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- Title
The Relevance of AAS 29 to the Australian Public Sector: A Cause for Doubt?
- Authors
Jones, Stewart; Puglisi, Nina
- Abstract
In December 1993, the AARF issued Australian Accounting Standard AAS 29, Financial Reporting on Government Departments. The Standard requires all Australian government departments (GD5) to adopt comprehensive accrual financial reporting no later than 30 December 1996. Given the magnitude and potential financial cost of these reforms, the claimed benefits of AAS 29 justify empirical investigation and scrutiny The purpose of the present study was to test underlying rationales of AAS 29 by reference to ratings and opinions of 172 federal and state GDs in Australia. The key rationale of AAS 29 is that accrual-based financial reports will be relevant to the economic decision making of GDs and their external users. While the empirical results presented in this paper are confined to the internal viewpoints of senior GD officials and representatives, they cast into doubt the relevance of AAS 29 in the Australian public sector.
- Subjects
AUSTRALIA; AUDITING of government business enterprises; BUSINESS enterprises; ACCOUNTING standards; PUBLIC sector; ACCOUNTING; FINANCIAL statements; DECISION making
- Publication
Abacus, 1997, Vol 33, Issue 1, p115
- ISSN
0001-3072
- Publication type
Article
- DOI
10.1111/1467-6281.00006