NEW PUBLIC SECTOR CHART OF ACCOUNTS

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• The Spanish Charts of Accounts
• One Chart of Accounts for the Private Sector
• One Chart of Accounts for the Public Sector
• Basic regulation of acounting standards
• Based on the Private Sector Chart
• Does not apply to Governmental Business
  Enterprises

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• Why a new Chart of Accounts
• New Chart of Accounts for the Private Sector
  (Regulation EC 1606/2002)
• To adapt it to International Public Sector
  Standards
• New operations
• Improvement of annual financial statements

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• CONTENTS
• I.- Conceptual framework of Governmental
  Accounting
• II.- Recognition and Measurement Rules
• III.- Annual Accounts
• IV.- Schedule of Accounts
• V.- Definitions of accounts
• Normal balance
• Account title and number
• Account definition

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• CONCEPTUAL FRAMEWORK
• 1.- Fair presentation
• 2.- Requirements of information
• 3.- Accounting standards
• 4.- Elements of financial statements
• 5.- Registry and recognition criteria
• 6.- Measurement criteria

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• ACCOUNTING STANDARDS
• 1.- Going concern
• 2.- Full accrual
• 3.- Consistency
• 4.- Prudence
• 5.- Not offsetting
• 6.- Materiality and aggregation
• Budget standards
• 1.- Budget allocation
• 2.- Not earmarking

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• RECOGNITION AND MEASUREMENT RULES
• Development of conceptual framework
• Property, Plant and Equipment
• Elements
• Measurement criteria
• Financial expenses as assets
• Measurement at recognition
• Additions
• Measurement after recognition
• Depreciation

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• RECOGNITION AND MEASUREMENT RULES
• Obsolescence
• Derecognition
• Infrastructure, Specializad military equipment
  and heritage assets
• Real state investments
• Intangible assets
• Investment property
• Leases

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• RECOGNITION AND MEASUREMENT RULES
• Inventories
• Financial assets
• Financial liabilities
• Derivatives
• Construction contracts
• Foreign currencies
• VAT
• Exchange revenues

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• RECOGNITION AND MEASUREMENT RULES
• Non-exchange revenues
• Provisions, contingent assets and contingent
  liabilities
• Transfers and liabilities
• Donations
• Interests in joint ventures
• Change of criteria, estimates and errors
• Events after the reporting date

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• ANNUAL ACCOUNTS
• Statement of Financial Position
• Statement of Financial Performance
• Statement of Changes in Equity
• Cash Flow Statement
• Statement of Budget Performance
• Memorandum

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STATEMENT OF FINANCIAL POSITION

• Non-Current assets
• 1.- Intangible assets
• 2.- Property, plant and equipment
• 3.- Real state investments
• 4.- Long term financial investments in controlled
  entities and associates
• 5.- Long term financial investments
• Current assets
• 1.- Investment property
• 2.- Inventories
• 3.- Receivables

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STATEMENT OF FINANCIAL POSITION

• Equity
• 1.- Capital contributed
• 2.- Surpluses
• 3.- Adjustments for change in value
• 4.- Other capital gains
• Non-current liabilities
• 1.- Long term provisions
• 2.- Long term borrowings
• 3.- Long term borrowings from controlled entities
  and associates

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STATEMENT OF FINANCIAL PERFORMANCE

• 1.- Operating revenue
• 2.- Operating expenses
• A.- Operating result
• 3.- Changes in value of non-financial assets
• 4.- Other non-operating revenues and expenses
• B.- Result of non-financial operations (A34)
• 5.- Financial revenue
• 6.- Financial expenses
• 7.- Changes in value of financial assets
• C.- Result of financial operations (567)
• D.- Result (BC)

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MEMORANDUM

• Legal status
• Subsidiaries
• Accounting policies
• Measurement and valuation
• Notes
• Contracts
• Subsidies

• Budget information
• Financial indicators
• Budget indicators
• Cost of activities
• Management indicators

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NEW PUBLIC SECTOR CHART OF ACCOUNTS

• PROPERTY, PLANT AND EQUIPMENT
• Measurement at recognition
• Price of acquisition
• Cost of production
• Fair value
• Measurement after recognition
• Cost model
• Revaluation model exceptionally
• Infrastructure
• Heritage assets