The accounting system of the province of Newfoundland, its role in financial decision making and suggestions for change

Langhout, Johannes (1974) The accounting system of the province of Newfoundland, its role in financial decision making and suggestions for change. Masters thesis, Memorial University of Newfoundland.

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Abstract

There is an increasing interest in Public Accounts, not only by politicians and government officials but also by financial institutions, universities, news media and by members of the general public. This interest goes deeper than concern with the ever-growing magnitude of government outlays and the incidence of higher taxation. Public finance has come to be vested with its appropriate economic significance and recognized as a major factor in shaping the course of economic and social progress. -- With the growth of government activities and related increases in government expenditure, effective financial management in the conduct of government affairs is assuming ever-increasing importance. The development and the strengthening of the management function raises problems concerning the information that is required, the method of accounting for government income and expenditure, the classification of accounting data in a form which best facilitates decision making and the choice of the appropriate reporting and control systems. -- In this thesis an analysis is made of the system of accounting and control of public money in the Province of Newfoundland, including the function and organization of the Treasury Board. The necessity of providing adequate information for decision making is stressed and the systems analysis approach to decision making, used mainly in commerce and industry, is discussed. A description of its application to government decision making in the form of the Planning- Programming- Budgeting system as implemented by the Federal Government of Canada and the Provincial Government of Ontario leads to the supposition that this system might well be introduced in Newfoundland with favourable results. -- The introduction of the P.P.B. system in Newfoundland would only be possible if changes can be made in the system of accounting and reporting of government transactions. Accordingly the thesis recommends a number of changes in the system of accounting and the presentation of the annual Public Accounts of Newfoundland to ensure that, as far as is practicable, the accounts should provide all interested parties with true and fair statements that disclose essential information in a clear and concise form and present data which convey accurate and relevant meaning.

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