LOCAL ACCOUNTING ACT

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Act is to transparently perform accounting of local governments and efficiently manage funds by prescribing basic matters on the accounting and fund management of local governments.

Article 2(Definitions) #

The term "head of a central government agency" in this Act means any of the following persons:

1. The head of a central administrative agency established pursuant to the Constitution of the Republic of Korea, the Government Organization Act, or other Acts;

2. The Secretary General of the National Assembly, the Minister of the National Court Administration, the Secretary General of the Department of Court Administration of the Constitutional Court, or the Secretary General of the National Election Commission.

Article 3(Scope of application) #

This Act shall apply to any of the following accounts or funds: <Amended on Jan. 12, 2021>

1. Each general account and special account referred to in Article 141 of the Local Autonomy Act and Article 9 of the Local Finance Act;

2. Funds referred to in Article 2 of the Framework Act on the Management of Local Government Funds.

Article 4(Relationship to other statutes) #

Except as otherwise expressly provided for in other Acts, this Act shall apply to the accounting and settlement of a general account, special accounts, and funds of local governments.

Article 5(Principles of local government accounting) #

Accounts of local governments shall be managed in compliance with the following principles:

LOCAL ACCOUNTING ACT

Article 1(Purpose) #

Article 2(Definitions) #

Article 3(Scope of application) #

Article 4(Relationship to other statutes) #

Article 5(Principles of local government accounting) #

Article 6(Fiscal year) #

Article 7(Deadline for closing receipt and disbursement and deadline for completion of receipt and disbursement affairs) #

Article 8(Management of affairs relating to accounting of local governments) #

Article 9(Application of matters concerning education, science and sports) #

Article 10(Appointment of accounting officers) #

Article 11(Advisory on local accounting systems) #

Article 12(Local accounting standards) #

Article 13(Designation of specialized institution on local accounting) #

Article 14(Process of settlement of accounts) #

Article 15(Composition of statement of accounts) #

Article 16(Preparation of statement of accounts) #

Article 17(Documents accompanying statement of accounts) #

Article 18(Preparation and submission of gender-specific statement of accounts) #

Article 19(Appropriation of surplus accruing from settlement of accounts) #

Article 20(Collection and receipt of revenues) #

Article 21(Revenue vollection agencies and methods of collection) #

Article 22(Receiving agencies) #

Article 23(Separation of collection agencies from receiving agencies) #

Article 24(Temporary loans) #

Article 25(Prohibition of direct spending of revenues) #

Article 26(Direct spending of income-generating expenses) #

Article 27(Return of incomes and disbursements for preceding fiscal year) #

Article 28(Return of overpaid or erroneously paid money) #

Article 29(Obligations) #

Article 30(Obligations for specified carryover funds stretching over following fiscal year) #

Article 31(Procedures for disbursement) #

Article 32(Payment orders) #

Article 33(Restrictions on payment orders) #

Article 34(Payment of day-to-day expenses to local government offices) #

Article 35(Advance payment and payment by estimate) #

Article 36(Separation of agencies in charge of disbursement from agencies in charge of receipt and disbursement) #

Article 37(Disbursement during preceding fiscal year) #

Article 38(Establishment of treasuries) #

Article 39(Diversion of cash for budget) #

Article 40(Inspection of treasuries) #

Article 41(Responsibilities of treasuries to compensate for losses) #

Article 42(Restrictions on management of public funds) #

Article 43(Restrictions on management of cash) #

Article 44(Treasurers) #

Article 45(Integrated financial disbursement) #

Article 46(Appointment or delegation of accounting officials) #

Article 47(Duties performed on behalf of accounting officials and performance of some duties of accounting officials) #

Article 48(Special cases concerning appointment of accounting officials) #

Article 49(Responsibilities of accounting officials) #

Article 50(Financial guaranty of accounting officials) #

Article 51(Internal controls) #

Article 52(Keeping of account books and reporting) #

Article 53(Notification of guidelines for preparing statement of accounts) #

Article 54(Education for accounting officials) #

Article 55(Management of fractions) #