The fund accounting model has been gradually established in western countries and regulated by government accounting standards, but it has not been established in China's budget accounting, and fund accounting is an important content of budget accounting reform in the future.

First, the meaning of fund accounting

Fund accounting came into being in Britain in the18th century. Subsequently, the United States transplanted the government budget system and fund accounting from Britain, and gradually extended from government accounting to public non-profit organizations organized by the government, forming a relatively perfect fund system and fund accounting.

What is fund accounting? We must first make clear what a "fund" is. Funds have broad and narrow definitions. Fund in a broad sense is the general name of institutional investors, including trust and investment funds, unit trust funds, provident funds, insurance funds, retirement funds and funds of various foundations. In the existing securities market, funds, including closed-end funds and open-end funds, have the characteristics of profitability and shallow appreciation. From the accounting point of view, fund is a narrow concept, which refers to a fund with a specific purpose and purpose. Because the investors of government agencies and institutions do not require investment returns and investment recovery, but require funds to be used for designated purposes in accordance with the law or the wishes of the investors, funds are formed. According to GASB, a fund is "separated according to specific laws, restrictions or deadlines to engage in a certain activity or accomplish a certain purpose, and records cash and other financial resources, as well as related liabilities, residual interests or balances and their financial and accounting entities" in a set of self-balanced subjects (Note: GASB: Compilation of Government Accounting and Financial Reporting Standards, 65438+). )。 This definition of "fund" not only emphasizes that the fund has a specific purpose and use, but also emphasizes that the fund, as an accounting entity, has corresponding assets, liabilities, income and expenses, and each has a balanced relationship.

In western government accounting, as an independent accounting subject, there are three main types of funds:

1. government funds. It is the source, use and balance of consumable financial resources used by government units for general administrative activities (non-operating). It mainly includes general funds, special income funds, capital project funds and sinking funds.

2. Equity funds. Equity funds reflect the business activities of government agencies or institutions on the basis of continuous operation, and are used to account for business activities such as charging fees (prices) to provide goods or services through sales. Mainly including enterprise funds and internal service funds.

3. Trust funds. Trust funds, namely trust and agency funds, refer to the assets held by government agencies as trustees or agents for individual citizens, non-governmental organizations, other government units and other funds. It mainly includes consumable trust funds, capital retention trust funds, retirement trust funds and agency funds.

According to the above analysis, we can define fund accounting as: "refers to the accounting system or mode of government accounting (including government financial accounting and government administrative accounting) and public non-profit organization accounting (accounting of state-owned institutions) based on funds and accounting and reporting according to fund types" (Note: Wang Qingcheng: Prospect of Budget Accounting Development, Commercial AccountingNo. 1 period, 2000).

Second, the basic content of western fund accounting model

(A) the rights and interests theory of government and non-profit organization accounting is the capital theory.

The theory of rights and interests is to explain the essence of rights and interests and different understandings of rights and interests. The equity theory of modern accounting mainly includes owner's equity theory, subject theory and capital theory.

American accountant William. William Watt published the article "Accounting Capital Theory" in 1947, thus advocating the capital theory. He believes that accounting is based on a group of economic activities with a certain capital or income with a specific source and a specific purpose. Because of the double-entry bookkeeping method, a self-balanced account system has been formed. In this field of economic activities, centering on assets, an economic resource with the ability to serve the future, all rights and interests represent restrictions on the use of assets for legal, contract management, financial or justice considerations, so as to achieve social goals to be achieved through the establishment of funds, such as bridge projects or "hope projects" and so on. It does not pursue profit maximization, and income measurement is also in a subordinate position. The main table of financial report is the source and application table of funds, which is used to provide financial information to relevant stakeholders. Government and non-profit organizations have the characteristics of fund theory, so fund theory is widely used in government accounting and non-profit accounting for public welfare organizations. The government accounting system is organized and operated on the basis of funds.

(B) the characteristics of fund accounting

1. The fund is an accounting entity. The main body of American government accounting is fund and account group. As mentioned above, funds in government units and non-profit organizations are treated as several independent accounting entities in a unit or organization, and each fund has its specific assets, liabilities, income, expenditure and fund balance. The funds used in enterprise accounting regard income and expenditure as a part of the enterprise's business activities and the whole organization as an accounting subject. Therefore, strictly speaking, western government accounting is actually a kind of fund accounting.

2. Funds have their own specific accounting equations. Generally speaking, different fund types have different accounting equations. The accounting equation of government funds is: current assets-current liabilities = fund balance; The accounting equation of stock funds is: current assets+non-current assets = current liabilities+long-term liabilities+paid-in capital+retained balance. Stock fund accounting is different from government fund accounting in measuring and determining net income, financial status and cash flow.

3. Fund accounting adopts accrual accounting basis or modified accounting basis. Generally speaking, the U.S. Government Accounting Standards Board disapproves of cash basis, but favors accrual basis. However, adopting accrual basis is not suitable for government accounting, so the United States has reformed accrual basis, which is called modified accrual basis.

4. Incorporate the budget into accounting. That is, the financial inflow and outflow of each fund, and the corresponding "budget account" and "performance account" are set up. Reflect the budget and actual amount of the same financial inflow or outflow on the books, so as to make direct comparison at any time and give play to the role of budget in controlling government affairs.

(3) Recognition and measurement of fund accounting

1. Fund accounting confirmation

American government accounting standards stipulate that fund accounting adopts accrual basis or modified accrual basis to measure financial status and its implementation results.

(1) The income of government funds shall be recognized in its effective and measurable accounting period; In terms of expenditure, all kinds of expenditure should be recognized in the accounting period that occurs and can be measured, except for the unearned interest of general long-term liabilities and liabilities with interest characteristics.

(2) The income and expenses of stock funds shall be recognized on the accrual basis. Revenue should be recognized in the earned and measurable accounting period; Expenses should be recognized in the accounting period when they are incurred and measurable.

(3) The income, expenses and expenses of the trust fund shall be recognized on the basis of meeting the accounting purpose of the fund under appropriate circumstances. Retained trust funds and retirement trust funds should be treated on the accrual basis; Expendable trust funds should be treated according to the modified accrual accounting basis.

(4) The transfer of funds between funds shall be confirmed in the accounting period of accounts receivable and payable.

2. Measurement of fund accounting

The measurement principle of fund accounting is based on the amount actually incurred or transferred in the current period. At any time during the fund's existence, its fund balance is measured according to the measurement results of assets and liabilities.

(four) the fund accounting report

Fund accounting reports include interim and annual financial reports. The comprehensive annual financial report generally includes: preface, individual funds and joint and consolidated financial statements, notes to statements, schedules, other required information, text descriptions and statistical tables. Accounting statements under fund accounting, including balance sheet, statement of income and expenditure and fund changes, and cash flow statement, shall be listed separately by fund type or fund composition.

Third, the construction of China's fund accounting model

(A) the necessity of establishing fund accounting

1. Establishing fund accounting is the requirement of budget accounting objectives. The goal of budget accounting is to provide users of accounting information with useful information for resource allocation decision-making and management responsibility evaluation. Providers of government and institutions generally require assets to be used for specified purposes, and objectively require separate accounting of fund entities and disclosure of relevant accounting information, so as to meet the needs of asset providers and the public to understand the balance of funds and achieve the goal of budget accounting.

2. The establishment of fund accounting is the need of the reform of government and institutions. With the development of China's socialist market economy, there are funds that need to be accounted separately, and it is required to establish a fund system in corresponding laws and regulations. The Outline of Education Reform and Development in China proposes that colleges and universities should "reform the way of allocating funds according to the number of students and gradually implement the fund system". "the Central Committee of the Communist Party of China's Decision on the Reform of Science and Technology System" also clearly pointed out: "For basic research and some applied scientific research work, the science fund system will be gradually tried out, and the source of funds mainly depends on state funding." The "increase and decrease of capital and funds" referred to in the fourth point of Article 10 of the new Accounting Law refers to government funds, social insurance funds, education funds and other funds with specific purposes established or raised by administrative institutions according to laws and regulations.

3. The establishment of fund accounting is a requirement to strengthen the management of government and institutions. The implementation of the fund system is conducive to strengthening the binding force of the budget of the government and institutions, standardizing accounting, balancing power, promoting the rule of law, preventing corruption and promoting honesty.

4. The establishment of fund accounting is also the requirement of connecting with International accounting practices. Accounting information is an international business language. Actively absorbing foreign advanced experience and making foreign things serve China are the means to accelerate the accounting reform of our government and institutions. Therefore, the implementation of fund accounting; Is conducive to the exchange with foreign accounting, as soon as possible with International accounting practices.

(B) the construction of China fund accounting model

1. The basic idea of building China's fund accounting model is:

According to the requirements of the new Accounting Law and Budget Law, drawing lessons from the advanced experience of western government accounting and combining with the practice of China's reform, the fund accounting standards or systems are formulated to standardize fund accounting and realize the transformation from budget accounting mode to fund accounting mode. To achieve this goal, it can be done in two steps. First, standardize fund accounting with laws and regulations. That is, under the operation of the existing budget accounting model, the Fund Management Measures and the Fund Accounting System are formulated to regulate the fund from two aspects: management and accounting. Clarify the types, principles, accounting elements, accounting basis, accounting procedures and methods, and the preparation of fund accounting statements. At present, adopting this model is more in line with the current reality, because the existing budget accounting model basically adapts to the economic activities of the government and institutions, and funds have not yet constituted the main body of economic business. The second is to standardize fund accounting with standards. That is to say, it is in line with International accounting practices to rebuild the framework of China's budget accounting standards, clarify the standard requirements of fund accounting in budget accounting standards or government accounting standards, and realize the transformation from budget accounting model to fund accounting model.

2. Some thoughts on constructing fund accounting model;

(1) Formulation of fund accounting standards or systems. It is suggested that a budget accounting standards committee or a government accounting standards committee should be set up in the Ministry of Finance to be responsible for the planning, research and formulation of government accounting standards, which will be operated according to legal procedures and finally promulgated and implemented by the Ministry of Finance according to the requirements of the new Accounting Law.

(2) The relationship between fund accounting and current budget accounting model. At this stage, the current budget accounting model is still the main body, and the units that implement the fund system according to the laws and regulations of government agencies and institutions can pilot it first and gradually popularize it after summing up experience. Regarding the subjects of funds, funds can be treated as "small accounting subjects" under the "big accounting subjects" of institutions.

(3) What kind of accounting basis does the fund accounting adopt? What kind of accounting basis is adopted has nothing to do with the organizational form of the company, but with the nature or content of the business, that is to say, different recognition standards are adopted according to the different nature of the economic business. Therefore, drawing lessons from the experience of western government accounting and combining with the requirements of China's current general budget accounting system, administrative unit accounting system and accounting standards or systems of public institutions, government fund accounting adopts the modified cash basis. The "revision" here refers to "in principle" and "basically". For some specific businesses, the accrual basis is adopted. The fund accounting of public institutions adopts the modified accrual basis. At present, there are many income channels for public institutions, and the proportion of financial allocation is gradually decreasing. Therefore, institutions should change from the past budget income assessment to the economic benefit assessment, and accordingly, the cash basis should be changed to the accrual basis to evaluate and assess the entrusted responsibility of institutions.