CONCEPTUAL FRAMEWORK OF INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS: WORLD EXPERIENCE AND UKRAINE

2017 ◽  
Vol 6 (2) ◽  
pp. 78-85
Author(s):  
Svitlana Zubilevych ◽  
Nataly Poznyakovska
Keyword(s):  
Public Sector ◽  
Conceptual Framework ◽  
Financial Reporting ◽  
Reporting System ◽  
Accounting Standards ◽  
Financial Statements ◽  
General Purpose ◽  
International Accounting Standards ◽  
The Public

The article discusses the role of the "Conceptual framework for general purpose financial reporting of public sector entities" in connection with the reform of the accounting and reporting system in the public sector of Ukraine on the basis of harmonization with International Accounting Standards. The chronology of the development of the Conceptual Framework and its brief content are generalized. An analysis of the purpose of the Conceptual Framework for General Purpose Financial Statements was conducted. Conclusions on the need to develop a national conceptual framework are made.

scholarly journals EXPENDITURES AND EXPENSES IN BUDGETARY INSTITUTIONS: ESSENCE, ACCOUNTING PROBLEMS AND WAYS TO IMPROVE

2021 ◽  
Author(s):  
Nadia Topolenko ◽  
Yulia Lavreniuk
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
Reporting System ◽  
Accounting Standards ◽  
Financial Statements ◽  
Accounting System ◽  
International Accounting Standards ◽  
The Public ◽  
Budgetary Institutions

In the conditions of public sector entities, much more attention is paid to accounting for income, expenditures and expenses, primarily by practicing accountants. The revenues of public sector entities represent the main source of their activities, and the costs make it possible to analyze their effectiveness and rationality of the use of budget allocations, so the organization of accounting for these objects determines the effectiveness of the activities of public sector institutions. The accounting system of public sector institutions is formed according to the modernization schemes approved at the legislative level. The public sector accounting plan and national accounting regulations (standards) in the public sector have significantly changed the established methods of accounting for the implementation of budgetary institutions. The economic classification of expenditures has also changed, the division of operations into exchange and non-exchange operations in accordance with international accounting standards for the public sector has also changed. The above has led to significant changes in the method of accounting for income, expenditures and expenses, which is due to the relevance of the study. The article specified and proposed new definitions of economic concepts of «income», «expenditures» and «expenses» of budgetary institutions. Various approaches to their interpretation are considered, attention is focused on the key problems of adaptation of accounting for income and expenses of budget funds managers in accordance with the implementation of the Strategy for modernization of the accounting and financial reporting system in the public sector for the period up to 2025 and approximation to the generally accepted principles of international practice. Changes in the methodology of accounting and display in financial statements of income and expenses of public sector entities were studied, the theoretical and practical aspects of improving the accounting of income, expenditures and expenses by public sector entities were highlighted. Proposals for improving the accounting of income and expenses in the public sector are given and substantiated.

The IASB and ASBJ Conceptual Frameworks: Same Objective, Different Financial Performance Concepts

2014 ◽  
Vol 29 (1) ◽  
pp. 199-216 ◽  
Author(s):  
Carien van Mourik ◽  
Yuko Katsuo
Keyword(s):  
Financial Performance ◽  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
General Purpose ◽  
International Accounting Standards ◽  
Conceptual Frameworks ◽  
Accounting Standard ◽  
Decision Usefulness

SYNOPSISThis paper illustrates that, despite their general agreement on the decision-usefulness objective of general purpose financial reporting, the Accounting Standard Board of Japan (ASBJ) and the International Accounting Standards Board (IASB)'s conceptual frameworks are based on two different concepts of financial performance. By identifying and contrasting the two financial performance concepts and their impact on the rest of the frameworks and by explaining the thinking that underpins the ASBJ's chosen financial performance concept, it contributes to a debate about the role of financial performance concepts in fulfilling the decision-usefulness objective. Such a debate is pertinent to the revision of the IASB's Conceptual Framework, which is scheduled for completion in 2015.

scholarly journals CONCEPTUAL FRAMEWORK FOR FINANCIAL REPORTING: INTEGRATED POLICY

2021 ◽  
Vol 1 (36) ◽  
pp. 76-83
Author(s):  
N. Savina ◽  
N. Pozniakovska ◽  
O. Miklukha
Keyword(s):  
Public Sector ◽  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
International Standards ◽  
National Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Business Sector ◽  
The Public

The project of the International Accounting Standards Board that updates and develops international accounting standards (IASB) has been lasting more than twenty years. In Ukraine, International accounting standards were adopted as the national standards for business and public sectors. The article analyzes the Conceptual Framework for Financial Reporting for the business sector entities, compares it with the Conceptual Framework for financial reporting for the public sector entities, and the current requirements of the Ukrainian legislation in the field of accounting and financial reporting. The necessity of creating a single Conceptual Framework for financial reporting, based the needs of information users, is substantiated. The relevant International Standards for the business sector entities became fundamental for the development of International Public Sector Accounting Standards. The similar needs of financial reports users support this approach. At the same time, part of the IPSAS, and the Conceptual Framework take into account the functional peculiarities of the entities in this sector of the economy. Financial reporting concepts for entities in any sector of the economy determine the aim of financial reporting as that to acquire information concerning the entity. Investors, creditors, other lenders are prior users of financial information in the business sector while society as a whole uses information in the public sector. The Conceptual Framework for the public sector takes into account the peculiarity of this sector of the economy, the main purpose of which is to provide services to society, rather than generating profits and ensuring the return on capital of investors. The common features of financial reporting standards and their Conceptual Framework, taking into account current trends and global challenges, indicate the possibility and feasibility of creating a unified (integrated) Conceptual Framework for Financial Reporting.

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 Ontwikkelingen in het conceptual framework

2013 ◽  
Vol 87 (9) ◽  
pp. 355-364
Author(s):  
Dick Van Offeren ◽  
Joop Witjes ◽  
Tim Verdoes
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Reporting Framework ◽  
International Accounting Standards Board

De International Accounting Standards Board (IASB) heeft recent het conceptual framework-project als kernproject aangemerkt. Het oorspronkelijke Framework for the preparation and presentation of financial statements (framework 1989) was aan een fundamentele herziening toe. Samen met de Financial Accounting Standards Board (FASB) heeft de IASB de eerste fase van het Conceptual framework for financial reporting (framework 2010) voltooid. In deze eerste fase worden twee onderwerpen besproken. Dit zijn het doel van financiële verslaggeving en de kwalitatieve kenmerken van financiële verslaggeving. Wij bespreken deze twee onderwerpen en gaan in op de verschillen tussen het framework 2010 en het framework 1989. Wij benadrukken het verschil in toepassingsgebied van de twee frameworks. Het framework 2010 is gericht op het ruimere begrip financial reporting, financiële verslaggeving en het framework 1989 was beperkt tot financial statements, jaarrekeningen.

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 FINANCIAL STATEMENTS IN THE CONTEXT OF MODERNIZATION OF ACCOUNTING IN THE PUBLIC SECTOR

2021 ◽  
Author(s):  
Tetyana Cherkashyna ◽  
Keyword(s):  
Public Sector ◽  
Financial Reporting ◽  
Practical Importance ◽  
Accounting Standards ◽  
Financial Statements ◽  
Accounting System ◽  
Management Decisions ◽  
The Public ◽  
Budgetary Institutions ◽  
Effective Use

Ukraine’s aspirations to the European community and long-term cooperation with international financial funds, foreign government agencies contributed to the beginning of the entire accounting system of the public sector. The process of transformation of the public sector accounting system has been complex and ambiguous. The efforts of reformers: government, academics, accountants-practitioners are aimed at adapting to international accounting standards. Accounting reform in the public sector continues today. The implementation of international accounting standards should result in harmonized financial reporting of budgetary institutions, prepared in accordance with current standards. The main requirements for quality reporting of budgetary institutions: the information context of reporting forms, effective use in economic analysis and inspections, as well as the provision of information for management decisions. The purpose of the article is to reveal the practical importance of modernized financial statements for its users and to identify areas for effective use of financial statements for timely management decisions in the budgetary institution. The methodological and informational basis of the work is scientific works, materials of periodicals, Internet resources. Scientific methods of analysis, synthesis, comparison and generalization were used in the study. The article examines the results and implementation of national accounting standards in the public sector, which are relevant to the formation of financial statements: International Public Sector Accounting Standards 101, 124, 135. The results of the study formulated differences that arise during the formation of financial and budgetary reporting, which as a result of compilation must be agreed in the institution. The shortcomings of methodological nature that cause differences in the interpretation of the articles of the financial statements and the current chart of accounts are analyzed. The article summarizes the results of a study on the theoretical and methodological foundations of modernization of accounting in the public sector. As a result of the research, the practical importance of forming financial statements according to the current accounting standards for budgetary institutions was revealed. Modernized financial reporting allows budgetary institutions to improve the quality of information for external and internal users, to be full participants in the processes in the international economic space. The article analyzes the problematic issues of modernized reporting of budgetary institutions, the main of which is the difficulty in agreeing between financial statements according to current standards and budget reporting of the public sector. It is proposed, as a supplement to the reporting of budgetary institutions, the gradual introduction of non-financial reporting on current indicators in the world: environmental and social. Proposed as a direction for further research, the use of management reporting. It is recommended to develop and implement management reporting, especially in the field of public finance, which requires constant analysis of financial indicators and operational management decisions at various levels of budgetary institutions.

scholarly journals BASIC ASPECTS CONCERNING THE SINGLE CONCEPTUAL FRAMEWORK

2013 ◽  
Author(s):  
Ionela Cristina Breahna Pravat
Keyword(s):  
Conceptual Framework ◽  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statements ◽  
Financial Accounting ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Accounting Standards Board ◽  
Information Demand ◽  
International Body

Following the creation of a set of concepts, principles and generally accepted international accounting conventions, to which any elaboration, interpretation or enforcement of accounting and financial information would refer, IASC (later IASB) has developed, in 1989, the Framework for the Preparation and Presentation of Financial Statements that, although inspired from the American one, didn’t address predominantly only to a single category of users (investors), but several categories of representatives of accounting information demand. Nowadays, it is now known that international body of accounting normalization - IASB (International Accounting Standards Board), cooperates with the American body - FASB (Financial Accounting Standards Board) for the purpose of developing a Single Conceptual Framework, which is an important phase in strengthening current and future international accounting standardization process. Conceptual Framework for Financial Reporting, published in September 2010 by the IASB, replaced the Framework for the Preparation and Presentation of Financial Statements issued in 1989 and is actually the result of the current process of updating the General framework of the IASB, but also represents the completion of an important stage in the process to develop a single conceptual framework.

Beyond Financial Reporting. Integrated Reporting and its determinants: Evidence from the context of European state-owned enterprises

2019 ◽  
pp. 43-72
Author(s):  
Giuseppe Nicolò ◽  
Gianluca Zanellato ◽  
Francesca Manes-Rossi ◽  
Adriana Tiron-Tudor
Keyword(s):  
Financial Reporting ◽  
Empirical Investigation ◽  
Gender Diversity ◽  
Accounting Standards ◽  
International Accounting Standards ◽  
Integrated Reporting ◽  
Financial Reports ◽  
The Public ◽  
Explanatory Factors ◽  
Board Gender Diversity

Integrated reporting (IR), which aims to overcome the limitations of both tradi-tional financial and stand-alone non-financial reports, has gained momentum as a single comprehensive tool merging financial and non-financial information. Initially conceived for private sector entities, IR is also establishing itself in the public sector context as a vehicle for transparency and accountability. This research offers an empirical investigation of IR practices in the State-Owned Enterprises (SOEs) context. More specifically, the paper investigates the levels of disclosure provided through IR by a sample of 34 European SOEs and explores the effects of potential explanatory factors. The results indicate a fair level of IR disclosure and a trend of reporting information already requested under international accounting standards. The findings also highlight that industry (basic materials and financials) and size positively influence the level of IR disclosure in a particularly strong way, while governance features (board size and board gender diversity) and the provision of external assurance do not exert any impact.

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