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Najib Says Guan Eng “Just Doesn’t Understand” Govt’s Accounting System

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Najib: Guan Eng, You Just Don't Understand - WORLD OF BUZZ 1
Source: Malay Mail & The Star

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As the former finance minister, Datuk Seri Najib Razak has the credibility and the right to criticise whoever that is currently holding the position and that’s what he did in his recent Facebook post.

Nampaknya Menteri Kewangan kita tidak memahami bahawa kerajaan menggunakan standard perakaunan tunai terubah (modified…

Posted by Najib Razak on Friday, August 31, 2018

Najib Razak stated that Lim Guan Eng, simply does not understand the fact that the accounting system used by the government is far different from the one used by the private sector.

The previous government used the modified cash accounting system instead of the accruals accounting standard used by the private sector. He elaborated that under the system that the previous government used before, when there are deposits and withdrawals made during the financial reporting period, only then will the financial transactions be calculated and recorded.

He added,

“Under this standard, assets not capitalised and liabilities are not recorded in the financial report.” 

Najib: - WORLD OF BUZZ

Source: Malay Mail

Najib continued on saying that this confusion is the reason why Guan Eng had come up with an incorrect conclusion about the previous Barisan Nasional government, in which he accused them of wrongly reporting the unreturned taxes as revenue and coming up with fake accounts.

“Just like the confusion over the decimal points, the misunderstanding between the accounting system is an easy mistake commonly made by anyone,” he noted. 

He however admitted that when he was still the prime minister, through the civil service transformation initiative, the previous government was moving towards the accruals accounting standard.

Najib Razak is mainly trying to hit back after Lim Guan Eng made a claim that the government that he lead wrongly recorded RM14.56 billion in unrefunded taxes as revenue which caused a loss of money in the Tax Refunds Trust Fund.

 

Also read: Najib: PH Should Apologise For ‘Lying’ About Number of Stateless Indians in Malaysia
Najib: PH Should Apologise For 'Lying' About Number of Stateless Indians in Malaysia - WORLD OF BUZZ 3

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