discuss the instrument which accountant working in central and local government employ to perfom work?

Question

Fundamental accounting principles

Answer 1

You're talking about accounting by governments, i.e. public sector accounting which is different from private sector a/cg. IFAC (International Federation of Accountants) has a committee called The International Public Sector Accounting Standards Board (IPSASB). The IPSASB focuses on the accounting and financial reporting needs of national, regional and local governments, related governmental agencies, and the constituencies they serve. It addresses these needs by issuing and promoting benchmark guidance and facilitating the exchange of information among accountants and those who work in the public sector or rely on its work.

The IPSASB's objective, scope of activities and membership are set out in its Terms of Reference. They are also summarized in a fact sheet.

I suggest you familiarize yourself with the Board's objectives and pronouncements. Pls refer to the link.

Answer 2

General Accepted Accounting Principles (GAAP) -If you are in the US.

General Accounting Principles (GAP) -in UK

International Financial Reporting Standards (IFRS) -for everybody in the world (Public traded companies for the time being.

Check www.iasb.co.uk

Answer 3

This sounds like a test question and if it is you should do your own work!