Financial reporting standards for the public sector: New Zealand's 21st-century experience

Carolyn Cordery · Kevin Simpkins

30 citations0/0 files storedPublic Money & Management

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Economic Growth and Fiscal Policies

Abstract

New Zealand was seen as world-leading when public sector financial reports were prepared using sector-neutral accounting standards from 1995 onwards. The decision in 2002 to adopt IFRS was disruptive, effecting new understandings of ‘sector-neutral’, and the standard-setter's approach was unsuccessful in meeting public sector users’ needs. The development of a new strategy finalized in 2012 has created a multi-standards framework, including adapted IPSASB standards applicable from 1 July 2014. While neutrality is still prized, it is within a framework of meeting users’ needs. This paper traces the influences expediting these changes.

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References

2003Government Accounting: An Assessment of Theory, Purposes and Standards 1987Australia's ASRB. A Case Study of Political Activity and Regulatory ‘Capture’2013Legitimating International Public Sector Accounting Standards (IPSAS): the case of Spain 2003The Standards Programme of IFAC's Public Sector Committee 2003Measuring and Reporting The Nation's Finances: Statistics and Accounting 2012Accrual accounting by Anglo-American governments: Motivations, developments, and some tensions over the last 30 years

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2018Charity performance reporting, regulatory approaches and standard-setting 2016New development: The conceptual underpinnings of international public sector accounting 2018Should NPOs Follow International Standards for Financial Reporting? A Multinational Study of Views 2019Heritage reporting by the Australian public sector 2016Bridging the gap between academia and standard setters

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