Article Abstract:
The impact of the UK government's Next Steps initiative on accounting and management developments in executive agencies since 1988 was investigated. A survey of the chief executives of the agencies was conducted to examine their perceptions on the level of autonomy provided by the agencification program. Results showed that there is a general consensus among the chief executives that the level of autonomy within their agencies has increased since the implementation of the program. It was also found out that more than 70% of all civil servants in the UK are employed in agencies.
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Article Abstract:
The UK's public funds are managed by the Treasury after passing authorization by the Crown, the House of Commons and the House of Lords. The accounting principles in the disbursement of these funds include centralization of government income, gross payment of revenue, determination of government expenditures on a yearly basis and the approval of expenditures for paticular items. The framework of the UK government's financial management of its executive agencies is discussed.
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Article Abstract:
The article examines variances in financial reporting of companies and local authorities, with established accounting standards.
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