Features of the Organization of the Annual Closing of Accounts in the Budget Organizations

Rumyana Marinova ()
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Rumyana Marinova: University of Economics - Varna

Izvestia Journal of the Union of Scientists - Varna. Economic Sciences Series, 2016, issue 2, 166-178

Abstract: The process of annual closing of accounts in the budget organizations is subject to specific rules established for accountability in the public sector. Subject to the requirements set forth in the applicable basis for preparation of financial statements, budget organizations during the annual closing of accounts should carry out a number of activities related to the review of the current reporting, the completeness of the required documents with an analysis of the estimated relationship analysis ties with the funding body, devaluations and revaluations of assets, etc. The complexity of procedures requires each budget organization has developed internal rules, including the stages of the annual closure deadlines for their implementation and those responsible for their implementation. Therefore shares the view that through proper organization of the process of annual closing of accounts created prerequisites for achieving completeness and quality of the procedures on the one hand and opportunities to detect possible gaps and weaknesses of the other.

Keywords: budget organizations; closing accounts; stages; procedures (search for similar items in EconPapers)
JEL-codes: A00 (search for similar items in EconPapers)
Date: 2016
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