Public-Sector Accounting and the International Standardization Process of Presenting Financial Statements

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Lasse Oulasvirta

Abstract

A new movement to internationally standardize public-sector financial reporting started in 2000. This standardization process is led by the International Federation of Accountants (IFAC). IFAC has published standards for all public-sector entities, whether national central governments or local governments. In this article, both the standardization process and the chosen conceptual framework for the standards are critically assessed. The analysis is done in the country context of Finland, where the national government accounting board assessed the standards' usability.

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Author Biography

Lasse Oulasvirta

LASSE OULASVIRTA is a Professor of Public Sector Financial Management and Accounting at University of Tampere and member of the Finnish Government Accounting Board. His main research interests are in public sector financial management, budgeting, accounting and auditing.