Public Sector Accounting notes

Public Sector Accounting


At the end of this lesson you should be able to meet these objectives:

  • State the accounting concepts, bases and policies of relevance to government accounting.
  • Prepare analyse and interpret financial statements of government units.
  • Public sector accounting; the development of accounting standards and their applicability to the public sector.
  • Fund accounting and its relationship to entity theory
  • Income measurement and valuation in the public sector.
  • Prepare the accounts of state corporations and similar organisations.


Content Covered:

  • Definition of Public Sector Accounting
  • Objectives of Public Sector Accounting
  • Users of Public Sector Accounting Information
  • The Importance of Public Sector Accounting to the Users
  • Constitutional and Regulatory Framework of Public Sector Accounting
  • Concepts and Principles Applicable To Public Sector Accounting
  • Bases of Public Sector Accounting
  • Comparison between Government Accounting and Private Sector Accounting
  • Bases of accounting: Cash basis, Modified cash basis, Full accruals basis and Modified accruals basis
  • Sources and Uses of Government Revenue

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