scholarly journals Standardized Model for Accounting for Public Sector Infrastructure Assets

2020 ◽  
pp. 52-61
Keyword(s):  
Public Sector ◽  
Accounting Standards ◽  
Financial Statements ◽  
Normative Documents ◽  
The Public ◽  
Public Sector Accounting ◽  
The Republic

The article presents a standardized model for accounting for infrastructure assets in the public sector. The significance of this category of assets raises the need for the application of common rules for accounting and presentation in the financial statements of public-sector enti­ties. The presented model is based on the In­ternational Public Sector Accounting Standards. The article also gives a brief overview of the normative documents that regulate the reporting of these assets in the Republic of Bulgaria and analyzes the lack of standardization of public sector accounting in our country.

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

2017 ◽  
pp. 5-29 ◽  
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).

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

Tékhne ◽  
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.

Developments and challenges in public sector accounting

2014 ◽  
Vol 26 (2) ◽  
pp. 345-366 ◽  
Author(s):  
Félix Madrid García
Keyword(s):  
Public Sector ◽  
Role Model ◽  
Financial Statements ◽  
The Public ◽  
Additional Information ◽  
Management Indicators ◽  
Fixed Assets ◽  
Public Sector Accounting ◽  
Accounting Convergence

What could be dubbed traditional public sector accounting was adequate for the public sector as it existed up to the late 1980s. When it became evident that this type of accounting no longer sufficed, attention turned to seeking a role model in business accounting that differed significantly from public sector accounting. Despite the move of public sector accounting towards business accounting practices, some issues still remain unresolved. The accounting treatment of fixed assets is the question which has perhaps generated the most literature. Today much ground has been covered; however, to be modern and effective, public sector accounting has still to grapple with three important challenges: standardisation and accounting convergence; consolidation of financial statements; and management indicators and additional information for disclosure.

scholarly journals Institutional Isomorphism And Adoption Of International Public Sector Accounting Standards By African Countries

2019 ◽  
Vol 7 (05) ◽  
Author(s):  
Dr. Muganda Munir Manini
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
Financial Management ◽  
Public Funding ◽  
Accounting Standards ◽  
Target Population ◽  
Institutional Isomorphism ◽  
African Countries ◽  
The Public ◽  
Public Sector Accounting

The international harmonization of financial reporting standards in the public sector is one of the significant public sector accounting reforms which have gained prominence in the recent past under the New Public Financial Management order. However, previous empirical evidence provided mixed results on the extent of African countries’ decision on the adoption of International Public Sector Accounting Standards and its relationship with institutional isomorphism factors. The purpose of this study was to examine the influence of institutional isomorphism (normative, mimetic and coercive) on the adoption International Public Sector Accounting Standards by African countries. The target population was 54 countries; however the final sample was 29 countries which comprised the dataset. A logistic regression analysis was thereafter conducted. Based on the Institutional Theory, the study revealed external public funding (coercive isomorphic pressure), the countries’ global competitiveness (mimetic isomorphic pressure), and human capital (normative isomorphic pressure) were non significant factors in a countries decision to adopt IPSAS. This study contributes to the literature on the international accounting in the public sector. The results of the study have significant managerial and theoretical implications for accounting standards regulators, researchers, and multilateral organizations.

scholarly journals Perception of Government Accountants on Current Public Sector Accounting Practices and Implementation of Public Sector Accounting Standards in the Sri Lanka

2019 ◽  
Vol 11 (1) ◽  
pp. 76
Author(s):  
Vickneswaran Anojan
Keyword(s):  
Public Sector ◽  
Sri Lanka ◽  
Public Expenditure ◽  
Accounting Standards ◽  
The Public ◽  
Reporting Practices ◽  
Public Sector Organizations ◽  
Public Sector Accounting ◽  
Accrual Basis ◽  
Assets Management

The main aim of the study is to find out the perception of government accountants on current public sector accounting practices and implementation of public sector accounting standards in the Sri Lanka. Public sector accounting practices involve with public expenditure, budget preparation, maintain proper accounting records, assets management, public financial management and provide reports on the public expenditure and revenue. Most of the public sector organizations do not prepare final accounts on accrual basis in the Sri Lanka. Primary data used in this study which data collected from government accountants in Sri Lanka. Mean analysis confirmed that there is moderate level of public sector accounting practices and implementation of public sector accounting standards in the Sri Lanka. Correlation analysis confirmed that there is significant relationship between public sector accounting practices and implementation of public sector accounting standards. Implementation of public sector accounting standards are positively impact on the public sector’s financial reporting practices and assets management practices in the Sri Lanka. Also below 23 percentage of public sector organizations are preparing final accounts on accrual basis. More than 97 percentage government accountants have ability to prepare annual accounts on accrual basis. Government administrators, policy makers and professional institutions should motivate effective and efficient implementation of the public sector accounting standards which will lead to a healthy public sector accounting practices in Sri Lanka. 

Harmonising European Public Sector Accounting Standards (EPSAS): Issues and Perspectives for Europe’s Economy and Society

2014 ◽  
Vol 4 (3) ◽  
Author(s):  
Yuri Biondi
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
The Public ◽  
Financial Reporting Standards ◽  
Adoption And Implementation ◽  
European Public ◽  
Public Sector Accounting

AbstractAccounting systems play a hidden but fundamental role as mode and instrument of representation, coordination and organisation for the public sector and its specific public action. Therefore, financial and accounting reforms transform, implement and reshape public policies as well as the working and very existence of public administration. Last March 2013, the European Commission started a relevant project with the intention to create harmonised “European Public Sector Accounting Standards” (EPSAS) and implement them in the Member States. Between 1995 and 2002, a similar project was already achieved for private sector accounting standards-setting, leading to adoption and implementation of International Financial Reporting Standards (IFRS) issued by International Accounting Standards Board (IASB). The EPSAS project should decide if public sector accounting standards-setting shall follow a similar pattern to converge towards the International Public Sector Accounting Standards (IPSAS) that transplant the IFRS in the public sector. This choice may have fundamental implications for the European (Monetary) Union, since public sector accounting and public finances are fundamental elements of its institutional framework. This thematic issue aims to provide analyses and perspectives on this ongoing public sector accounting harmonisation process in Europe, addressing its governance and contents, as well as its consequences and implications for Europe’s economy and society.

scholarly journals Exemptions Resulting from the International Public Sector Accounting Standards (IPSAS) and European Standards for Intangible Investment, Inventories and Personnel Expenditures in Public Entities

2019 ◽  
Vol 24 (2) ◽  
pp. 124-130
Author(s):  
Corina Enache
Keyword(s):  
Public Sector ◽  
Accounting Standards ◽  
Financial Statements ◽  
General Purpose ◽  
Employee Benefits ◽  
International Accounting Standards ◽  
Adoption And Implementation ◽  
Public Sector Accounting ◽  
Personnel Expenses ◽  
European Standards

Abstract Simultaneously with the globalization of economies, it was necessary the adoption and implementation of international accounting standards for the public sector also. In 1996 a set of accounting standards for public sector entities was developed, namely International Public Sector Accounting Standards (IPSAS). After 31st July 1998, 32 IPSAS standards, mostly inspired by IASs, centered on model and engagement-based accounting, were issued. IPSAS 1 – Presentation of financial statements relating to the place of intangible assets, inventories and personnel expenses in the content and format of the financial statements is applied to all general purpose financial statements realized under accrual accounting. The IPSAS 12 – Inventory objective is to state the stock accounting treatment. The IPSAS 25 objective – Employee benefits is to state the employee benefits from an accounting perspective.

scholarly journals EFFECT OF ADOPTION OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS (IPSAS) IN THE PUBLIC SECTOR OF DELTA STATE

2015 ◽  
pp. 132-153
Author(s):  
Nzewi Nzewi ◽  
Enuenwemba Faith
Keyword(s):  
Regression Analysis ◽  
Public Sector ◽  
Accounting Standards ◽  
Population Data ◽  
Sample Population ◽  
The Public ◽  
Public Sector Accounting ◽  
Contrary View ◽  
Ministry Of Finance ◽  
Nigerian Government

The study prompted by the inconsistent and contradictory findings from the previous studies; ranging from positive to negative, hence some authors are seeing it as a welcome development while others are having a contrary view to it. This study therefore, determined the effect of international public sector accounting standards (IPSAS) on Delta State ministry of finance with emphasis on accountability and, transparency among public officers in Delta State. Survey research design will be adopted. A sample of one hundred and eighty five (185) was drawn from a population of three hundred and forty three (343) staff from Delta State Ministries, Departments and Agencies (MDAs). Data was obtained from questionnaire administered on the sample population. Data obtained was analyzed using five point likert’s scale and the formulated hypotheses were tested using regression analysis with aid of SPSS Version 20.0. From the analysis of the data the adoption of International public sector accounting standards leads to accountability and transparency among public officers in the ministry. Based on this, the study recommends that Nigerian government should provide the necessary requirements for full implementation and sustenance of IPSASs in the public sector if it is actually sincere and serious about tackling corruption in the country.

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