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Overview of Korea’s development experience

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Development Overview
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Public Administration

Government accounting system 1

Government Accounting under the U.S. Military Government (1945 to 1948)

Military Government Decree 21, issued in November 1945, maintained the accounting rules and standards of the Japanese Government-General of Korea, with the exception of allowing the government to set up and operate the Ministry of Finance if necessary.

The U.S. military government in Korea marked a transition period, in which the Japanese accounting law was retained for the most part, while elements of the American government’s accounting system were introduced in bits and parts. Budgeting systems were molded with heavy influence of the U.S. military. For example, whereas the Japanese accounting law divided tax expenditures simply between the current cost and the provisional cost, the U.S. military government divided expenditures into multiple specific accounts by item and organization.

Source: Korea Institute of Public Administration. 2008. Korean Public Administration, 1948-2008, Edited by Korea Institute of Public Administration. Pajubookcity: Bobmunsa.