Public sector accounting in Singapore

• Main Authors: Lee, Jia Chyi, Ong, Hwee Choo, Wong, Chin Lee
• Other Authors: Tan Hwee Cheng
• Format: Final Year Project
• Language: English
• Published: 2015
• Subjects: DRNTU::Business::Accounting
• Online Access: http://hdl.handle.net/10356/63687
• Institution: Nanyang Technological University

This study examines the financial accounting as well as the management planning and control in the Singapore public sector. This report only covers the discussion on ministries. Statutory boards are therefore excluded. The Government of Singapore uses the cash basis of accounting because of its objectivity. The Government relies on the integrative Financial Administration and Control System to account for both revenue and expenditure. In the accounting for revenue, some procedures are still being carried out manually. The Government is now concerned with the efficient management of resources. The Ministry of Finance is currently implementing a system known as Singapore Government Management Accounting System to assist civil service managers in planning and controlling the activities performed by various ministries. This system is useful in the privatisation of functions of the ministries as it allows tracking the costs of various activities. The Government needs to continuously refine her systems in view of the competitive environment where she works. In the short run, these include refining the computer system for bank reconciliation and dishonoured cheques. In the long run, a move to modified accrual accounting method which allows measurement of income may be desirable. Also, the Government can consider tying performance indicators to the performance appraisal of her employees.