International Public Sector Accounting Standards

The Reporting Entity in Private-Public Accounting Harmonisation. Is Control Enough for the Local Government Consolidated Financial Statements?

FINANCIAL REPORTING ◽

10.3280/fr2017-001001 ◽

2017 ◽

pp. 5-29 ◽

Cited By ~ 4

Author(s):

Cristian Carini ◽

Laura Rocca ◽

Claudio Teodori ◽

Monica Veneziani

Keyword(s):

Public Sector ◽

Local Government ◽

Accounting Standards ◽

Financial Statements ◽

Consolidated Financial Statements ◽

The Public ◽

Financial Accountability ◽

Public Sector Accounting ◽

Definition Of ◽

Reporting Entity

The European Commission initiated a discussion on the expediency of using the International Public Sector Accounting Standards (IPSAS), based on the IAS/IFRS, as a common base for harmonizing the public sector accounting systems of the member states. However, literature suggests that accounting is not neutral with respect to the economic, social and political dimensions. In the perspective of evolution of the accounting regulation outlined, balanced between accountability, with the need to represent phenomena for reporting pur-poses, and decisionmaking issues, which concentrates on the quantitative importance of the values, the paper aims to analyse the effects of the application of different criteria for the definition of the reporting entity of the local government consolidated financial statements (CFS). The Italian PCA 4/4, the test of control and the financial accountability approaches are examined. The evidence that emerged from the case studies examined identifies several criticalities in the Italian PCA 4/4 and support the thesis that the financial accountability approach is more effective in providing a complete representation of the public resources entrusted to and managed by the group, whereas the control approach better approximates quantification of the group results in terms of central government surveillance. The analysis highlights the importance of the post implementation review period and the opportunity to contextualize the adoption of the consolidated financial statement in the broader spectrum of the accounting harmonization process, participating in the process of definition of the European Public Sector Accounting Standards (EPSAS).

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Comparison of the perception of overt and covert options in IPSAS financial statements by intergovernmental organizations

Tékhne ◽

10.2478/tekhne-2019-0003 ◽

2018 ◽

Vol 16 (1) ◽

pp. 28-39

Author(s):

Berit Adam

Keyword(s):

Public Sector ◽

European Commission ◽

Accounting Standards ◽

Financial Statements ◽

Criminal Court ◽

Intergovernmental Organizations ◽

Accounting System ◽

Accrual Accounting ◽

Public Sector Accounting ◽

Primary Reference

AbstractSince 2012, the European Commission has embarked on the ambitious project to harmonize public sector accounting rules on all levels of government within Europe, mainly to improve the quality as well as the comparability of financial data. Although International Public Sector Accounting Standards were deemed not to be suitable for a simple take-over because of various reasons, they nevertheless shall function as a primary reference point for developing European Public Sector Accounting Standards. A total of 21 out of 28 central governments have already reformed their accounting standards to accrual accounting, and some of them have also relied on IPSAS in this exercise. Apart from governments, various international and supranational governmental organizations have also since the end of the 2000’s been reforming their accounting system to accrual accounting, and have in the same way relied on existing IPSAS. This paper explores accounting practices found in ten intergovernmental organizations (Commonwealth Secretariat, Council of Europe, European Commission, IAEA, INTERPOL, ITER, NAPMA, OECD, International Criminal Court, WFP) whose statements are prepared in compliance with IPSAS. It analyzes how overt and covert options contained in IPSAS with relevance to the activities of intergovernmental organizations are exercised and evaluates in which areas of accounting material differences in accounting practices can be found, which may hinder the comparability of financial statements prepared on the basis of IPSAS.

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First-time adoption of International Public Sector Accounting Standards by Russian universities: Practical aspects

International Accounting ◽

10.24891/ia.23.4.364 ◽

2020 ◽

Vol 23 (4) ◽

pp. 364-383

Author(s):

L.I. Kulikova ◽

I.I. Yakhin

Keyword(s):

Higher Education ◽

Public Sector ◽

Financial Reporting ◽

Higher Education Institutions ◽

Accounting Standards ◽

Educational Process ◽

Academic Excellence ◽

Public Sector Accounting ◽

First Time ◽

Russian Universities

Subject. This article examines the practice of first-time applying the International Public Sector Accounting Standards (IPSAS) by Russian higher education institutions. Objectives. The article aims to identify and address the problems associated with such application, and conduct a critical analysis of Russian universities' compliance with the requirements of the International Standards on their first-time adoption. Methods. For the study, we used observation, systematization, and a comparative analysis. Results. The article examines and describes the practical experience of the first-time use of IPSAS in the preparation of reporting by Russian educational institutions participating in the Russian Academic Excellence Project (5Top100 Project). It presents the results of the most typical reclassification adjustments of reporting items made by the universities when preparing their inductive statements of financial position as of the date of transition to IPSAS. Conclusions and Relevance. Most of the universities studied complied with the requirements of the IPSAS first-time adoption and provided comparative information in their first IPSAS financial reporting. The importance of the study is to justify the provision that financial reporting in accordance with IPSAS is appropriate to improve the international competitiveness of universities, which makes it possible to better reflect financial information on the activities of universities. The results of the study can be used in the practical activities of the Russian economy public sector organizations, and in the educational process of higher education institutions.

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