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ACCOUNTING SYSTEM

Statistics Directorate    
Definition:
The set of accounting procedures, internal mechanisms of control, books of account, and plan and chart of accounts that are used for administering, recording, and reporting on financial transactions.

Context:
Systems should embody double entry bookkeeping, record all stages of the payments and receipts process needed to recognize accounting transactions, integrate asset and liability accounts with operating accounts, and maintain records in a form that can be audited.

Source Publication:
IMF, 2007, Manual on Fiscal Transparency, IMF, Washington DC, Glossary.

Statistical Theme: Financial statistics

Created on Monday, July 23, 2007