Overview of Financial Reporting For Government & NFP Entities | Public Sector Accounting | Chapter 1

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Public sector accounting is a specialized field focused on the financial activities of government entities and other public sector organizations. It differs from private sector accounting in its emphasis on accountability, transparency, and compliance with legal and regulatory frameworks. Here's a concise overview:

Key Objectives

Accountability: Demonstrating how public funds are used and ensuring they are spent for intended purposes.
Transparency: Providing clear and accessible financial information to the public and stakeholders.
Compliance: Adhering to relevant laws, regulations, and accounting standards specific to the public sector.
Stewardship: Managing public resources responsibly and efficiently.
Decision-making: Providing financial information to support informed decision-making by government officials and policymakers.
Key Characteristics

Fund accounting: Often uses fund accounting to track resources with specific restrictions or purposes.
Budgetary control: Emphasizes adherence to budgets and appropriations.
Legal and regulatory framework: Operates within a strict legal and regulatory environment.
Non-profit orientation: Focuses on service delivery rather than profit maximization.
Public audit: Subject to public audits to ensure accountability and transparency.

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