GAAP, GFS and AASB 1049: Perceptions of public sector stakeholders

Ralph Oliver Kober, Janet Lee, Juliana Ng

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Efforts by Australian standard-setters to harmonise public sector financial reporting resulted in AASB 1049, which sought to bridge the divide between generally accepted accounting principles (GAAP)-based and government finance statistics (GFS)-based financial statements. However, whether AASB 1049 has resulted in information that is considered appropriate for the public sector has not been examined. We explore this issue by comparing the requirements of AASB 1049 with the responses from a survey of public sector stakeholders on the appropriate accounting treatment and presentation of selected financial items. The analysis suggests consensus with AASB 1049 on presentation issues but less consensus on accounting treatments.
Original languageEnglish
Pages (from-to)471 - 496
Number of pages26
JournalAccounting & Finance
Issue number2
Publication statusPublished - 2013

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