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Author: Manuel Pedro Rodríguez Bolívar Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
A key factor to improve the financial accountability of governments is the existence of a set of generally accepted financial reporting of standards, such as IPSAS issued by the IFAC, which seek to enhance information transparency. This paper examines the capability of fair value accounting to improve, through financial transparency, government accountability, analysing the possible effect of the implementation of this measurement basis on understandability, comparability and timeliness - three qualitative characteristics linked to the relevance of financial reporting. This paper further considers whether the difficulties involved in achieving FV estimations could affect government financial accountability. The findings indicate that FVA implementation could enhance accountability by improving understandability, comparability and timeliness in governmental financial reporting, although the use of objective measures to estimate the FV of assets is fundamental. In addition, the type of assets and the existence of an active market are crucial to improving the comparability of financial statements under FVA, whereas improving timeliness could be limited by the possibility of estimating FV measures in-house.
Author: Manuel Pedro Rodríguez Bolívar Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
A key factor to improve the financial accountability of governments is the existence of a set of generally accepted financial reporting of standards, such as IPSAS issued by the IFAC, which seek to enhance information transparency. This paper examines the capability of fair value accounting to improve, through financial transparency, government accountability, analysing the possible effect of the implementation of this measurement basis on understandability, comparability and timeliness - three qualitative characteristics linked to the relevance of financial reporting. This paper further considers whether the difficulties involved in achieving FV estimations could affect government financial accountability. The findings indicate that FVA implementation could enhance accountability by improving understandability, comparability and timeliness in governmental financial reporting, although the use of objective measures to estimate the FV of assets is fundamental. In addition, the type of assets and the existence of an active market are crucial to improving the comparability of financial statements under FVA, whereas improving timeliness could be limited by the possibility of estimating FV measures in-house.
Author: Robyn Pilcher Publisher: Routledge ISBN: 1351349163 Category : Business & Economics Languages : en Pages : 180
Book Description
Funded by taxation, public spending cannot be separated from politics and ensuring efficiency and effectiveness is always high on the political and policy agenda. Accounting, accountability, governance and auditing are essential ingredients in evaluating public sector performance. Australia and New Zealand are world leaders when it comes to public sector accounting—such as being the first to introduce transaction-neutral accounting standards. This edited collection considers current issues impacting the public sector by primarily drawing upon experiences of Australia and New Zealand. Then, by combining history (from the time of the Domesday book, early sovereignty and Shakespeare) with current practice (differential reporting, international financial reporting standards, government performance, voter turnout, joined-up government and auditing practices), we use these experiences to illuminate the global issues of public sector accounting, accountability and governance. Based on rigorous research by top public sector researchers, this edited collection offers a multitude of future research ideas to enable those interested in following this pathway—whether they are in Australia, New Zealand, the United Kingdom, Europe, the United States of America, Africa or anywhere else in the world—an avenue to traverse.
Author: United States Government Accountability Office Publisher: Lulu.com ISBN: 0359536395 Category : Reference Languages : en Pages : 234
Book Description
Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
Author: Government Accounting Office Publisher: www.Militarybookshop.CompanyUK ISBN: 9781780397030 Category : Business & Economics Languages : en Pages : 242
Book Description
Newly revised in 2011. Contains the auditing standards promulgated by the Comptroller General of the United States. Known as the Yellow Book. Includes the professional standards and guidance, commonly referred to as generally accepted government auditing standards (GAGAS), which provide a framework for conducting high quality government audits and attestation engagements with competence, integrity, objectivity, and independence. These standards are for use by auditors of government entities and entities that receive government awards and audit organizations performing GAGAS audits and attestation engagements.
Author: Vera Palea Publisher: ISBN: Category : Languages : en Pages : 23
Book Description
Purpose - This paper aims to discuss fair value accounting and its usefulness to financial statement users. The European Commission has recently endorsed IFRS 13 on fair value measurement and is considering the endorsement of IFRS 9, which extends the use of fair value for financial instruments. Furthermore, fair value accounting has been under deep scrutiny because of its alleged role in the financial crisis. Therefore, the usefulness of fair value accounting is a key issue for standard setting purposes.Approach - This paper delineates the theoretical background for fair value accounting, it provides empirical evidence on its usefulness, it highlights some controversial issues and makes some proposals for standard setting discussion. Findings - Empirical research raises some doubts on fair value reliability. Furthermore, fair value accounting alone cannot provide information useful to evaluate stewardship. Historical cost is also needed. A dual measurement and financial reporting system could therefore deliver more complete and useful information to financial statement users. Practical implications - This paper provides the reader with a comprehensive picture of the main issues related to fair value accounting and contributes to the standard setting debate on the optimal measurement system. Originality/value - This paper reframes the debate on historical versus fair value accounting by explaining the reason why a dual measurement and reporting model should be implemented.
Author: A. Premchand Publisher: International Monetary Fund ISBN: 1455278955 Category : Business & Economics Languages : en Pages : 204
Book Description
This book, by A. Premchand, seeks to bridge fiscal economics and government accounting. It examines historical developments, ingredients of existing systems, features of accounting standards, and other issues that governments must address to perform their tasks economically and efficiently. Readers gain insights into institutional linkages and the role of electronic technology. Arguing that government accounting systems are too important to be left to accountants alone, the book presents an interdisciplinary approach that goes beyond adapting commercial accounting formats to governments.
Author: David Anthony Procházka Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Fair value measurement became pervasive to financial reporting over last 20 years. Under fair value accounting, entities are obliged or permitted to measure particular assets and liabilities at their fair values as at the reporting dates. Fair value is a current market-based hypothetical value. This market value is not always directly observable. The debate on usefulness of fair value accounting has arisen in connection with the financial crunch and economic crisis in years 2007-2009. The opponents of fair value accounting insist on that financial reporting based on fair value measurement has accelerated the financial crisis and significantly worsened the impact on affected companies. On the other hand, there are several important opinions in favour of fair value accounting. The paper aim is to contribute to the actual debate whether fair value accounting played the role of a messenger or a mover in the recent financial crunch and subsequent economic recession and to analyse the characteristics of fair value accounting from the economic point of view.
Author: Manuel Pedro Rodríguez Bolívar
Author: Manuel Pedro Rodríguez Bolívar
Author: Robyn Pilcher
Author: United States Government Accountability Office
Author: Government Accounting Office
Author: Price Waterhouse (Firm)
Author: Anthony G. Hopwood
Author: International Accounting Standards Board
Author: Vera Palea
Author: A. Premchand
Author: David Anthony Procházka