Public Financial Management

… one of the core Subjects in Public Management

PubFinMgtSubject description

This public management subject, within the Management Functions domain, deals with budgeting and financial management in the public sector. Courses in this subject area aim to increase students’ competency in managing financial resources as part of the execution of public policy and to provide students with an understanding of the basic elements of public sector financial management. This requires knowledge of basic principles of accounting and accounting practice.

The core topics and concepts of Public Financial Management are listed below and in the Atlas course, Atlas106M Public Financial Management.

Core normed topics (first draft)
The Study of Financial Management in the Public Sector

Planning and Budgeting

Costing and Forecasting

Capital Budgeting

Management Control: A Risk-Based Approach

Audit and Oversight in Managing Public Money

Core concepts (more to come)
Financial Statements and Accounting Concepts

Accounting

Accounting Controls

Accrual Basis of Accounting

Amortization

Assets

Balance Sheet

Basic Financial Statements

Double-Entry Accounting

Financial Management

Financial Reporting

Generally Accepted Accounting Principles (GAAP)

Statement of Financial Position

Planning and Budgeting

Appropriation

Bottom-Up Budget

Budget Cycle

Budgetary Transaction

Direct Program Spending

Financial Management

Line-Item

Major Statutory Spending

Non-Budgetary Spending

Operating Fund

Output/Outcome Budgeting

Solvency

Top-Down Budget

Costing and Forecasting

Activity-Based Costing

Break-Even Analysis

Opportunity Costs of Inventory

Spending Variance

Capital Budgeting

Assets

Bond

Capital Assets

Capital Budget

Capital Equipment

Capital Goods

Capital Project

Depreciation

Depreciation Expense

Physical Capital

Straight-Line Depreciation

Useful Life of an Asset

Management Control: A Risk-Based Approach

Due Diligence

Risk Identification

Risk Management

Accounting Controls

Financial Management

Management Practices and Controls

Audit and Oversight in Managing Public Money

Audit Program

Audit Team

Compliance

Internal Audit

Organizational Culture

Risk-Based Auditing

Risk Identification

Risk Mitigation

Risk Strategy

Page created by: Ian Clark, last modified 5 June 2016.

Image: Business Directive Development Group, at http://businessdirective.co.za/services/financial-management, accessed 5 June 2016.