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Influence of Rules and Regulation on Public Sector Accounting Practice

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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. 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
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