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Volume :13 Issue : 51 1987      Add To Cart                                                                    Download

A STUDY OF THE CONCEPT OF FLOW OF FUNDS ACCOUNTS AND ITS IMPORTANT APPLICATION IN THE STATE OF KUWAIT

Auther : By: Dr. Said M. Douban

 

          This study aims at the identification of the concept, structure and the importance of flow of funds accounts in financial analysis, planning and management of the economy in order to propose an accounting framework of the flow of funds for Kuwaiti economy.  The British experience in the flow of funds accounts has been taken into consideration as a basis for the proposed model, which considers the economics, social and environmental factors of Kuwait.

          The paper discusses the importance of these accounts in financial planning, studies the relationship between the financial sector and the other economic sectors, analysis of the general development of capital market, forecasting of the financial transactions in the national economy, the international comparisons of flow of funds accounts and the role of these accounts in international trade and negotiations.  The statistical and technical problems involved in the preparation of these accounts are discussed.  The paper also outlines the experience of British in the flow of funds accounts in terms of the preparation, sectoring the economy, methods of the presentation of financial transactions together with the sources of data and their associated problems.

 The paper examines also certain characteristics of Kuwaiti economy and its financial system.  Identification of the main reasons that impede the existence of such accounts in Kuwait is also presented.

  The proposed model of the flow of funds accounts for Kuwait includes sectoring the economy, types of financial transactions, sources of data and methods of presentation of the financial transactions.

 The findings of the study indicate that the current state of economic and financial situation in Kuwaiti economy necessitates the existence of flow of fund accounts among the national accounting statistics in Kuwait.  This would help to better understand the working of the economy and the formulation of sound economic and financial policies and consequently the efficient management of the economy.

 The conclusion outlines some constructive recommendations and suggestions to alleviate the current lack of these accounts in Kuwait.

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