The Hidden Corners of Public Finance - A Synthesis of Country Case Study - Accounting Assignment Help

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PUBLIC FINANCE MANAGEMENT 

The Hidden Corners of Public Finance: A Synthesis of Country Case Studies that Look  Beyond the Core Budget 

Budget transparency is key to ensuring that citizens, oversight institutions, media, and other  actors can access information and hold governments accountable for how they raise and spend  public resources. As part of its efforts to promote budget transparency worldwide, the  International Budget Partnership (IBP) developed the Open Budget Survey (OBS), which  measures the public availability and comprehensiveness of eight key budget reports that all  governments should publish according to existing international standards. But not all public  spending happens through the budget, and not all public resources are captured in budget  documents.

Certain categories of government activity may be carried out by state-owned  enterprises (SOEs), for example in the form of quasi-fiscal activities (QFAs), or financed through  extra-budgetary funds (EBFs) or tax expenditures (TEs). To better understand how these  “hidden corners” of public finances work, how they could be made more transparent and subject  to greater accountability, and what are the key issues and topics that groups interested in  monitoring each of these four areas should consider, IBP commissioned eight case studies  looking at the above four topics in different countries.

The case studies revealed a wide variety  of country circumstances and approaches, but in many cases show that in order to gather  information on these four areas of public finance it is necessary to look beyond the key budget  documents that the Open Budget Survey focuses on. Many of the governments in the case  study countries approve laws and publish reports that are specific to government-funded  activities and operations beyond the core budget.

These take the form of SOE annual reports,  special appropriation laws for EBFs, and TE reports, among others. Some areas, such as  QFAs, remain more difficult to detect and monitor, and some extrabudgetary institutions are still  not reported on in any detail. Some of these improved transparency practices resulted from  both domestic and external pressure, as governments sought to respond to calls for more  accountable fiscal management and for the adoption of international good practice standards. 

The findings from these more advanced countries, however, do not necessarily apply to all  countries. In fact, the majority of governments are more likely to be using some of these  instruments without providing public access to detailed information, adequate reporting, or  opportunities for citizen engagement and broader accountability.  

QUESTION 1 

Over and above the key budget reports developed by The International Budget  Partnership (IBP) that all governments should publish, there also is the Global  Competitiveness Report (GCR).  

Critically evaluate the extent to which the budget Global Competitiveness Report  (GCR) guides budgetary decisions in South Africa to increase South Africa’s competitiveness globally. 

QUESTION 2

  From an economic point of view, government intervention is necessary because  of what is known as Market Failure. Critically analyze the International Budget  Partnership (IBP) from an economic view applying the three functions of Public  Finance used by then South African government to identify and mitigate  economic risks in South the country. 

QUESTION 3 

 Taking the International Budget Partnership (IBP) into account, critically  evaluate any three financial reforms in South Africa that have had a significant  impact on public sector financial management from 1995 to date. For each  reform, discuss the intended outcomes and impacts. 

QUESTION 4 

 Compare the City of Tshwane’s Financial statements, including the cash-flow  statements for the years 2017 and 2014: 

• City of Tshwane, 2017, Consolidated Annual Financial Statements for the  year ended 30 June 2017, 

Note

Critically discuss the difference between operating, investing, and financing  activities; and discuss any five financial ratios that can be used in the annual  financial statement analysis. 

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