As Australia is the first adopter of such an accounting standard there is a

As australia is the first adopter of such an

This preview shows page 22 - 24 out of 354 pages.

As Australia is the first adopter of such an accounting standard there is a limited body of literature about GAAP/GFS harmonisation internationally and about the Australian experience in particular. Early arguments for linking microeconomic and macroeconomic data were made by Ruggles (1993, 1994, 1999) and Ruggles and Ruggles (1992; 1975, 1986). In practice, however, interest in the proposal was limited, possibly because the way in which data were collected, defined, recognised, measured and presented was significantly different for microeconomic and macroeconomic accounting. Whole of government reporting was initially synonymous with statistically based national accounting and was prepared on a cash basis. GAAP based whole of government accounts were introduced mostly in Anglo-Saxon and Anglo-Celt jurisdictions after the New Public Management reforms under the premise of better coordination of government activity and improved fiscal planning (Hood 2005; Pallot 1998). New Zealand, Australia and the United Kingdom and, to a lesser extent, the United States of America, Canada and Sweden were at the forefront of these developments. The non-Australian literature considering GAAP and GFS harmonisation is typically focused on discussions of conceptual and normative issues (Heald and Georgiou 2011; Jones 2000b, 2007) or examinations and cross-country comparisons of the state-of-the- art of whole of government accounting (Brusca and Montesinos 2009; Dasí, Montesinos and Murgui 2013; Grossi 2009; Grossi and Pepe 2009; Jones 2000a, 2003, 2012; Jones and Lüder 1996, 2011; Lande 2000; Lüder 2000; Newberry 2011; Portal, Lande, Jones and Lüder 2012). While some authors argue that GFS accounting should only be used for national accounting and not at the microeconomic level (Benito, Brusca and
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9 Montesinos 2007; Hoek 2005; Lande 2000), most agree that efforts to link GAAP and GFS reporting should be undertaken and encourage further research in this area (Dasí et al. 2013; Jesús and Jorge 2010; Jones 2000a, b; Keuning 1998; Keuning and Van Tongeren 2004; Lande 2000; Lüder 2000; Lüder and Jones 2003; Montesinos and Vela 2000). Some jurisdictions have made efforts to link GAAP and GFS accounting and there are a limited number of descriptive studies about technical aspects of these developments. The most notable countries are the UK (Chow, Homphrey and Moll 2007, 2008, 2009; Heald and Georgiou 2009, 2011; Jones 2012), the Netherlands (Keuning 1998; Keuning and Van Tongeren 2004) and, to a lesser extent, Spain and Portugal (Fontes, Rodrigues and Craig 2005; Jesús and Jorge 2010, 2011; Marti 2006). In summary, however, change outside of Australia is lagging and standard setters and other relevant bodies are looking towards actual development (Chow et al. 2008). While this thesis does not offer insights into the development, implementation or evaluation of the GAAP/GFS harmonisation project, it provides an in-depth examination of the institutional context and the discussions that lead to the decision for GAAP/GFS harmonisation from which international policy makers can draw valuable comparisons to their cases.
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  • Fall '13
  • Government, The Land, International Financial Reporting Standards, Financial Accounting Standards Board, Australian Accounting Standards Board, Snow

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