost, replacement cost, present value, fair value and nominal amount.

Under historical cost measurement, assets are measured at the amount of cash paid at acquisition or the fair value of the consideration paid.

Under replacement cost measurement, assets are measured at the cash amount required to purchase the same or similar assets.

Under the present value measurement, assets are measured at the discounted amount of future net cash inflows expected to arise from their continued use and final disposal.

Under fair value measurement, assets are measured at the prices that market participants would receive in orderly transactions that occurred on the measurement date.

If the above-mentioned measurement attributes cannot be adopted, it shall be measured with a nominal amount (ie RMB 1).

Article 31 In measuring assets, government accounting entities should generally use historical costs.

In the case of replacement cost, present value and fair value measurement, it shall be ensured that the determined asset amount can be measured continuously and reliably.

Article 32 Items that meet the conditions for asset definition and asset recognition shall be included in the balance sheet.

Section II Liabilities

Article 33 Liabilities refer to the current obligations of government accounting entities formed in the past economic operations or events that are expected to cause economic resources to flow out of government accounting entities.

Current obligations refer to the obligations that government accounting entities have undertaken under current conditions. Obligations arising from future economic operations or events are not current obligations and should not be recognized as liabilities.

Article 34 The liabilities of government accounting entities are classified into current liabilities and non-current liabilities according to liquidity.

Current liabilities refer to liabilities expected to be repaid within one year (including one year), including payables and advance receipts, payable employees' salaries, and payables.

Non-current liabilities refer to liabilities other than current liabilities, including long-term payables, government bonds payable, and government-guaranteed debts.

Article 35 An obligation that meets the definition of liability as stipulated in Article 33 of these Standards shall be recognized as a liability when the following conditions are also met:

(1) performance of this obligation is likely to cause economic resources containing service potential or economic benefits to flow out of government accounting entities;

(2) The amount of the obligation can be reliably measured.

Article 36 The measurement attributes of liabilities mainly include historical cost, present value and fair value.

Under historical cost measurement, liabilities are measured based on the amount of money or assets actually received for the current obligation, or the contract amount for the current obligation, or cash expected to be paid to repay the liability.

Under present value measurement, liabilities are measured at the discounted amount of future net cash outflows that need to be repaid within the expected period.

Under fair value measurement, liabilities are measured at the price paid for transferring liabilities in an orderly transaction between market participants on the measurement date.

Article 37 In measuring liabilities, government accounting entities should generally use historical costs.

Where the present value or fair value is used for measurement, the amount of the liability determined can be measured continuously and reliably.

Article 38 Items that meet the definition of liabilities and the conditions for recognition of liabilities shall be included in the balance sheet.

Section III Net Assets

Article 39 Net assets refer to the net amount of the assets of the government accounting entity after deducting liabilities.

Article 40 The amount of net assets depends on the measurement of assets and liabilities.

Article 41. Net asset items shall be included in the balance sheet.

Section IV Income

Article 42 Revenue refers to the inflow of economic resources that results in an increase in the net assets of government accounting entities and contains service potential or economic benefits during the reporting period.

Article 43 The recognition of income shall meet the following conditions at the same time:

(1) Economic resources related to income that contain service potential or economic benefits are likely to flow into government accounting entities;

(2) the inflow of economic resources containing service potential or economic benefits will lead to an increase in assets or a decrease in liabilities of government accounting entities;

(3) The inflow amount can be reliably measured.

Article 44 Items that meet the definition of income and the conditions for income recognition shall be included in the income expense table.

Section 5 Expenses

Article 45 Expenses refer to the outflow of economic resources that results in a reduction in the net assets of government accounting entities and contains service potential or economic benefits during the reporting period.

Article 46 The confirmation of expenses shall meet the following conditions at the same time:

(1) Economic resources related to expenses that contain service potential or economic benefits are likely to flow out of government accounting entities;

(2) the outflow of economic resources containing service potential or economic benefits will lead to a decrease in government accounting entities assets or an increase in liabilities;

(3) The outflow amount can be reliably measured.

Article 47 Items that meet the definition of expenses and the conditions for expense confirmation shall be included in the income expense table.

Chapter Five of Government Accounting

Article 48 The government final account report is a document that comprehensively reflects the results of the implementation of the annual budget revenue and expenditure of the government accounting body.

The government final account report shall include final account statements and other relevant information and materials that shall be reflected in the final account report.

The specific content and preparation requirements of the government final accounts report shall be separately stipulated by the Ministry of Finance.

Article 49 A government financial report is a document that reflects the financial status of a government accounting entity on a specific date and the operating status and cash flow of a certain accounting period.

The government financial report shall include financial statements and other relevant information and materials that shall be disclosed in the financial report.

Article 50 The government financial report includes the government's comprehensive financial report and government department financial reports.

The government's comprehensive financial report refers to the report prepared by the government's financial department, which reflects the overall financial status, operation and financial sustainability of governments at all levels.

Financial reports of government departments refer to financial reports prepared by various government departments and units in accordance with regulations.

Article 51 Financial statements are structural expressions of the financial status, operating conditions, and cash flow of government accounting entities.

Financial statements include accounting statements and notes.

The accounting statements shall include at least a balance sheet, a statement of income and expenses, and a statement of cash flows.

Government accounting entities shall prepare consolidated financial statements in accordance with relevant regulations.

Article 52 The balance sheet is a statement that reflects the financial position of a government accounting entity on a particular date.

Article 53 The income and expense statement is a statement reflecting the operation of the government accounting entity in a certain accounting period.

Article 54 The cash flow statement is a statement that reflects the inflow and outflow of cash and cash equivalents of government accounting entities during a certain accounting period.

The note to Article 55 is a further explanation of the items listed in the balance sheet, income and expense statement, cash flow statement and other statements, and a description of the items that were not listed in these statements.

Article 56 The preparation of the government final accounts report is mainly based on the realization of the payment system, and the data generated by budget accounting shall prevail.

The preparation of government financial reports is mainly based on accrual basis, and the data generated by financial accounting calculation shall prevail.

Chapter VI Supplementary Provisions of Government Accounting

Article 57 The accounting referred to in these Standards includes all links of accounting confirmation, measurement, recording and reporting, covering the entire process of filling out accounting vouchers, registering accounting books and preparing reports.

Article 58 The term "budget accounting" as used in these Standards refers to the accounting of all revenues and expenditures incurred during the execution of the budget of government accounting entities on the basis of the realization of revenues and expenditures. accounting.

Article 59 The term "financial accounting" as used in these Standards refers to the accounting of various economic operations or events that occur with government accounting entities on the basis of accrual basis. It mainly reflects and monitors the financial status, operating conditions, and performance of government accounting entities. Accounting of cash flow, etc.

Article 60 The "realization system of receipts and payments" as mentioned in these Standards refers to the actual accounting of cash receipts and payments as a sign to determine the accounting basis for income and expenditure for the current period. All cash income and expenses actually received in the current period shall be regarded as current income and expenses; all cash income and expenses not included in the current period shall not be regarded as current income and expenses.

Article 61 The accrual system as referred to in these Standards refers to the determination of the accounting basis for the income and expenses of the current period with the right to obtain payment or the obligation to pay as the mark. All income and expenses that have been realized in the current period and expenses that have occurred or should be borne, regardless of whether the payment is received or not, shall be regarded as current income and expenses. Should be used as current income and expenses.

Article 62 These Guidelines shall be implemented as of January 1, 2017.