On 1 January 2009, the City of Beckum changed its accounting system to the double-entry bookkeeping system according to the principles of the New Municipal Financial Management.
Budget management is therefore governed by the provisions of the Act on New Municipal Financial Management for Municipalities in the State of North Rhine-Westphalia (Kommunales Finanzmanagementgesetz NRW - NKFG NRW) of 16 November 2004.
Article 2 of this Act amends the Municipal Code and Article 4 amends the District Code accordingly. Article 15 contains the revised Ordinance on the Budgetary System of the Municipalities of the State of North Rhine-Westphalia (NRW Municipal Budget Ordinance - KomHVO NRW).
Pursuant to § 95 of the Municipal Code for the State of North Rhine-Westphalia (GO NRW), the City of Beckum is required to prepare annual financial statements at the end of each financial year showing the results of the budgetary management for the financial year. It must give a true and fair view of the assets and liabilities, taking into account the principles of proper accounting, and must be explained.
The annual accounts shall consist of the profit and loss account, the financial account, the closing balance sheet, the partial accounts and the notes. It shall be accompanied by a management report.