TAILIEUCHUNG - Chart of Accounts: A Critical Element of the Public Financial Management Framework

A well-functioning PFM framework includes an effective accounting and financial re- porting system to support fiscal policy analysis and budget management. Among other things, government business processes and decisions are anchored on the flow of specific financial information/data between various stakeholders. Providing such information on government activities is an important function of the accounting and reporting system which should capture, classify, record, and communicate relevant, reliable, and comparable financial information for at least the following purposes: budgetary accounting and reporting, includ- ing reporting of actual against approved budget estimates; general purpose financial report- ing; management information; and statistical reporting. This system underpins the. | ECHNICAL NOTES D MANUALS Chart of Accounts A Critical Element of the Public Financial Management Framework Julie Cooper and Sailendra Pattanayak Fiscal Affairs Department INTERNATIONAL MONETARY FUND INTERNATIONAL MONETARY FUND Fiscal Affairs Department Chart of Accounts A Critical Element of the Public Financial Management Framework Prepared by Julie Cooper and Sailendra Pattanayak Authorized for distribution by Carlo Cottarelli August 2011 DISCLAIMER This Technical Guidance Note should not be reported as representing the views of the IMF. The views expressed in this Note are those of the authors and do not necessarily represent those of the IMF or IMF policy. JEL Classification Numbers H19 H61 H69 H82 H83 Keywords chart of accounts budget management accounting reporting financial management information system IFMIS budget classification public finance Author s E-Mail Address SPattanayak@ TECHNICAL NOTES AND MANUALS Chart of Accounts A Critical Element of the Public Financial Management Framework Prepared by Julie Cooper and Sailendra Pattanayak This technical note and manual TNM addresses the following main issues Discusses the purpose of a chart of accounts and its importance in public financial management Discusses stakeholder needs in a typical public financial management framework that need to be reflected in a chart of accounts Discusses the role of chart of accounts in budgetary and financial accounting Discusses the relation between the chart of accounts and IFMIS Explains key steps for identifying data requirements and structures for developing a chart of accounts Introduction1 The chart of accounts COA is often considered in particular by non-accountants obscure if not esoteric and is often a neglected element of a country s public financial management PFM system. Yet as argued in this note it is possibly the most critical element or lynchpin of a well-functioning PFM system. The COA although appears to be just concerned

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