Financial Analysis in Public Sector Accounting. An Example of EU, Greece and Turkey, E Kara

Tags: EU countries, Turkey, Trend analysis, Compensation of employees, Social contributions, Government revenue, Financial Liabilities, financial statements, CURRENT ASSETS, Trade Payables, accounting, Term Liabilities, Intermediate consumption, Revenue Expenditure, Government deficit, Interest Subsidies Capital, Greece State, Public Sector Accounting, Profitability analysis, International Public Sector Accounting Standards, Accrual Basis Accounting System, governments, cash basis accounting, accounting system, accrual basis, Financial Analysis, Accrual Basis Accounting, Financial structure analysis, financial tables, Capital transfers, Greece Turkey, financial crisis, International Accounting Standards, Greece Government Balance Sheet, Turkey Government Balance Sheet, Ekrem Kara Long Financial Liabilities, informative financial reports, western states, tax revenues, Ratio Analysis, liquidity problem, Finansal Tablolar, Gazi Kitap Evi, European Union, Total Revenue
Content: EUROPEAN JOURNAL of scientific research ISSN 1450-216X Vol.69 No.1 (2012), pp.72-80 © EuroJournals Publishing, Inc. 2012 http://www.europeanjournalofscientificresearch.com Financial Analysis in Public Sector Accounting: An Example of EU, Greece and Turkey Ekrem Kara Faculty of Economics and Administrative Sciences Gaziantep University, Department of Business Administration E-mail: [email protected] Abstract Recent financial crisis, which have an impact on the US and European markets, has been one of the most significant subjects to be researched for the academicians. However, those studies are generally related with the context of economy, not with the understanding of accounting, especially not with the financial tables of the governments. Financial tables are some of the best instruments that show the financial situation of a government. Various methods which help to analyze a business have not been used for the public sector accounting. In recent years, beginning to use of the accrual basis accounting system provides more informative, reliable and comparable balance sheets of governments. Reliable, informative, transparent and comparable financial tables will help government to making plans, deciding and predicting the financial crisis. In this study consolidated financial statements of EU countries as well as the financial statements of Greece and Turkey were examined and analyzed. Keywords: Public Sector Accounting, Financial Analysis, Accrual Basis Accounting System JEL Classification Codes: M41, M48 1. Introduction Financial tables of a government are greatly helpful to its users for providing analogical information in time series and for its use to make interpretations regarding the government's financial situation. As a result of globalization, the developments of capital market transactions and their internationalisation and the increasing role of government in these markets make government accounting significant. Thus, governments as active players of these markets raised the importance of public sector accounting. International Public Sector Accounting Standards are the most significant progress of public sector accounting. With the help of these standards, financial tables of the governments gained the status of more informative, comparable and standardized situation. Liquidity shortage has been the major reason for the recent financial crises that emerged in Western countries and continued to affect the other countries. Liquidity shortage and ability to pay debts or solvency of a government is best understood with the analysis of its financial tables. A well systemized Financial Reporting will help governments to make better plans and decisions and to predict any financial crises.
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In this study, initially, public sector accounting system and financial analyses that can be used in public sector accounting have been researched, and then, financial analysis of consolidated tables of EU countries as well as the financial tables of Greece and Turkey have been examined.
2. Public Sector Accounting Public Sector Accounting can be described as a system which gathers, records, classifies and summarizes as reports the financial events existing in the public sector and as required by accountability and financial transparency provides information to information users associated to public institutions (Karaarslan, 2002, s. 60). There are two options in public sector accounting system: cash basis accounting recording system and accrual accounting recording system.
2.1. Cash Basis Accounting System In cash basis accounting recording system, what is important is not the occurrence time of financial events, but when the money is collected and cash payment is done after these kind of financial event. Accounting entries are recorded when cash inflow and outflow are made (Dayar & Esenkar, 2008, s. 271). This method is only related to cash flows and budget movements. The changes on government liabilities, accrued expenses and incomes of government and tangible assets of government are not considered in this recording method ( (Hoek, 2005)
2.2. Accrual Basis Accounting System Accrual basis accounting system is a system in which operations and transactions are recorded immediately when they occur regardless of payment or purchase of cash or cash equivalent assets. In this system, an Economic Value is accounted when it occurred, when it is transformed into another form, and when the owner changed or when it disappeared. Also in accrual basis accounting system, assets, liabilities, incomes and expenses are accounted on accrual basis. (Зali, 2005, s. 110).
2.3. The Difference between Accrual Basis Recording System and Cash Basis Recording System The differences between accrual basis accounting system and cash basis accounting system are demonstrated on the table below: Table 1: The comparison of accrual basis accounting system and cash basis accounting system
Cheques Received Marketable Securities Accounts Payable and Accounts Receivable Advances Account Short Term Deferred Income/Expense Accounts Stock Count Delivery Surpluses and Shortages unpaid debts Because of Funds Shortage
Accrual Basis Accounting System It is recorded to received cheques account. It is separately recorded as public and private sector. It is recorded according to debts and credits payment term. Advances are recorded to the periods when they are accrued. Prepaid payment/collection is followed in for recording on their own terms in this account. Count surpluses and shortages accounts are used. Even if there is no fund, it is followed in debts account.
Cash Basis Accounting System It is recorded to cash account. Both public and private are followed in off balance accounts. Debts and credits' payment terms are not distinguished. Advances are not recorded to the periods when they are accrued. Term separator accounts are not used. Count surpluses and shortages accounts are not used. Surpluses are shown in income account; shortages are shown in expense account. There are no records related to unpaid debts because of funds shortage.
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Table 1: The comparison of accrual basis accounting system and cash basis accounting system - continued
Tangible Fix Assets Income Accounts Expense Accounts End of Period Transactions
Tangible fix assets are followed with their cost values. Depreciation is calculated according to their useful lives. Although there is no collection, it is shown in income accounts in the related term. Although there is no payment, it is shown in expense accounts in the related term. At the end of each period, accounts needing to be closed are closed and activity results are calculated.
Tangible fix assets are shown as expenses from that year's budget. It is shown in income accounts when collection is done. It is shown in income accounts when payment is made. Turnover sheets are prepared at the end of the period. Some accounts turn over and some do not. There are no activity results at the end of the period.
3. The Definition and Importance of the Financial Analysis in Public Sector Accounting The financial statement analysis is the examination of the relationship between the accounts in the financial statements and trend that they demonstrates during time for evaluating the state's financial operation results and development on finance and making predictions for the future. Financial statements have great importance for investors, creditors and other users of financial statements. To bring some results in the financial statements and to become informed about the state's financial structure, these statements must be analyzed correctly. Financial analysis has great importance in measuring state activity and the degree of success in achieving the targets set by the state. The information obtained through the financial analysis on all aspects of state management as the basis of the decisions taken, are necessary for a healthy planning. Without evaluation of the financial conditions of the state and results of operation, there is no possibility of making a consistent planning. For this reason, financial analysis is also important for the public sector in terms of fulfillment of the planning function. Financial analysis serves as a vehicle for financial development of the state. It helps ensuring confidence, making prediction, initiation and positioning of all of them and Decision Process of the limitation of uncertain areas.(amilolu, 2001, s. 92) 3.1. Financial Analysis for the Public Sector Accounting Analysis of financial statements in the public sector is the field of study that covers the overall analysis of a government's financial situation and results of its operations. Moreover, it is also useful to make predictions about the financial situation for the years ahead (Akdoan & Tenker, 2001, s. 25). Financial statements have a great significance for a government, investors, creditors and other users (Akdoan & Tenker, 2001, s. 25). In order to find out any results about the financial statements and understand the financial structure of the government, it is essential to make correct analysis of these statements. Financial analysis has a considerable importance for a government in terms of measuring its effectiveness and success degree as well as its performance for achieving its targets. 3.2. Types of Financial Analysis Analysis which will be done to financial statements can be classified in various ways. This classification is made according to the purpose of analysis, content or form of construction of analysis and to the person who will do the analysis. (TSPAKB, 2008).
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3.3. Financial Analysis Techniques Financial statements which are designed to contain specific properties are analyzed by using various indicators, measurements or making comparisons. By benefitting various analyzing techniques, the changes that state financial structure demonstrates in time is analyzed by trying to confirm the state's ability to pay the dept or not, both short- or long-term depts will be paid in time or not (Akdoan & Tenker, 2001, s. 518). Although there are a lot of analyzing techniques, in this study- as this would give more accurate information in the analysis of the financial statements of the state - trend analysis and ratio analysis techniques were used.
3.3.1. Trend Analysis Trend analysis is the analysis that is made for examining and determining the trends of items in financial statements over time. Trend analysis provides making a dynamic analysis by introducing decrease and increase of certain items of financial statements and subjective importance of this change (Akgьз, 2008, s. 397). While implementing of trend analysis, there are two kinds of approaches which are the base year calculation of the trend and the trend over the previous year (Зabuk & Lazol, 2000, s. 155). Calculation of trend according to the base year, the base amount for each account for the year were assumed to be 100, in handling the account of other years, it always is a percentage of the amounts (Bakir & ahin, 2009, s. 160).
3.3.2. Ratio Analysis Ratio analysis is that the pointing and evaluation between two requested accounts in financial statements in mathematical relationship. By the ratio analysis, the issues of the effectiveness of the state's assets, financial structure, liquidity situation and being able to pay debts are provided (Bakir & ahin, 2009, s. 132). Analysis by using ratio analysis can be grouped under the following headings; (Karapinar & Zaif, 2009, s. 151): Liquidity analysis Cash analysis Operating status analysis Financial structure analysis Profitability analysis market efficiency analysis
4. Financial Report Analysis of Eu, Greece and Turkey States 4.1. The Aim of the Study For a business, the financial reports are very important so the State's accounting after the publication of the International Accounting Standards, at the accounting of the States, Financial Statements prepared by the states get the standards. Financial Statements' comparability published within a certain standard have become clearer. The aim of the research in this context is to analyze the financial statements published by Turkey, Greece by comparing and the EU countries consolidated financial statements. 4.2. The Method of Research First of all, the consolidated statements of EU countries and the financial statements of Greece and Turkey's converted into a unique format. Then, these statements were examined by trend analysis and ratio analysis. Studies and results of this analysis are summarized below.
76 Table 2: EU Countries Total Income/Expenditure (million euros)
Ekrem Kara
Government revenue and expenditure Revenue Taxes Social contributions Sales Capital revenue Other current revenue Total Revenue Expenditure Intermediate consumption Compensation of employees Interest Subsidies Capital transfers payable Capital investments Social benefits Other current expenditure Total expenditure Government deficit Resource: (Eurostat, 2011)
2008 3,326,058 1,703,908 0 18,884 234,903 5,283,753 807,849 1,311,541 344,872 142,849 180,594 333,124 1,823,868 632,912 5,577,609 -293,856
2009 3,001,717 1,660,963 0 15,705 218,733 4,897,118 813,380 1,318,366 308,802 151,854 175,279 343,372 1,938,080 649,952 5,699,085 -801,967
2010 3,148,177 1,705,664 0 25,498 219,145 5,098,484 841,698 1,350,680 333,066 158,890 184,392 323,533 2,040,230 841,698 5,038,900 -782,114
% 2009 -9,7 -2,5 -16,8 -6,8 -7,3 1 1 -10,4 6,3 -2,9 3 6,2 2,6 2,1 172
% 2010 -5,3 1 35 6,1 3,5 4 2,9 -0,3 11 2 -0,2 11 32 -9,6 166
Trend analysis of the EU countries income and expenses are shown in Table 2. In this analysis, the year 2008 is base year. All income terms of the EU countries in 2009 decreased compared to 2008. In the expenditures, "Interest expense" and "Capital transfers" decreased instead of other expenditures increasing. The budget deficit increased by %172 in 2009 compared to 2008. 2010 is better than 2009 at financial situation. In 2010, only the "income tax" has been decreased but other revenue items increased. At the same time, Spending of 2010 has been decreased by 9.6%. The budged deficit increased by 166% in 2010 compared to 2008.
Table 3: Greece State Total Income/ Expenditure (million euros)
Government revenue and expenditure Revenue Taxes Social contributions Sales Capital revenue Other current revenue Total Revenue Expenditure Intermediate consumption Compensation of employees Interest Subsidies Capital transfers payable Capital investments Social benefits Other current expenditure Total expenditure Government deficit Resource: (Eurostat, 2011)
2008 48,105 30,749 5,289 4,636 5,680 94,459 15,283 27,668 11,750 43 4,121 8,891 45,765 4,113 117,634 -23,175
2009 45,745 29,458 4,803 2,713 4,848 87,567 17,228 30,559 12,328 76 4,084 7,463 48,844 3,669 124,251 -36,684
2010 46,275 29,663 4,636 4,357 5,002 89,933 13,333 27,183 12,594 93 2,802 6,367 47,400 3,905 113,667 -23,734
% 2009 -5 -4 -9 -41 -14 -7 12 10 5 8 -0,8 16 7 -10 6 58
% 2010 -3 -3 -12 -0,6 -11 -4 -12 -1 7 116 -32 -28 4 -5 -3 2
Trend analysis of Greece's income and expenses are shown in Table 3. In this analysis, the year ­ 2008 is base year. Greece's all revenue items has decreased in 2009 compared to 2008. In
Financial Analysis in Public Sector Accounting: An Example of Eu, Greece and Turkey
77
expenditures, "other expenses" and "capital transfers" decreased but other expenditures increased. The budget deficit increased by 58% in 2009 compared to 2008. Both revenues and expenditures decreased in 2010 compared to 2008. The budget deficit increased by 2% in 2010 compared to 2008.
Table 4: Turkey State Total Income/ Expenditure (million TL)
Government revenue and expenditure
2008
2009
Revenue
Taxes
173,780
179,008
Social contributions
32,799
40,629
Capital revenue
13
101
Interest, Shares and Fines
27,916
25,770
Revenues from value and volume changes
46,152
28,584
Other current revenue
1,632
2,219
Total Revenue
282,292
276,311
Expenditure
Intermediate consumption
38,907
41,984
Compensation of employees
56,883,
65,007
Interest
59,610
51,652
Subsidies
8,199
10,476
Capital transfers payable
4,713
5,578
Capital investments
67,955
28,001
Social benefits
61,431
91,920
Receivables from the deleted spending
93,764
272
Other current expenditure
14,634
12,118
Total expenditure
349,213
307,008
Government deficit
- 66,921
- 30,697
Resource: (Ministry of Finance General Directorate of Public Accounts, 2011)
2010 220,996 45,979 73 36,866 31,499 2,583 337,996 44,370 73,008 46,971 11,136 8,877 32,909 99,125 367, 7,994 324,390 +10,606
% 2009 3 23 676 -7 -38 35 -2 8 14 -13 27 18 -58 49 -99 -17 -12 -54
% 2010 27 40 461 32 -32 58 20 14 28 21 36 88 -51 61 99 -45 -7 -115
Trend analysis of Turkey's income and expenditure are shown in Table4. In this analysis, the year 2008 is base year. In 2009 compared to 2008, Turkey's revenues decreased by 2% but expenditures also decreased by 12% the budget deficit decreased by 54% in 2009 compared to 2008. In 2010 compared to 2008, revenues increased by 20% and expenditures decreased by 7%. In 2010 compared to 2008, budget surplus was given. For trend analysis of income and expenditure, EU countries, Greece and Turkey's analysis results summary is given below. At revenues of 2010 compared to 2008's, revenue of the EU countries increased by 3,5%, Greece's decreased by 4% and Turkey's increased by 20%. At total expenditures in 2010 compared to 2008, the EU countries expenditures decreased by 9.6%, Greece's decreased by 3% and Turkey's decreased by 7%. Budget differences in 2010 compared to 2008, the budget deficit was 166% in the EU countries and 2% in Greece but the budget surplus was 115% in Turkey.
Table 5: EU Countries Balance Sheet (million euro)
CURRENT ASSETS Liquid Assets Marketable Securities Receivables Other Current Assets LIABILITIES Short Term Liabilities Short Financial Liabilities Short Trade Payables Other Short Term Liabilities Long Term Liabilities
2008 3,728,637 720,985 1,877,844 418,783 711,026 8,258,786 1,294,858 699,239 177,112 418,507 6,963,928
2009 4,075,539 743,564 2,122,881 444,191 764,903 9,294,382 1,483,821 875,040 165,764 443,017 7,810,561
2010 4,383,650 747,960 2,321,554 530,549 783,587 10,355,989 1,607,691 820,650 341,941 445,100 8,748,298
% 2009 109 103 113 106 107 112 114 125 93 105 112
% 2010 117 103 123 126 110 125 124 117 193 106 125
78 Table 5: EU Countries Balance Sheet (million euro) - continued
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Long Financial Liabilities
5,506,798
6,241,929
6,993,471
113
126
Long Trade Payables
1,017,809
1,093,100
1,253,536
107
123
Other Long Term Liabilities
439,321
475,532
501,291
108
114
Resource: (Eurostat, 2011)
The trend analysis was applied to consolidated balance sheet of the EU countries. In this analysis, the year ­ 2008 is base year. According to this result, it is noteworthy that the short-term activity debt increased by approximately 2 fold.
Table 6: Greece Government Balance Sheet (million euro)
CURRENT ASSETS Liquid Assets Marketable Securities Receivables Other Current Assets LIABILITIES Short Term Liabilities Short Financial Liabilities Short Trade Payables Other Short Term Liabilities Long Term Liabilities Long Financial Liabilities Long Trade Payables Other Long Term Liabilities Resource: (Eurostat, 2011)
2008 64,431 13,204 29,958 1,591 19,678 275,514 6,516 5,496 292 728 268,998 210,828 44,974 13,196
2009 72,908 11,841 40,498 1,262 19,307 313,573 13,841 10,820 1,513 1,508 299,732 242,103 42,793 14,836
2010 76,185 16,592 38,272 1,213 20,108 343,686 12,882 9,121 2,756 1,005 330,804 243,352 72,354 15,098
% 2009 113 90 135 79 98 114 212 197 518 207 111 115 95 112
% 2010 118 126 128 76 102 125 198 166 944 138 123 115 161 114
Trend analysis was applied to Greece State Balance sheet. In this analysis, the year-2008 was based. According to this result, it is noteworthy that the short-term debts in 2009 and 2010 were increased by approximately 2 fold.
Table 7: Turkey Government Balance Sheet (million TL)
2008
2009
2010
CURRENT ASSETS Liquid Assets Marketable Securities Receivables Other Current Assets
134,334 56,295 25,605 49,010 13,424
142,176 43,778 24,068 59,322 15,008
190,744 20,457 30,089 85,756 Ara,66
LIABILITIES Short Term Liabilities Short Financial Liabilities Short Trade Payables
281,953 89,592 81,811 7,714
341,869 140,798 128,967 11,753
370,227 110,890 95,199 15,622
Other Short Term Liabilities Long Term Liabilities Long Financial Liabilities Long Trade Payables Other Long Term Liabilities
67 192,361 192,287 7 67
78 201,071 200,991 2 78
69 259,337 259,265 3 69
Resource: (Ministry of Finance General Directorate of Public Accounts, 2011)
% 2009% 106 78 94 121 112 121 157 158 152 116 105 105 29 116
% 2010 142 36 118 175 182 131 124 116 203 103 135 135 43 103
Financial Analysis in Public Sector Accounting: An Example of Eu, Greece and Turkey
79
Trend Analysis was applied to Turkey's government sheet. In this analysis, the year-2008 was based. According to this result, it is noteworthy that the short-term debts in 2009 and 2010 were increased by approximately 2 fold.
Ratio Analysis
EU Greece Turkey
Current ratio: Current assets/Short-term liabilities
2008
2009
2010
2.9
2.7
2.7
9.8
5.3
5.9
1.5
1.02
1.7
Current ratio shows the relationship between current assents and short-term liabilities. It is seen that EU countries and Turkey have a balanced course of current ratio but Greece's current rates are really high, due to an imbalance between Greece's short-term debts and long-term foreign sources.
EU Greece Turkey
Liquid assets ratios: Cash and cash equivalents / Short-term liabilities
2008
2009
2010
0.55
0.5
0.29
2.02
0.85
1.28
0.62
0.31
0.18
Default value ratio indicates the presence of short-term debt of pounds for the government in the hands of a few pounds each in cash and cash-value. Although default value of EU countries for the years 2008 and 2009 was equal, it decreases in 2010.While Greece's default ratios of the year 2008 was really high, in the years 2009 and 2010 it decreases. In Turkey, this rate was high for the year 2008 based on 2009 and 2010 and especially in 2010 this rate fell 0.18 .Turkey has an urgent need to find a solution to short-term foreign sources. Otherwise it will be faced with the challenges of the coming years to pay.
5. Conclusion In recent years, financial crisis especially in western states cause economical and social problems. For the prevention of financial crisis and minimizing negative impact of it, states take some precautions. Re-arrangements of the financial structure of the states come at the beginning of these precautions. While the financial structures of states are rearranging, public sector accounting system should be more informative. And to be more informative financial reports should be prepared according to International Accounting Standards. Greece is one the most affected countries from this financial crisis. This state's financial crisis has begun to influence other European Countries. Financial crisis that will take place in the European Union will affect Turkey as well. Turkey should take measures if they don't want to be affected by the crisis. In this study, the consolidated financial statements of the EU countries and, Greece and Turkey's financial statements were analyzed by comparing the financial analysis. According to the results of this analysis, it occurs that in the years 2008, 2009 and 2010, EU countries have budget deficit. This was the highest level of budget deficits in 2009. Year 2009 has been financially a bad year for the EU, Greece and Turkey. In 2010, the EU countries decreased the budget deficit by increasing revenues and reducing spending. In 2010, it was established that the revenues of Turkey increased and the expenditures decreased. It was established that the biggest increase in income was tax revenues. The reason for this increase is the collection of overdue taxes by the tax peace in Turkey in 2010. According to the ratio analysis applied to the balance sheets of Turkey in the years 2008, 2009 and
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2010, the most important problem was the liquidity problem. The solution of this problem is the continuance of increasing revenues and increasing of internal saving.
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