The MSc in Financial Management is a comprehensive and rigorous programme that focuses on key areas in accounting and corporate finance. Prerequisite for good management consists of clear management principles, effective managing tools, and efficient managing infrastructure 5. All specialized managerial areas have their recognized managerial methodologies and tools. Key areas to be dwelt on during the ongoing workshop include overview of the Public Finance Management Act, budget and procurement planning interface, the tender process and good governance. Financial accounting states the financial position of entities and provides information about their revenue generation, profitability and other information to stakeholders.
Financial accounts are highly summarized, representing an aggregate of entities, activities and operations for the whole organization, including any subsidiaries.” The focus of management accounts is much narrower, dealing with specific activities, cost centres, sections or departments. Financial reports deal almost exclusively with financial information; the majority of information in a financial report is monetary (has a dollar value).
Management accounts utilize both monetary and non-monetary measures – financial and non-financial information. Management accounting would be concerned with inventory levels, whereas financial accounting would be focused on the valuation of inventory. Management accounts have a wider scope as far as period, covering the past, present and even the future. Other than planning and bla bla bla you will need lot of software that will help you a lot.
Timeliness of external financial reporting is governed by law, where as no time restriction to report in respect of management accounting reports. A vote that does not expend money that was appropriated to the vote for the financial year shall by the 31st July of the following financial year, repay the money to the Consolidated Fund, except where the Secretary to the Treasury authorized the vote to retain money” (P4, 2015, PFMA). Consequently, firms could suffer financially if said projects do not meet financial expectations.
The authority given by the Secretary to the Treasury under subsection (2) shall be valid up to 31st of October of the financial year” (P4, 2015, PFMA). It is reasonable that you have dates for the Budget Framework for the next financial year as they are switching dates in the new amendment. Also why should it be so hard to get the approval and show the country what the advances and loans are going to during the Financial Year! Since its still short time loans that is to withstand a Financial Year still that this is not looking good, should be visible.