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Accounting and Finance News | Week of Nov 11-15

accounting and finance industry news

Here’s what is happening this week in the accounting and finance world!

 

Can Government’s New Digital Accounting System End the Plunder of Public Coffers?

As the national government seeks to open up about the state of its finances to the public and devolution gathers momentum, the budgeting, accounting and financial reporting systems are being laid bare. Last week, Controller of Budget Agnes Odhiambo said 22 county governments might not be allocated Sh3.9 billion in total because their budgets did not balance. Most of these counties had expenses that surpassed their revenue.

And a month ago, Auditor General Edward Ouko said one in every three shillings of the Sh920 billion spent by the government in the financial year ended June 2012 could not be properly explained.

Read more here.

PCC Seeks Public’s Help with Shaky Finances 

A senior executive who has overseen a string of financial misdeeds at Pima Community College is seeking the public’s help to keep a closer eye on the bottom line. David Bea, PCC’s executive vice chancellor for finance and administration, plans to set up a committee mainly of community volunteers who will weigh in on the school’s spending and other financial practices.

A lack of integrity and transparency in finance matters was part of the reason PCC was placed on probation by its accreditor earlier this year. Officials are pledging to do better as part of the school’s bid to get off probation by 2015. The finance and audit committee will have seven members: two from PCC’s Governing Board and five from outside the college with professional experience in areas such as accounting, auditing and investments. The committee would meet at least four times a year to go over virtually every aspect of financial operations.

Read more here.

EU Seeks to Increase Influence on Global Accounting Rules 

The European Union is seeking to increase its influence over global accounting standards by beefing up the agency that scrutinizes new rules and in certain cases tweaking how they are applied in the bloc. The book-keeping standards, the bedrock of markets, are written by the International Accounting Standards Board (IASB). They apply in over 100 countries, including the EU, but not the United States.

Accounting rules have become highly politicized after policymakers around the world blamed them for exacerbating the 2007-09 financial crisis. The standards must first be endorsed by the European Commission for use in the bloc but member states and the European Financial Reporting Advisory Group, or EFRAG, often give different views on their suitability.

Read more here.

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