Influence of Rules and Regulation on Public Sector Accounting Practice

Title Rules And Regulation In globe atomic number 18a Accounting. Date / Time 07 October 2012 (Monday) / 400 Pm Location Room Spk308, Othman Yeop Abdullah edifice (School Of Accounting. ) Guest Student Of semipublic Sector Accounting Group C docket Influence Of Rules And Regulation On customary Sector Accounting Practise.Last Sunday, we ar discussing more or less the rule and regulation regarding Public Sector Accounting approach pattern. On that day, we are discussing about the article in national law which on part septet (Financial Provision).Initi distributively(prenominal)(prenominal)y, we must(prenominal) know about the establishment history of the national musical composition. Federal Constitution its in addition cognize it as the Malaysian Constitution. It is the written legal financial backing that its formed based on two previous documents of the Federation of Malaya independency Constitution of 1948 and 1957. The legal drafted based on the advice of Re id Commission. Federal Constitution exists of several various 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 word 96 until clause 112. This segment is focus on the financial provision for the disposal and kingdom. denomination 96, Indicates that no m iodiney can be raised by taxation or rates, nor can it be spent (except) infra the authority of the federal official law. hold 97, all taxs and monies raised or earnd by the Federal government shall be dedicateing to the Federal Consolidated line and all tax incomes and monies pay offd by the evidence shall be paid to the State Consolidated Fund.Article 98, Indicates that outlay charge to the Federal Consolidated Fund include grant, remuneration of the royalties, pensions, debt charges, money to pay for court judgment. Next Article 99, year loudness financial statements require the federal government to pre pare and generate to the Parliament, statements of estimated receipts and estimated expenditure of the following year before the start of that year. Also requires federal government to submit statement of assets and liabilities of last financial year.Article 100, emerge Bills indicates that expenditure to be met from the consolidated inventory excluding charged expenditure shall be include in a bill known as Supply Bill. Article 101, if the measuring rod appropriated (approved) by the Supply Act is insufficient, a supplementary budget can be prepared and submitted to Parliament. Article 102, Expenditure of quaint urgency not is included in the approved budget it needs to be approved by Parliament. Article 103, The single-valued function of the Contingencies Fund is to meet urgent and unanticipated need for expenditure for which no other(a) provision exist.Article 104, Withdrawals from Consolidated Funds regulates stipend for charged expenditure authorized by Supply Act and also Article 102. Article 105, Auditor General is appoint by the King on the advice of the premier(a) Minister and after consultation with the Council of Rulers and is eligible for reappointment. Article 106, The Auditor General go forth perform such other duties as specified by the King on accounts of federal, states and other public authorities. Article 107, the canvas 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 linguistic rule for usher ination to the State Legislative Assembly. Article 109, Grants for States indicates that Federal government shall start to each state a grant, capitation grant. Article 110, grant of Taxes and Fees to the States, each state will receive portion of taxes percolateed within the states which receive 10% of export duties of mineral produced by states. Article 111, The Federation shall not take in except below 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. word of honor We have conducted a discussion in the class. Before starting the presentation, we already began the discussion session. We ask the students to concede their tactual sensation about article 96 until article 112. one of our friends, Noor Amiera binti Jaafar gave her suasion regarding article number 97. She give tongue to, 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 its despotic for every student to read the book before they came to the class in rate to improve their participation. Moreover by interpretation before they came to the class, the objective of Student Centred encyclopedism 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.