Accounting Frameworks & Standards

The purpose of this Division is to provide policy advice and options to government about the structure and operation of the financial management framework. The Division monitors the accounting functions of government and exercises leadership aimed at ensuring the function is conducted professionally, effectively and in accordance with the financial framework. In addition, the Division undertakes centralized accounting operations including management of the government payroll, the Trust Fund, maintenance of the General Ledger and the compilation and publication of the annual Public Accounts and various internal accounting reports.

The Main Activities of the Branches:

Accounting Branch

• Provide Financial accounting for government revenue, expenditure, liabilities and assets
• Provide Public Account financial information and reports
• Manage and control the accounts and records of the Government general ledger system. (PGAS, ALESCO, TMS)
• Prepare and issue monthly financial management reports for whole of government.
• Prepare the quarterly and annual financial statements for audit and publication.
• Liaise with Parliamentary Offices – Auditor-General.
• Monitor review & report the quality of accounts and records and compliance with reporting standards
• Monitor, review & report the relevance of statutory frameworks,
• Maintain chart of accounts.

Trust Accounting

• Maintain a continued review and rationalization of government trust accounts.
• Control the establishment of trust accounts and closure of redundant trust accounts.
• Ensure accurate, complete and timely Trust related accounts and records.
• Ensure timely accounting for Trust Account receipts and payments.
• Ensure regular Reconciliation between Trust account and ledger or bank records.
• Ensure budgeting for Operating Trusts.
• Prepare annual Trust financial statements
• Ensure compliance with legislative requirements relevant to Trust accounts
• The rationalization and review of government trust accounts per the Public Expenditure and rationalization review (PERR)”.

Accounting Frameworks

• Maintain and develop financial reporting standards for Public Bodies and Public Accounts.
• Liaise with Professional financial accounting bodies including but not limited to PNG CPA’s and IFAC regarding Public Sector financial reporting.
• Liaise with the officers of the Auditor-General on technical financial accounting and reporting standards for Public Bodies and Public Accounts.
• Maintain registry of Finance Instructions and Statutory amendments.

Payroll Accounting

• Create and maintain a documentation of essential whole of Government controls and business rules required in the payroll system .
• Specify, provide and maintain essential whole of government reports for the payroll system.
• Create and maintain a whole of government control framework to ensure the veracity of payments made through the payroll system.
• Provide documentation of payroll accounting and reconciliation processes and reporting methods.
• Provide a disbursement of the payroll net pays to employees.
• Provide a disbursement of payroll deductions on behalf of employees.
• Reconcile and journalise payroll expenditure from suspense accounts.
• Develop and maintain direct to Bank payroll practices.

View the Accounting Frameworks & Standards Management Structure.[pdf]