Measurement in Public Sector Financial Reporting: Theoretical Basis and Empirical Evidence
Measurement in Public Sector Financial Reportingpresents a constructive and thoughtful analysis of possible valuation methodologies for the public sector context and related peculiarities and critical issues
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| Main Author: | |
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| Format: | Electronic eBook |
| Language: | English |
| Published: |
Bingley
Emerald Publishing Limited
2023
|
| Edition: | 1st ed |
| Series: | Emerald Studies in Public Service Accounting and Accountability Series
|
| Subjects: | |
| Online Access: | DE-2070s |
| Summary: | Measurement in Public Sector Financial Reportingpresents a constructive and thoughtful analysis of possible valuation methodologies for the public sector context and related peculiarities and critical issues |
| Item Description: | Description based on publisher supplied metadata and other sources |
| Physical Description: | 1 Online-Ressource (275 Seiten) |
| ISBN: | 9781801171632 |
Staff View
MARC
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| 505 | 8 | |a Intro -- Half Title Page -- Series Page -- Title Page -- Copyright Page -- Contents -- List of Figures -- List of Tables -- List of Abbreviations -- About the Contributors -- Foreword -- Preface -- Introduction -- Chapter 1: Exploring the Measurement Dilemma in Public Sector Financial Reporting -- 1. Introduction -- 2. The Scope of the Book -- 3. Theoretical Frameworks and Methodological Approaches -- 4. The Implications of the Book Chapters for Public Sector Accounting -- 4.1. Part One - Frameworks and Methodologies -- 4.2. Part Two - Measuring and Reporting the Elements of Financial Statements -- 4.3. Part Three - Focusing on Heritage -- 5. Conclusion -- References -- Frameworks and Methodologies -- Chapter 2: Pathways for Implementing an Asset Information Framework for the Valuation and Management of Fixed Assets -- 1. Introduction -- 2. The Move from Cash to Accrual Accounting and the Opening Balance Sheet -- 3. Literature Review: Developing an Asset Information System -- 4. Research Methodology -- 4.1. Malaysia -- 4.1.1. Background and Policy Development In 2009, the Malaysian government launched the Government Asset Management Policy as a guide for government agencies to better manage their assets and explain governmental roles and responsibilities in using the as -- 4.1.2. Asset Inventory and Asset Register Stages The Malaysia Public Works Department issued a Data Collection Guideline for Immoveable Assets and an asset coding structure. The coding system consisted of two segments to achieve a standard coding for all -- 4.2. South Africa -- 4.2.1. Background and Policy Development One of the major challenges for financial reforms in South Africa was the lack of reliable data on municipal assets and their values. Hence, the Public Finance Management Act 1 of 1999 stated that accounting office | |
| 505 | 8 | |a 4.2.2. Asset Inventory and Asset Register Stages To build the opening fixed asset register, the data to be collected were based on the Fixed Asset Register Template to be maintained in the future in addition to the data required to recognise, measure, and -- 4.3. Switzerland -- 4.3.1. Background and Policy Development Switzerland is organised into three distinct institutional levels: central government (the Confederation), federal states (26 cantons), and municipalities. The Swiss central government introduced IPSAS-based accrua -- 4.3.2. Asset Inventory and Asset Register Stages HAM2 allows for administrative assets (stemming from capital expenditure to provide a legally required public service) to be measured and reported at their depreciated historical cost (the cost incurred up -- 4.4. Australia - State of Victoria -- 4.4.1. Background and Policy Development Australia's states and territories have enacted legislation and regulation to varying degrees, requiring entities to create and maintain their own asset data, information, and asset management systems within them t -- 4.4.2. Asset Inventory and Asset Register Stages The guidance places significant emphasis on identifying, developing, and maintaining the data requirements as well as illustrating the activities required to create the AIMS policy, address the data gaps, a -- 5. Discussion: Asset Information Framework -- 6. Concluding Remarks -- References -- Chapter 3: Accounting for Public Sector Assets: Comparing Historical Cost and Current Value Models -- 1. Introduction -- 2. Developing a Consistent Design for the CF -- 3. Two Distinctive Accounting Models: Historical Cost and Current Value -- 4. Historical Cost Accounting for Assets Adapted to Public Sector Specificities -- 4.1. Choosing Between Accounting Models: Missing Guidance by the IPSASB. | |
| 505 | 8 | |a 4.2. Our Public Sector-specific Approach in Line With the GASB -- 4.3. Accounting for Public Sector Assets: Definition, Recognition and Measurement -- 4.3.1. Definition of Asset Under Historical Cost and Current Value Accounting Models The two accounting models - historical cost and current value - define the basic accounting elements in distinctive ways. The balance sheet approach under the current val -- 4.3.2. Asset Recognition and the Matching Method Adapted to Public Sector Specificities The logic of historical cost accounting points to the accounting method of matching expenditures to the accounting periods in which they accrue, resulting in the simul -- 4.3.3. Derecognition of an Asset in Public Sector Accounting Derecognition of a public sector asset points to the peculiar moment at which the accounting entity disposes of that asset by selling or derecognising it in some other way. At that moment, the l -- 4.3.4. Matters of Asset Measurement in Public Sector Accounting As long as an asset is accrued and recognised in the balance sheet, its contribution to the current cost of public service may be determined in various ways. Depreciation is one of the most i -- 4.3.5. Disadvantages of Current Value Accounting for Public Sector Assets This section has explained why a historical cost accounting model has to be adapted to PSEs and then preferred as a reference for their accrual-based financial statements. -- 5. Illustrative Examples of Some Asset Categories -- 5.1. Visual Guideline for Applying Our CF -- 5.2. Accounting for Some Asset Categories -- 6. Summary and Concluding Remarks -- References -- Chapter 4: The Principle of Prudence in Government Accounting -- 1. Introduction -- 2. Cautious and Asymmetric Prudence from a Normative Perspective -- 2.2 Cautious Prudence in the IASB CF. | |
| 505 | 8 | |a 2.3 Prudence in Europe With Germany as an Exemplary Framework Including Asymmetric Prudence -- 3. The Role of the Prudence Principle in the IPSASB CF and in the EPSAS CF -- 3.2 Prudence Within the EPSAS CF -- 4. Assessment of the IPSASB's Accounting Standards (IPSAS) with Respect to Asymmetric Prudence -- 5. Findings -- 6. Conclusions and Practical Implications -- References -- Chapter 5: The Applicability of the Current Operational Value for the Measurement of Assets in the Public Sector -- 1. Introduction -- 2. Background -- 3. The COV and the QCs of the IPSAS CF -- 4. Proposed Measurement Techniques for the COV -- 5. Feedback Obtained from the CLs to ED 76 and ED 77 in Relation to the COV -- 5.1. Inclusion of COV as Measurement Basis for Assets -- 5.1.1. SMC 3 in ED 76. Do you agree with the proposed inclusion of COV as a measurement basis for assets in the CF? If not, why not? The ED includes an alternative view on COV. -- 5.2. Definition and Guidance of COV -- 5.2.1. SMC 5 in ED 77. Do you agree COV is the value of an asset used to achieve the entity's service delivery objectives at the measurement date? If not, please provide your reasons, stating clearly what principles are more appropriate for the public sec -- 5.2.2. SMC 6 in ED 77. Do you agree the proposed definition of COV and the accompanying guidance is appropriate for public sector entities (Appendix B: Current Operational Value)? If not, please provide your reasons, stating clearly what definition and gu -- 5.3. Suggestions From Respondents -- 5.3.1. Alternatives to COV. Some of the respondents that disagreed with the inclusion of COV, also proposed alternatives as way forward. The alternatives can be clustered in two major groups: using fair value as a single current value measurement basis, o | |
| 505 | 8 | |a 5.3.1.1. Use Fair Value This alternative proposes the use of fair value as a single current value measurement basis for non-financial assets and consider what public sector modifications would be required and the circumstances in which those modification -- 5.3.1.2. Replacement Cost - Alternative View. This alternative focuses in the use of the replacement cost as the alternative measurement basis to fair value (CL 16 - ED 76 - Canada), (CL 18 - ED 77 - South Africa), (CL 13 - ED 76 - Australia). One sugges -- 5.3.2. Proposed Measurement Techniques for the COV. The respondents to ED 76 and ED 77 provided useful feedback in relation to the measurement techniques of COV. For instance, one respondent identified that there is no clear distinction between the differ -- 5.3.2.1. SMC 8 in ED 77. Do you agree the income approach is applicable to estimate the value of an asset measured using the COV measurement basis? If not, please provide your reasons, stating clearly why the income approach is not applicable for measurin -- 5.3.2.2. Arguments in Favour of Retaining the Income Approach as Measurement Technique for COV. Two respondents provided examples on how they nowadays use the income approach for the measurement of assets: electromagnetic spectrum using discounted future -- 5.3.2.3. Arguments Against Retaining the Income Approach as Measurement Technique for COV Several arguments against retaining the income approach as measurement technique for COV have been identified. For instance, as public sector entities often hold and -- 5.3.3. Suggestions on the Way Forward for the Measurement Techniques The CLs also provided suggestions on the way forward for the measurement techniques. One suggestion is that the Basis for Conclusions should give greater emphasis to the income approach -- 6. Recommendations for the Future Standard-setting Process | |
| 505 | 8 | |a References | |
| 520 | |a Measurement in Public Sector Financial Reportingpresents a constructive and thoughtful analysis of possible valuation methodologies for the public sector context and related peculiarities and critical issues | ||
| 650 | 4 | |a Finance, Public | |
| 650 | 4 | |a Financial statements | |
| 700 | 1 | |a Bisogno, Marco |e Sonstige |4 oth | |
| 700 | 1 | |a Sicilia, Mariafrancesca |e Sonstige |4 oth | |
| 776 | 0 | 8 | |i Erscheint auch als |n Druck-Ausgabe |a Caruana, Josette |t Measurement in Public Sector Financial Reporting |d Bingley : Emerald Publishing Limited,c2023 |z 9781801171625 |
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| contents | Intro -- Half Title Page -- Series Page -- Title Page -- Copyright Page -- Contents -- List of Figures -- List of Tables -- List of Abbreviations -- About the Contributors -- Foreword -- Preface -- Introduction -- Chapter 1: Exploring the Measurement Dilemma in Public Sector Financial Reporting -- 1. Introduction -- 2. The Scope of the Book -- 3. Theoretical Frameworks and Methodological Approaches -- 4. The Implications of the Book Chapters for Public Sector Accounting -- 4.1. Part One - Frameworks and Methodologies -- 4.2. Part Two - Measuring and Reporting the Elements of Financial Statements -- 4.3. Part Three - Focusing on Heritage -- 5. Conclusion -- References -- Frameworks and Methodologies -- Chapter 2: Pathways for Implementing an Asset Information Framework for the Valuation and Management of Fixed Assets -- 1. Introduction -- 2. The Move from Cash to Accrual Accounting and the Opening Balance Sheet -- 3. Literature Review: Developing an Asset Information System -- 4. Research Methodology -- 4.1. Malaysia -- 4.1.1. Background and Policy Development In 2009, the Malaysian government launched the Government Asset Management Policy as a guide for government agencies to better manage their assets and explain governmental roles and responsibilities in using the as -- 4.1.2. Asset Inventory and Asset Register Stages The Malaysia Public Works Department issued a Data Collection Guideline for Immoveable Assets and an asset coding structure. The coding system consisted of two segments to achieve a standard coding for all -- 4.2. South Africa -- 4.2.1. Background and Policy Development One of the major challenges for financial reforms in South Africa was the lack of reliable data on municipal assets and their values. Hence, the Public Finance Management Act 1 of 1999 stated that accounting office 4.2.2. Asset Inventory and Asset Register Stages To build the opening fixed asset register, the data to be collected were based on the Fixed Asset Register Template to be maintained in the future in addition to the data required to recognise, measure, and -- 4.3. Switzerland -- 4.3.1. Background and Policy Development Switzerland is organised into three distinct institutional levels: central government (the Confederation), federal states (26 cantons), and municipalities. The Swiss central government introduced IPSAS-based accrua -- 4.3.2. Asset Inventory and Asset Register Stages HAM2 allows for administrative assets (stemming from capital expenditure to provide a legally required public service) to be measured and reported at their depreciated historical cost (the cost incurred up -- 4.4. Australia - State of Victoria -- 4.4.1. Background and Policy Development Australia's states and territories have enacted legislation and regulation to varying degrees, requiring entities to create and maintain their own asset data, information, and asset management systems within them t -- 4.4.2. Asset Inventory and Asset Register Stages The guidance places significant emphasis on identifying, developing, and maintaining the data requirements as well as illustrating the activities required to create the AIMS policy, address the data gaps, a -- 5. Discussion: Asset Information Framework -- 6. Concluding Remarks -- References -- Chapter 3: Accounting for Public Sector Assets: Comparing Historical Cost and Current Value Models -- 1. Introduction -- 2. Developing a Consistent Design for the CF -- 3. Two Distinctive Accounting Models: Historical Cost and Current Value -- 4. Historical Cost Accounting for Assets Adapted to Public Sector Specificities -- 4.1. Choosing Between Accounting Models: Missing Guidance by the IPSASB. 4.2. Our Public Sector-specific Approach in Line With the GASB -- 4.3. Accounting for Public Sector Assets: Definition, Recognition and Measurement -- 4.3.1. Definition of Asset Under Historical Cost and Current Value Accounting Models The two accounting models - historical cost and current value - define the basic accounting elements in distinctive ways. The balance sheet approach under the current val -- 4.3.2. Asset Recognition and the Matching Method Adapted to Public Sector Specificities The logic of historical cost accounting points to the accounting method of matching expenditures to the accounting periods in which they accrue, resulting in the simul -- 4.3.3. Derecognition of an Asset in Public Sector Accounting Derecognition of a public sector asset points to the peculiar moment at which the accounting entity disposes of that asset by selling or derecognising it in some other way. At that moment, the l -- 4.3.4. Matters of Asset Measurement in Public Sector Accounting As long as an asset is accrued and recognised in the balance sheet, its contribution to the current cost of public service may be determined in various ways. Depreciation is one of the most i -- 4.3.5. Disadvantages of Current Value Accounting for Public Sector Assets This section has explained why a historical cost accounting model has to be adapted to PSEs and then preferred as a reference for their accrual-based financial statements. -- 5. Illustrative Examples of Some Asset Categories -- 5.1. Visual Guideline for Applying Our CF -- 5.2. Accounting for Some Asset Categories -- 6. Summary and Concluding Remarks -- References -- Chapter 4: The Principle of Prudence in Government Accounting -- 1. Introduction -- 2. Cautious and Asymmetric Prudence from a Normative Perspective -- 2.2 Cautious Prudence in the IASB CF. 2.3 Prudence in Europe With Germany as an Exemplary Framework Including Asymmetric Prudence -- 3. The Role of the Prudence Principle in the IPSASB CF and in the EPSAS CF -- 3.2 Prudence Within the EPSAS CF -- 4. Assessment of the IPSASB's Accounting Standards (IPSAS) with Respect to Asymmetric Prudence -- 5. Findings -- 6. Conclusions and Practical Implications -- References -- Chapter 5: The Applicability of the Current Operational Value for the Measurement of Assets in the Public Sector -- 1. Introduction -- 2. Background -- 3. The COV and the QCs of the IPSAS CF -- 4. Proposed Measurement Techniques for the COV -- 5. Feedback Obtained from the CLs to ED 76 and ED 77 in Relation to the COV -- 5.1. Inclusion of COV as Measurement Basis for Assets -- 5.1.1. SMC 3 in ED 76. Do you agree with the proposed inclusion of COV as a measurement basis for assets in the CF? If not, why not? The ED includes an alternative view on COV. -- 5.2. Definition and Guidance of COV -- 5.2.1. SMC 5 in ED 77. Do you agree COV is the value of an asset used to achieve the entity's service delivery objectives at the measurement date? If not, please provide your reasons, stating clearly what principles are more appropriate for the public sec -- 5.2.2. SMC 6 in ED 77. Do you agree the proposed definition of COV and the accompanying guidance is appropriate for public sector entities (Appendix B: Current Operational Value)? If not, please provide your reasons, stating clearly what definition and gu -- 5.3. Suggestions From Respondents -- 5.3.1. Alternatives to COV. Some of the respondents that disagreed with the inclusion of COV, also proposed alternatives as way forward. The alternatives can be clustered in two major groups: using fair value as a single current value measurement basis, o 5.3.1.1. Use Fair Value This alternative proposes the use of fair value as a single current value measurement basis for non-financial assets and consider what public sector modifications would be required and the circumstances in which those modification -- 5.3.1.2. Replacement Cost - Alternative View. This alternative focuses in the use of the replacement cost as the alternative measurement basis to fair value (CL 16 - ED 76 - Canada), (CL 18 - ED 77 - South Africa), (CL 13 - ED 76 - Australia). One sugges -- 5.3.2. Proposed Measurement Techniques for the COV. The respondents to ED 76 and ED 77 provided useful feedback in relation to the measurement techniques of COV. For instance, one respondent identified that there is no clear distinction between the differ -- 5.3.2.1. SMC 8 in ED 77. Do you agree the income approach is applicable to estimate the value of an asset measured using the COV measurement basis? If not, please provide your reasons, stating clearly why the income approach is not applicable for measurin -- 5.3.2.2. Arguments in Favour of Retaining the Income Approach as Measurement Technique for COV. Two respondents provided examples on how they nowadays use the income approach for the measurement of assets: electromagnetic spectrum using discounted future -- 5.3.2.3. Arguments Against Retaining the Income Approach as Measurement Technique for COV Several arguments against retaining the income approach as measurement technique for COV have been identified. For instance, as public sector entities often hold and -- 5.3.3. Suggestions on the Way Forward for the Measurement Techniques The CLs also provided suggestions on the way forward for the measurement techniques. One suggestion is that the Basis for Conclusions should give greater emphasis to the income approach -- 6. Recommendations for the Future Standard-setting Process References |
| ctrlnum | (ZDB-30-PQE)EBC7213770 (ZDB-30-PAD)EBC7213770 (ZDB-89-EBL)EBL7213770 (OCoLC)1373342910 (DE-599)BVBBV049874520 |
| dewey-full | 330 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 330 - Economics |
| dewey-raw | 330 |
| dewey-search | 330 |
| dewey-sort | 3330 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1st ed |
| format | Electronic eBook |
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Assessment of the IPSASB's Accounting Standards (IPSAS) with Respect to Asymmetric Prudence -- 5. Findings -- 6. Conclusions and Practical Implications -- References -- Chapter 5: The Applicability of the Current Operational Value for the Measurement of Assets in the Public Sector -- 1. Introduction -- 2. Background -- 3. The COV and the QCs of the IPSAS CF -- 4. Proposed Measurement Techniques for the COV -- 5. Feedback Obtained from the CLs to ED 76 and ED 77 in Relation to the COV -- 5.1. Inclusion of COV as Measurement Basis for Assets -- 5.1.1. SMC 3 in ED 76. Do you agree with the proposed inclusion of COV as a measurement basis for assets in the CF? If not, why not? The ED includes an alternative view on COV. -- 5.2. Definition and Guidance of COV -- 5.2.1. SMC 5 in ED 77. Do you agree COV is the value of an asset used to achieve the entity's service delivery objectives at the measurement date? If not, please provide your reasons, stating clearly what principles are more appropriate for the public sec -- 5.2.2. SMC 6 in ED 77. Do you agree the proposed definition of COV and the accompanying guidance is appropriate for public sector entities (Appendix B: Current Operational Value)? If not, please provide your reasons, stating clearly what definition and gu -- 5.3. Suggestions From Respondents -- 5.3.1. Alternatives to COV. Some of the respondents that disagreed with the inclusion of COV, also proposed alternatives as way forward. The alternatives can be clustered in two major groups: using fair value as a single current value measurement basis, o</subfield></datafield><datafield tag="505" ind1="8" ind2=" "><subfield code="a">5.3.1.1. Use Fair Value This alternative proposes the use of fair value as a single current value measurement basis for non-financial assets and consider what public sector modifications would be required and the circumstances in which those modification -- 5.3.1.2. Replacement Cost - Alternative View. This alternative focuses in the use of the replacement cost as the alternative measurement basis to fair value (CL 16 - ED 76 - Canada), (CL 18 - ED 77 - South Africa), (CL 13 - ED 76 - Australia). One sugges -- 5.3.2. Proposed Measurement Techniques for the COV. The respondents to ED 76 and ED 77 provided useful feedback in relation to the measurement techniques of COV. For instance, one respondent identified that there is no clear distinction between the differ -- 5.3.2.1. SMC 8 in ED 77. Do you agree the income approach is applicable to estimate the value of an asset measured using the COV measurement basis? If not, please provide your reasons, stating clearly why the income approach is not applicable for measurin -- 5.3.2.2. Arguments in Favour of Retaining the Income Approach as Measurement Technique for COV. Two respondents provided examples on how they nowadays use the income approach for the measurement of assets: electromagnetic spectrum using discounted future -- 5.3.2.3. Arguments Against Retaining the Income Approach as Measurement Technique for COV Several arguments against retaining the income approach as measurement technique for COV have been identified. For instance, as public sector entities often hold and -- 5.3.3. Suggestions on the Way Forward for the Measurement Techniques The CLs also provided suggestions on the way forward for the measurement techniques. One suggestion is that the Basis for Conclusions should give greater emphasis to the income approach -- 6. 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| id | DE-604.BV049874520 |
| illustrated | Not Illustrated |
| indexdate | 2024-09-19T05:22:06Z |
| institution | BVB |
| isbn | 9781801171632 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-035213978 |
| oclc_num | 1373342910 |
| open_access_boolean | |
| owner | DE-2070s |
| owner_facet | DE-2070s |
| physical | 1 Online-Ressource (275 Seiten) |
| psigel | ZDB-30-PQE ZDB-30-PQE HWR_PDA_PQE |
| publishDate | 2023 |
| publishDateSearch | 2023 |
| publishDateSort | 2023 |
| publisher | Emerald Publishing Limited |
| record_format | marc |
| series2 | Emerald Studies in Public Service Accounting and Accountability Series |
| spelling | Caruana, Josette Verfasser aut Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence 1st ed Bingley Emerald Publishing Limited 2023 ©2023 1 Online-Ressource (275 Seiten) txt rdacontent c rdamedia cr rdacarrier Emerald Studies in Public Service Accounting and Accountability Series Description based on publisher supplied metadata and other sources Intro -- Half Title Page -- Series Page -- Title Page -- Copyright Page -- Contents -- List of Figures -- List of Tables -- List of Abbreviations -- About the Contributors -- Foreword -- Preface -- Introduction -- Chapter 1: Exploring the Measurement Dilemma in Public Sector Financial Reporting -- 1. Introduction -- 2. The Scope of the Book -- 3. Theoretical Frameworks and Methodological Approaches -- 4. The Implications of the Book Chapters for Public Sector Accounting -- 4.1. Part One - Frameworks and Methodologies -- 4.2. Part Two - Measuring and Reporting the Elements of Financial Statements -- 4.3. Part Three - Focusing on Heritage -- 5. Conclusion -- References -- Frameworks and Methodologies -- Chapter 2: Pathways for Implementing an Asset Information Framework for the Valuation and Management of Fixed Assets -- 1. Introduction -- 2. The Move from Cash to Accrual Accounting and the Opening Balance Sheet -- 3. Literature Review: Developing an Asset Information System -- 4. Research Methodology -- 4.1. Malaysia -- 4.1.1. Background and Policy Development In 2009, the Malaysian government launched the Government Asset Management Policy as a guide for government agencies to better manage their assets and explain governmental roles and responsibilities in using the as -- 4.1.2. Asset Inventory and Asset Register Stages The Malaysia Public Works Department issued a Data Collection Guideline for Immoveable Assets and an asset coding structure. The coding system consisted of two segments to achieve a standard coding for all -- 4.2. South Africa -- 4.2.1. Background and Policy Development One of the major challenges for financial reforms in South Africa was the lack of reliable data on municipal assets and their values. Hence, the Public Finance Management Act 1 of 1999 stated that accounting office 4.2.2. Asset Inventory and Asset Register Stages To build the opening fixed asset register, the data to be collected were based on the Fixed Asset Register Template to be maintained in the future in addition to the data required to recognise, measure, and -- 4.3. Switzerland -- 4.3.1. Background and Policy Development Switzerland is organised into three distinct institutional levels: central government (the Confederation), federal states (26 cantons), and municipalities. The Swiss central government introduced IPSAS-based accrua -- 4.3.2. Asset Inventory and Asset Register Stages HAM2 allows for administrative assets (stemming from capital expenditure to provide a legally required public service) to be measured and reported at their depreciated historical cost (the cost incurred up -- 4.4. Australia - State of Victoria -- 4.4.1. Background and Policy Development Australia's states and territories have enacted legislation and regulation to varying degrees, requiring entities to create and maintain their own asset data, information, and asset management systems within them t -- 4.4.2. Asset Inventory and Asset Register Stages The guidance places significant emphasis on identifying, developing, and maintaining the data requirements as well as illustrating the activities required to create the AIMS policy, address the data gaps, a -- 5. Discussion: Asset Information Framework -- 6. Concluding Remarks -- References -- Chapter 3: Accounting for Public Sector Assets: Comparing Historical Cost and Current Value Models -- 1. Introduction -- 2. Developing a Consistent Design for the CF -- 3. Two Distinctive Accounting Models: Historical Cost and Current Value -- 4. Historical Cost Accounting for Assets Adapted to Public Sector Specificities -- 4.1. Choosing Between Accounting Models: Missing Guidance by the IPSASB. 4.2. Our Public Sector-specific Approach in Line With the GASB -- 4.3. Accounting for Public Sector Assets: Definition, Recognition and Measurement -- 4.3.1. Definition of Asset Under Historical Cost and Current Value Accounting Models The two accounting models - historical cost and current value - define the basic accounting elements in distinctive ways. The balance sheet approach under the current val -- 4.3.2. Asset Recognition and the Matching Method Adapted to Public Sector Specificities The logic of historical cost accounting points to the accounting method of matching expenditures to the accounting periods in which they accrue, resulting in the simul -- 4.3.3. Derecognition of an Asset in Public Sector Accounting Derecognition of a public sector asset points to the peculiar moment at which the accounting entity disposes of that asset by selling or derecognising it in some other way. At that moment, the l -- 4.3.4. Matters of Asset Measurement in Public Sector Accounting As long as an asset is accrued and recognised in the balance sheet, its contribution to the current cost of public service may be determined in various ways. Depreciation is one of the most i -- 4.3.5. Disadvantages of Current Value Accounting for Public Sector Assets This section has explained why a historical cost accounting model has to be adapted to PSEs and then preferred as a reference for their accrual-based financial statements. -- 5. Illustrative Examples of Some Asset Categories -- 5.1. Visual Guideline for Applying Our CF -- 5.2. Accounting for Some Asset Categories -- 6. Summary and Concluding Remarks -- References -- Chapter 4: The Principle of Prudence in Government Accounting -- 1. Introduction -- 2. Cautious and Asymmetric Prudence from a Normative Perspective -- 2.2 Cautious Prudence in the IASB CF. 2.3 Prudence in Europe With Germany as an Exemplary Framework Including Asymmetric Prudence -- 3. The Role of the Prudence Principle in the IPSASB CF and in the EPSAS CF -- 3.2 Prudence Within the EPSAS CF -- 4. Assessment of the IPSASB's Accounting Standards (IPSAS) with Respect to Asymmetric Prudence -- 5. Findings -- 6. Conclusions and Practical Implications -- References -- Chapter 5: The Applicability of the Current Operational Value for the Measurement of Assets in the Public Sector -- 1. Introduction -- 2. Background -- 3. The COV and the QCs of the IPSAS CF -- 4. Proposed Measurement Techniques for the COV -- 5. Feedback Obtained from the CLs to ED 76 and ED 77 in Relation to the COV -- 5.1. Inclusion of COV as Measurement Basis for Assets -- 5.1.1. SMC 3 in ED 76. Do you agree with the proposed inclusion of COV as a measurement basis for assets in the CF? If not, why not? The ED includes an alternative view on COV. -- 5.2. Definition and Guidance of COV -- 5.2.1. SMC 5 in ED 77. Do you agree COV is the value of an asset used to achieve the entity's service delivery objectives at the measurement date? If not, please provide your reasons, stating clearly what principles are more appropriate for the public sec -- 5.2.2. SMC 6 in ED 77. Do you agree the proposed definition of COV and the accompanying guidance is appropriate for public sector entities (Appendix B: Current Operational Value)? If not, please provide your reasons, stating clearly what definition and gu -- 5.3. Suggestions From Respondents -- 5.3.1. Alternatives to COV. Some of the respondents that disagreed with the inclusion of COV, also proposed alternatives as way forward. The alternatives can be clustered in two major groups: using fair value as a single current value measurement basis, o 5.3.1.1. Use Fair Value This alternative proposes the use of fair value as a single current value measurement basis for non-financial assets and consider what public sector modifications would be required and the circumstances in which those modification -- 5.3.1.2. Replacement Cost - Alternative View. This alternative focuses in the use of the replacement cost as the alternative measurement basis to fair value (CL 16 - ED 76 - Canada), (CL 18 - ED 77 - South Africa), (CL 13 - ED 76 - Australia). One sugges -- 5.3.2. Proposed Measurement Techniques for the COV. The respondents to ED 76 and ED 77 provided useful feedback in relation to the measurement techniques of COV. For instance, one respondent identified that there is no clear distinction between the differ -- 5.3.2.1. SMC 8 in ED 77. Do you agree the income approach is applicable to estimate the value of an asset measured using the COV measurement basis? If not, please provide your reasons, stating clearly why the income approach is not applicable for measurin -- 5.3.2.2. Arguments in Favour of Retaining the Income Approach as Measurement Technique for COV. Two respondents provided examples on how they nowadays use the income approach for the measurement of assets: electromagnetic spectrum using discounted future -- 5.3.2.3. Arguments Against Retaining the Income Approach as Measurement Technique for COV Several arguments against retaining the income approach as measurement technique for COV have been identified. For instance, as public sector entities often hold and -- 5.3.3. Suggestions on the Way Forward for the Measurement Techniques The CLs also provided suggestions on the way forward for the measurement techniques. One suggestion is that the Basis for Conclusions should give greater emphasis to the income approach -- 6. Recommendations for the Future Standard-setting Process References Measurement in Public Sector Financial Reportingpresents a constructive and thoughtful analysis of possible valuation methodologies for the public sector context and related peculiarities and critical issues Finance, Public Financial statements Bisogno, Marco Sonstige oth Sicilia, Mariafrancesca Sonstige oth Erscheint auch als Druck-Ausgabe Caruana, Josette Measurement in Public Sector Financial Reporting Bingley : Emerald Publishing Limited,c2023 9781801171625 |
| spellingShingle | Caruana, Josette Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence Intro -- Half Title Page -- Series Page -- Title Page -- Copyright Page -- Contents -- List of Figures -- List of Tables -- List of Abbreviations -- About the Contributors -- Foreword -- Preface -- Introduction -- Chapter 1: Exploring the Measurement Dilemma in Public Sector Financial Reporting -- 1. Introduction -- 2. The Scope of the Book -- 3. Theoretical Frameworks and Methodological Approaches -- 4. The Implications of the Book Chapters for Public Sector Accounting -- 4.1. Part One - Frameworks and Methodologies -- 4.2. Part Two - Measuring and Reporting the Elements of Financial Statements -- 4.3. Part Three - Focusing on Heritage -- 5. Conclusion -- References -- Frameworks and Methodologies -- Chapter 2: Pathways for Implementing an Asset Information Framework for the Valuation and Management of Fixed Assets -- 1. Introduction -- 2. The Move from Cash to Accrual Accounting and the Opening Balance Sheet -- 3. Literature Review: Developing an Asset Information System -- 4. Research Methodology -- 4.1. Malaysia -- 4.1.1. Background and Policy Development In 2009, the Malaysian government launched the Government Asset Management Policy as a guide for government agencies to better manage their assets and explain governmental roles and responsibilities in using the as -- 4.1.2. Asset Inventory and Asset Register Stages The Malaysia Public Works Department issued a Data Collection Guideline for Immoveable Assets and an asset coding structure. The coding system consisted of two segments to achieve a standard coding for all -- 4.2. South Africa -- 4.2.1. Background and Policy Development One of the major challenges for financial reforms in South Africa was the lack of reliable data on municipal assets and their values. Hence, the Public Finance Management Act 1 of 1999 stated that accounting office 4.2.2. Asset Inventory and Asset Register Stages To build the opening fixed asset register, the data to be collected were based on the Fixed Asset Register Template to be maintained in the future in addition to the data required to recognise, measure, and -- 4.3. Switzerland -- 4.3.1. Background and Policy Development Switzerland is organised into three distinct institutional levels: central government (the Confederation), federal states (26 cantons), and municipalities. The Swiss central government introduced IPSAS-based accrua -- 4.3.2. Asset Inventory and Asset Register Stages HAM2 allows for administrative assets (stemming from capital expenditure to provide a legally required public service) to be measured and reported at their depreciated historical cost (the cost incurred up -- 4.4. Australia - State of Victoria -- 4.4.1. Background and Policy Development Australia's states and territories have enacted legislation and regulation to varying degrees, requiring entities to create and maintain their own asset data, information, and asset management systems within them t -- 4.4.2. Asset Inventory and Asset Register Stages The guidance places significant emphasis on identifying, developing, and maintaining the data requirements as well as illustrating the activities required to create the AIMS policy, address the data gaps, a -- 5. Discussion: Asset Information Framework -- 6. Concluding Remarks -- References -- Chapter 3: Accounting for Public Sector Assets: Comparing Historical Cost and Current Value Models -- 1. Introduction -- 2. Developing a Consistent Design for the CF -- 3. Two Distinctive Accounting Models: Historical Cost and Current Value -- 4. Historical Cost Accounting for Assets Adapted to Public Sector Specificities -- 4.1. Choosing Between Accounting Models: Missing Guidance by the IPSASB. 4.2. Our Public Sector-specific Approach in Line With the GASB -- 4.3. Accounting for Public Sector Assets: Definition, Recognition and Measurement -- 4.3.1. Definition of Asset Under Historical Cost and Current Value Accounting Models The two accounting models - historical cost and current value - define the basic accounting elements in distinctive ways. The balance sheet approach under the current val -- 4.3.2. Asset Recognition and the Matching Method Adapted to Public Sector Specificities The logic of historical cost accounting points to the accounting method of matching expenditures to the accounting periods in which they accrue, resulting in the simul -- 4.3.3. Derecognition of an Asset in Public Sector Accounting Derecognition of a public sector asset points to the peculiar moment at which the accounting entity disposes of that asset by selling or derecognising it in some other way. At that moment, the l -- 4.3.4. Matters of Asset Measurement in Public Sector Accounting As long as an asset is accrued and recognised in the balance sheet, its contribution to the current cost of public service may be determined in various ways. Depreciation is one of the most i -- 4.3.5. Disadvantages of Current Value Accounting for Public Sector Assets This section has explained why a historical cost accounting model has to be adapted to PSEs and then preferred as a reference for their accrual-based financial statements. -- 5. Illustrative Examples of Some Asset Categories -- 5.1. Visual Guideline for Applying Our CF -- 5.2. Accounting for Some Asset Categories -- 6. Summary and Concluding Remarks -- References -- Chapter 4: The Principle of Prudence in Government Accounting -- 1. Introduction -- 2. Cautious and Asymmetric Prudence from a Normative Perspective -- 2.2 Cautious Prudence in the IASB CF. 2.3 Prudence in Europe With Germany as an Exemplary Framework Including Asymmetric Prudence -- 3. The Role of the Prudence Principle in the IPSASB CF and in the EPSAS CF -- 3.2 Prudence Within the EPSAS CF -- 4. Assessment of the IPSASB's Accounting Standards (IPSAS) with Respect to Asymmetric Prudence -- 5. Findings -- 6. Conclusions and Practical Implications -- References -- Chapter 5: The Applicability of the Current Operational Value for the Measurement of Assets in the Public Sector -- 1. Introduction -- 2. Background -- 3. The COV and the QCs of the IPSAS CF -- 4. Proposed Measurement Techniques for the COV -- 5. Feedback Obtained from the CLs to ED 76 and ED 77 in Relation to the COV -- 5.1. Inclusion of COV as Measurement Basis for Assets -- 5.1.1. SMC 3 in ED 76. Do you agree with the proposed inclusion of COV as a measurement basis for assets in the CF? If not, why not? The ED includes an alternative view on COV. -- 5.2. Definition and Guidance of COV -- 5.2.1. SMC 5 in ED 77. Do you agree COV is the value of an asset used to achieve the entity's service delivery objectives at the measurement date? If not, please provide your reasons, stating clearly what principles are more appropriate for the public sec -- 5.2.2. SMC 6 in ED 77. Do you agree the proposed definition of COV and the accompanying guidance is appropriate for public sector entities (Appendix B: Current Operational Value)? If not, please provide your reasons, stating clearly what definition and gu -- 5.3. Suggestions From Respondents -- 5.3.1. Alternatives to COV. Some of the respondents that disagreed with the inclusion of COV, also proposed alternatives as way forward. The alternatives can be clustered in two major groups: using fair value as a single current value measurement basis, o 5.3.1.1. Use Fair Value This alternative proposes the use of fair value as a single current value measurement basis for non-financial assets and consider what public sector modifications would be required and the circumstances in which those modification -- 5.3.1.2. Replacement Cost - Alternative View. This alternative focuses in the use of the replacement cost as the alternative measurement basis to fair value (CL 16 - ED 76 - Canada), (CL 18 - ED 77 - South Africa), (CL 13 - ED 76 - Australia). One sugges -- 5.3.2. Proposed Measurement Techniques for the COV. The respondents to ED 76 and ED 77 provided useful feedback in relation to the measurement techniques of COV. For instance, one respondent identified that there is no clear distinction between the differ -- 5.3.2.1. SMC 8 in ED 77. Do you agree the income approach is applicable to estimate the value of an asset measured using the COV measurement basis? If not, please provide your reasons, stating clearly why the income approach is not applicable for measurin -- 5.3.2.2. Arguments in Favour of Retaining the Income Approach as Measurement Technique for COV. Two respondents provided examples on how they nowadays use the income approach for the measurement of assets: electromagnetic spectrum using discounted future -- 5.3.2.3. Arguments Against Retaining the Income Approach as Measurement Technique for COV Several arguments against retaining the income approach as measurement technique for COV have been identified. For instance, as public sector entities often hold and -- 5.3.3. Suggestions on the Way Forward for the Measurement Techniques The CLs also provided suggestions on the way forward for the measurement techniques. One suggestion is that the Basis for Conclusions should give greater emphasis to the income approach -- 6. Recommendations for the Future Standard-setting Process References Finance, Public Financial statements |
| title | Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence |
| title_auth | Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence |
| title_exact_search | Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence |
| title_full | Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence |
| title_fullStr | Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence |
| title_full_unstemmed | Measurement in Public Sector Financial Reporting Theoretical Basis and Empirical Evidence |
| title_short | Measurement in Public Sector Financial Reporting |
| title_sort | measurement in public sector financial reporting theoretical basis and empirical evidence |
| title_sub | Theoretical Basis and Empirical Evidence |
| topic | Finance, Public Financial statements |
| topic_facet | Finance, Public Financial statements |
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