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Harmonisation of Government Finance Statistics and Generally Accepted Accounting Principles
Author(s) -
Challen Don,
Jeffery Craig
Publication year - 2003
Publication title -
australian accounting review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.551
H-Index - 36
eISSN - 1835-2561
pISSN - 1035-6908
DOI - 10.1111/j.1835-2561.2003.tb00400.x
Subject(s) - accounting , transparency (behavior) , clarity , confusion , government (linguistics) , business , governmental accounting , public sector , financial accounting , accounting standard , quality (philosophy) , public finance , finance , accounting information system , economics , fund accounting , political science , law , psychology , biochemistry , chemistry , linguistics , philosophy , economy , epistemology , psychoanalysis , macroeconomics
Harmonisation between the Australian accounting standards applicable to the public sector and Government Finance Statistics is the highest priority for Australian public‐sector reporting. The objective of harmonisation is to achieve a standard for a single set of government reports which are auditable, comparable between jurisdictions, and in which the outcome statements are directly comparable with the relevant budget statements. The result will be an improvement in the quality, clarity and transparency of government financial statements, and will remove the source of confusion as to which set of financial reports presents a more reliable portrayal of financial results.