THE NEW STATE ACCOUNTING FRAMEWORK COLLECTION ESSENTIALS OF THE REFORM
AMERICAN EXPRESS FINANCIAL MANAGEMENT
# Contents
RE Context and challenges
RQ Broadening the scope of accounting
PIU Basics of the reform
RIA Main accounting principles
About the collection "Essentials"
The Collection "les Essentiels de la réforme" is dedicated to spreading the spirit of the laws and regulations taken within the framework of the public finance reform of Cameroon. It aims to ensure better information for all audiences, in the interest of transparency.
# Foreword
The Harmonised Framework of Public Finance adopted in December 2011 is the foundation of the new public finance management in the CEMAC zone. The process of transposing these community directives was completed in Cameroon with the signing of Decree No. 2020/375 of 7 July 2020 on the General Regulations of Public Accounting, opening a new phase in the implementation of public finance reforms.
The current challenge lies in the operational implementation of this new legal framework at the level of the administrations, the deadline for which is set for 1 January 2022. With regard to accounting, several projects have been carried out to switch to the new public accounting system. The switch from cash accounting to accrual accounting or acknowledged rights will make it possible to steer public action towards transparency and efficiency in the management of public finances.
Pursuant to Law No. 2018/011 of 11 July 2018 on the code of transparency and good governance in the management of public finances in Cameroon, which enshrines information to the public, a document entitled «Essentials of the Reform» has been prepared for the general public to raise awareness on the progress of the public finance reform. In this perspective, the dissemination of information on the evolution of activities related to the implementation of the said reform becomes an imperative for the In this perspective, the dissemination of information on the evolution of activities related to the implementation of this reform is becoming an imperative for the government in order to put the various stakeholders at the same level of information.
This "Essentials" is a document that presents the context and challenges of the reform, the scope, the fundamentals and the main principles that frame the new public accounting system.
MINISTER OF FINANCE LOUIS PAUL MOTAZE
# Context and challenges
> In contrast to the classical management system, asset accounting is characterised by the linking of the State's rights (assets) and obligations (liabilities) to the original financial year and the reflection of its financial reality in the balance sheet.
> A brief history of public accounting
The federal era is based on Ordinance No. 62 / OF of February 7, 1962 on the Financial Regime of the Federal Republic of Cameroon. The accounts are kept manually in a simple part and are sanctioned at the end of the year by the production of an income statement.