Financial reporting standards for the public sector: New Zealand's twenty first century experience

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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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  • FINANCIAL REPORTING STANDARDS

    Rights statement: © 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, 416 KB, PDF-document

Details

Original languageEnglish
Pages (from-to)209-218
JournalPublic Money and Management
Volume36
Issue number3
DOIs
Publication statusPublished - 3 Feb 2016

Bibliographic 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 accounting; , transaction-neutral, sector-neutral; , standard-setting;

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