The Ministry of Urban Development has taken the initiative to educate Town Councillors on the importance of Accrual Accounting.
According to the Ministry, adoption of Accrual accounting within municipalities would streamline and facilitate better understanding among the stakeholders and the public.
Accrual Accounting is a system that measures the performance and position of a company by recognizing economic events regardless of when cash transactions occur.
The Ministry said their main objective is to monitor all economic events by matching revenues to expenses at the time in which the transaction occurs rather than when payment is made.
This method allows the current cash inflows/outflows to be combined with future expected cash inflows/outflows to give a more accurate picture of a council's current financial condition.
Story by: Shalvin Deo
Town councilors to learn importance of accounting
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