This tentative statement highlights changes in governmental financial management, indicating improved budgeting and accounting integrated with total management.
Key Points
The aim is to outline contemporary accounting standards for effective governmental financial administration.
Proposed a cost-based budgeting process starting from work determination and expense evaluation.
Emphasized the integration of programming, budgeting, accounting, and reporting.
Suggested independent examination and review of financial operations.
Introduced a need for variable accounting patterns compatible with managerial responsibilities.
Recommended that actual costs be measured against cost-based budgets for control purposes.
Highlighted the importance of supervision in reviewing and appraising financial operations.