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Influence of Rules and Regulation on Public Sector Accounting Practice

Title: Rules And Regulation In Public Sector Accounting.Date / Time: 07 October 2012 (Monday) / 4:00 Pm Location: Room Spk308, Othman Yeop Abdullah Building (School Of Accounting.) Guest: Student Of Public Sector Accounting Group C Agenda: Influence Of Rules And Regulation On Public Sector Accounting Practise.

Last Sunday, we are discussing about the rule and regulation regarding Public Sector Accounting Practice.

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On that day, we are discussing about the article in federal law which on part VII (Financial Provision).

Initially, we must know about the establishment history of the Federal Constitution. Federal Constitution it’s also known it as the Malaysian Constitution. It is the written legal documentation that it’s formed based on two previous documents of the Federation of Malaya Independence Constitution of 1948 and 1957. The legal drafted based on the advice of Reid Commission. Federal Constitution consists of several different parts. Public Sector Accounting Practice is related to part VII in the Federal Constitution.

These VII parts consist of several articles. The article starts from Article 96 until Article 112. This segment is focus on the financial provision for the government and state. Article 96, Indicates that no money can be raised by taxation or rates, nor can it be spent (except) under the authority of the federal law. Article 97, all revenues and monies raised or received by the Federal government shall be paid to the Federal Consolidated Fund and all revenues and monies received by the state shall be paid to the State Consolidated Fund.

Article 98, Indicates that expenditure charge to the Federal Consolidated Fund include grant, remuneration of the royalties, pensions, debt charges, money to pay for court judgment. Next Article 99, Annual financial statements require the federal government to prepare and submit to the Parliament, statements of estimated receipts and estimated expenditure of the following year before the commencement of that year. Also requires federal government to submit statement of assets and liabilities of last financial year.

Article 100, Supply Bills indicates that expenditure to be met from the consolidated fund excluding charged expenditure shall be included in a bill known as Supply Bill. Article 101, if the amount appropriated (approved) by the Supply Act is insufficient, a supplementary budget can be prepared and submitted to Parliament. Article 102, Expenditure of unusual urgency not is included in the approved budget; it needs to be approved by Parliament. Article 103, The purpose of the Contingencies Fund is to meet urgent and unforeseen need for expenditure for which no other provision exist.

Article 104, Withdrawals from Consolidated Funds regulates payment for charged expenditure authorized by Supply Act and also Article 102. Article 105, Auditor General is appointed by the King on the advice of the Prime Minister and after consultation with the Council of Rulers and is eligible for reappointment. Article 106, The Auditor General will perform such other duties as specified by the King on accounts of federal, states and other public authorities. Article 107, the audit report should be submitted to the King to be laid in the Parliament.

The states accounts’ and other state authorities should be submitted to the state ruler for presentation to the State Legislative Assembly. Article 109, Grants for States indicates that Federal government shall make to each state a grant, capitation grant. Article 110, Assignment of Taxes and Fees to the States, each state will receive portion of taxes collected within the states which receive 10% of export duties of mineral produced by states. Article 111, The Federation shall not borrow except under the authority of federal law and state.

Last Article 112, Restrict alternation by states to any addition to its establishment or the establishment of any of its department or alter the rates of established salaries and emoluments. DISCUSSION: We have conducted a discussion in the class. Before starting the presentation, we already began the discussion session. We ask the students to give their opinion about article 96 until article 112. one of our friends, Noor Amiera binti Jaafar gave her opinion regarding article number 97. She said, “Federal Constitution related to government financial.

Example Article 97, subject to federal constitution, all revenue came from state will be accounted to the state government”. Besides Noor Amiera, the others member also provides their own opinion like, Teoh Vin Sen he said state government will collect the money and revenue from state if under the federal government. Last but not least our friends Yap Kit Yeng, she gave an opinion regarding article number 96, and she said the federal government will collect the revenue from taxation. SUGGESTION: 1.

We suggest that it’s compulsory for every student to read the book before they came to the class in order to improve their participation. Moreover by reading before they came to the class, the objective of Student Centred Learning because they can give their own opinion about the discussed topics. 2. Each group should be more confident when they want to do the presentation. Besides that, the presenter must make slide presentation clear. 3. Student should give the full attention when the presenter present about their chapter. Besides that, the presenter must point to the audience when they want the answer.

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