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

Carolyn J. Cordery; Kevin Simpkins

doi:10.1080/09540962.2016.1133979

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

Carolyn J. Cordery, Kevin Simpkins

Accounting

Research output: Contribution to journal › Article › peer-review

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.

Original language	English
Pages (from-to)	209-218
Number of pages	10
Journal	Public Money and Management
Volume	36
Issue number	3
DOIs	https://doi.org/10.1080/09540962.2016.1133979
Publication status	Published - 3 Feb 2016

Bibliographical note

© 2016 Informa UK Limited, publishing as Taylor & Francis. This is an Accepted Manuscript of an article published by Taylor & Francis in Public Money and Management , available online: http://www.tandfonline.com/10.1080/09540962.2016.1133979.

Keywords

public sector financial reporting
transaction-neutral
public sector accounting
sector-neutral
standard-setting

Access to Document

10.1080/09540962.2016.1133979

FINANCIAL REPORTING STANDARDS
© 2016 Informa UK Limited, publishing as Taylor & Francis. This is an Accepted Manuscript of an article published by Taylor & Francis in Public Money and Management , available online: http://www.tandfonline.com/10.1080/09540962.2016.1133979.
Accepted author manuscript, 417 KB

Cite this

@article{3690583a50a04a7da669aa51b489c37c,

title = "Financial reporting standards for the public sector: New Zealand{\textquoteright}s 21st-century experience",

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 {\textquoteleft}sector- neutral{\textquoteright}, and the standard-setter{\textquoteright}s approach was unsuccessful in meeting public sector users{\textquoteright} 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{\textquoteright} needs. This paper traces the influences expediting these changes.",

keywords = "public sector financial reporting, transaction-neutral, public sector accounting, sector-neutral, standard-setting",

author = "Cordery, {Carolyn J.} and Kevin Simpkins",

note = "{\textcopyright} 2016 Informa UK Limited, publishing as Taylor & Francis. This is an Accepted Manuscript of an article published by Taylor & Francis in Public Money and Management , available online: http://www.tandfonline.com/10.1080/09540962.2016.1133979.",

year = "2016",

month = feb,

day = "3",

doi = "10.1080/09540962.2016.1133979",

language = "English",

volume = "36",

pages = "209--218",

journal = "Public Money and Management",

issn = "0954-0962",

number = "3",

}

TY - JOUR

T1 - Financial reporting standards for the public sector: New Zealand’s 21st-century experience

AU - Cordery, Carolyn J.

AU - Simpkins, Kevin

N1 - © 2016 Informa UK Limited, publishing as Taylor & Francis. This is an Accepted Manuscript of an article published by Taylor & Francis in Public Money and Management , available online: http://www.tandfonline.com/10.1080/09540962.2016.1133979.

PY - 2016/2/3

Y1 - 2016/2/3

N2 - 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.

AB - 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.

KW - public sector financial reporting

KW - transaction-neutral

KW - public sector accounting

KW - sector-neutral

KW - standard-setting

UR - http://www.scopus.com/inward/record.url?eid=2-s2.0-84957637556&partnerID=MN8TOARS

UR - https://www.tandfonline.com/doi/full/10.1080/09540962.2016.1133979

U2 - 10.1080/09540962.2016.1133979

DO - 10.1080/09540962.2016.1133979

M3 - Article

SN - 0954-0962

VL - 36

SP - 209

EP - 218

JO - Public Money and Management

JF - Public Money and Management

IS - 3

ER -

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

Abstract

Bibliographical note

Keywords

Access to Document

Other files and links

Fingerprint

Cite this