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. 

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).

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.

Accounting Reforms for Accountable Public Sector Management

2020 ◽  
pp. 41-64
Author(s):  
Chitra Sriyani De Silva Lokuwaduge ◽  
Keshara M. De Silva Godage
Keyword(s):  
Developing Countries ◽  
Public Sector ◽  
Sri Lanka ◽  
Financial Management ◽  
Public Management ◽  
New Public Management ◽  
Developed Countries ◽  
The Public ◽  
New Public ◽  
Public Sector Accounting

Accounting reforms in the public sector have become one of the most debated aspects of the public sector financial management during the last three decades. Following the steps of developed countries around the globe, Sri Lanka as a developing country made initiatives to adopt international public sector accounting standards (IPSAS). The purpose of this study is to analyse the progress and the challenges they face in adopting IPSAS as a new public management (NPM) reform in Sri Lanka to enhance public sector accountability. Public sector accounting reforms in the developing countries in Asia is relatively under researched. Using the NPM concept, this study attempts to fill this gap. This chapter argues that even though Sri Lanka has initiated the move towards adopting IPSAS, developing countries face practical problems in adopting reforms due to their contextual factors such as limited institutional capacity and resources, high political involvements in decision-making, and high informality.

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 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.

The role of public-sector accounting in controlling corruption: an assessment of Organisation for Economic Co-operation and Development countries

2019 ◽  
Vol 86 (4) ◽  
pp. 729-748 ◽  
Author(s):  
Beatriz Cuadrado-Ballesteros ◽  
Francesca Citro ◽  
Marco Bisogno
Keyword(s):  
Public Sector ◽  
Accounting Standards ◽  
Comparative Approach ◽  
Data Set ◽  
Public Sector Accounting ◽  
Relevant Role ◽  
Accounting Rules ◽  
Accrual Basis ◽  
Information Advantage ◽  
International Comparative

This study adds new insights to the academic debate on the effectiveness of both accrual-basis systems and the adoption of harmonised accounting rules at the international level by considering an additional perspective: their effect on corruption. This study investigates a sample of 33 Organisation for Economic Co-operation and Development countries for the period 2010–2014, creating a panel data set that allows the taking of an international comparative approach. The results indicate that corruption is reduced as governments advance in public-sector accounting reforms, adopting International Public Sector Accounting Standards, or implementing accrual-basis systems. Points for practitioners Our findings show the relevant role played by public sector accounting reforms in reducing corruption. Concretely, International Public Sector Accounting Standards implementation and accrual-accounting adoption can attenuate the information advantage of politicians towards citizens, reducing the level of corruption. This article contributes to the debate concerning the institutional arrangements that should be implemented to reduce corruption.

Harmonisation of EPSASs (European Public Sector Accounting Standards): Developments and Prospects

2014 ◽  
Vol 4 (3) ◽  
Author(s):  
Marie-Pierre Calmel
Keyword(s):  
Public Sector ◽  
European Commission ◽  
Accounting Standards ◽  
European Countries ◽  
Accrual Accounting ◽  
The Public ◽  
Governance Model ◽  
European Public ◽  
Public Sector Accounting

AbstractThe European Commission initiated a project to introduce accrual accounting in European countries that meets the objective of improving the reliability, transparency and comparability of public accounts.This article describes the importance of defining the governance model for future European public sector accounting standards, explains the need to define accounting standards taking into consideration the specific features of the public sector and illustrates these points with the accounting treatment of financial liabilities.

scholarly journals Sector neutrality: A possible improvement of the accounting standards. Evidence from NZ model

2019 ◽  
Vol 16 (2) ◽  
pp. 73-82 ◽  
Author(s):  
Bruno Marsigalia ◽  
Renato Giovannini
Keyword(s):  
New Zealand ◽  
Public Sector ◽  
Literature Review ◽  
Systematic Literature Review ◽  
Accounting Standards ◽  
Systematic Research ◽  
Reporting Standards ◽  
The Public ◽  
Public Sector Accounting ◽  
Accounting Model

In May and June 2018, the Italian financial crisis (public debt) got back to the news when the new political government was going to be formed. Part of the literature claims that the public sector needed to be more "business-like" and that in order to do so, the adoption of "better", in this case "accrual", accounting was crucial. New Zealand is the pioneer country for accrual-based government accounting. More than ten years ago, when the adoption of IFRS was mandatory, New Zealand standard setters preserved sector neutrality in the financial reporting standards. Thanks to a systematic literature review, the paper investigates the evidence of NZ accounting sector neutrality model, with the purpose to assess if importing NZ public sector accounting model would be efficient for allowing a higher level of transparency in other countries such as Italy. The methodology is to define the economic literature relevant to the topic, considering the year of publication and the citation rate. Recently, standard setters in NZ decided to adopt a sector specific standard setting approach with multiple tiers for each sector. The for-profit sector will continue to follow IFRS but reporting standards for the public sector will be based on International Public Sector Accounting Standards (IPSAS). Amongst the former contributes, no systematic research overview on public sector accounting has been created based on the NZ model. This article fills this void by providing a systematic literature review of 258 publications that examines five key aspects of the literature on the benchmark accounting model.

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