IPSAS, ESA and the fiscal deficit—a question of calibration

Josette Caruana · Louise Grima

16 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

The academic literature on IPSAS adoption is not clear whether this would lead to a fiscal deficit measure close to that reported in national accounts. This paper presents a case study which attempts to clarify this dilemma. The authors show that IPSAS compliance would result in yet another deficit measure that is nowhere close to the statistical measure, leading to even more confusion.IMPACTIPSAS compliance would neither simplify nor standardize the conversion exercise that EU member countries have to do to change a governmental accounting deficit to the EC’s required statistical deficit. Nor would it directly lead to more reliable statistical data. The authors therefore question the impact of the proposed EPSAS on the quality of macro-surveillance.

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References

1998Application of Accrual Accounting in the Australian Public Sector – Rhetoric or Reality 2003Government Accounting: An Assessment of Theory, Purposes and Standards 2014The effect of IPSAS on reforming governmental financial reporting: an international comparison 2009Budget Transparency, Fiscal Performance, and Political Turnout: An International Approach 2009Accrual Accounting in EU Local Governments: One Method, Several Approaches 2016Harmonizing public sector accounting in Europe: thinking out of the box 2005From Cash to Accrual Budgeting and Accounting in the Public Sector: The Dutch Experience 2015Public Sector Accounting and Auditing in Europe

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