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Public Sector Consolidated Statements—an Assessment

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  • R. G. WALKER

Abstract

Judgments potentially made by various participants in (or observers of) the public sector on the basis of aggregative financial information about governments are reviewed. Distinctions are drawn between judgments that are made routinely, or under certain conditions, by decision makers or observers. It is recognized that (in Australia) the financial information that is relevant to the majority of these judgments is already supplied by other sources (principally budget documents, or in Government Finance Statistics) rather than by public sector consolidated statements. It is concluded that a number of routine judgments could be based on financial information presented in the form of consolidated statements (of varying scope). Alternative criteria for determining the scope of consolidated statements are reviewed. Accountability and control are noted as potential bases. Depending on the adopted objective, it is concluded that tests of control are either not relevant, or inappropriate. It is contended that prior studies that have recommended use of control have focused on processes (trying to find a suitable test for determining the ambit of consolidated statements) rather than on objectives, and examining in some detail what information would be relevant to different users and uses.

Suggested Citation

  • R. G. Walker, 2009. "Public Sector Consolidated Statements—an Assessment," Abacus, Accounting Foundation, University of Sydney, vol. 45(2), pages 171-220, June.
    • Handle: RePEc:bla:abacus:v:45:y:2009:i:2:p:171-220
    DOI: 10.1111/j.1467-6281.2009.00282.x
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    1. Milana Otrusinová & Eliška Pastuszková, 2013. "Transformation process of state accounting to accrual basis accounting in conditions of the Czech Republic," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 61(7), pages 2593-2602.
    2. Milana OTRUSINOVÁ, 2016. "Public sector accounting in the Czech Republic and Slovakia," REVISTA ADMINISTRATIE SI MANAGEMENT PUBLIC, Faculty of Administration and Public Management, Academy of Economic Studies, Bucharest, Romania, vol. 2016(27), pages 30-45, Decembre.
    3. Andreea Cirstea & Stefan Dragos Cirstea, 2015. "Similarity Or Dissimilarity Between Public And Private Sector Standards Regarding Consolidated Reporting?," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 48-52, August.
    4. Rooney, Jim & Dumay, John, 2016. "Intellectual capital, calculability and qualculation," The British Accounting Review, Elsevier, vol. 48(1), pages 1-16.
    5. Ralph Kober & Janet Lee & Juliana Ng, 2013. "GAAP, GFS and AASB 1049: perceptions of public sector stakeholders," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(2), pages 471-496, June.
    6. Alessandro Lombrano & Luca Zanin, 2013. "IPSAS and local government consolidated financial statements—proposal for a territorial consolidation method," Public Money & Management, Taylor & Francis Journals, vol. 33(6), pages 429-436, November.

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