THE PREPARATION AND PRESENTATION OF FINANCIAL STATEMENT ARE REGULATED BY LAWS.
REQUIRED:
(1) LIST THESE LEGAL PROVISIONS.
The constitutional and the regulatory framework of public sector accounting.
Public sector accounting is governed by the following regulatory framework; such as: (a) Nigerian constitution: The 1999 constitution of the federal Republic of Nigeria Is one of the legal frameworks that regulate the receipts and pa;yments of public funds. (b) Audit Ordinance of 1956 or Act of 1956: section 13,sub- sections 1-3 mandate the accountant General of the Federation to finish the Auditor- general for the federation with the country’s financial statements. The Auditor- general shall within 60 days of the Accountant – General’s financial statements submit his report to each House of the National Assemble. (c) Finance (control & management) Act of 1958: This governs the management and operation of all government funds. It regulates the accounting system, the books of account to be kept and the procedures to be followed in the preparation of accounts and financial statements. (d) Financial Regulations: these are the accounting manual of the government ministries / Extra ministerial Departments which deals with financial and accounting matters. It set out the procedures and steps to be followed in treating most of government transctions. (e) Finance/ Treasury Circulars: These are administration tools which are used to amend the provisions of financial Regulations,Public service rules and the introduction of new policy guildelines. The sections of the constitution quoted above authorize the receipts and payment of government, the allocation of revenue, the audit of public accounts and other financial matters. For ease of reference, some specfic sections of the 1999 constitution and their provisions are listed below: