Governmental Financial Reporting of Heritage Assets From a User Needs Perspective

Aversano, Natalia; Christiaens, Johan

doi:10.1111/faam.12032

Cited by 38 publications

(56 citation statements)

References 39 publications

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“…We have considered typical approaches to determine the nature of financial statements in Table 1. Most scholars agree that the main purpose of financial statements is to meet the needs of its users (Al-Kassab et al, 2014;Aversano & Christiaens, 2014;Noaman et al, 2018;Perkhofer et al, 2019). Particular attention in these studies is paid to financial statements as a way to visualize the financial and property status and trends of future development for management purposes.…”

Section: Discussionmentioning

confidence: 99%

Financial statements as a management tool

Pelekh¹,

Khocha²,

Holovchak³

2020

10.5267/j.msl

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Current financial statements are a comprehensive description of the enterprise, which characterize not only their financial and property status, but also the risks and prospects that allows making a comprehensive picture of the market activities. The research paper deals with the study of the essence and the role of financial statements in the process of enterprise management. The objective of this research paper is to establish the necessary content and features of financial statements that would enable to fully meet the needs of managerial staff, while remaining economical, understandable and sufficient in terms of the content. The authors, through the analysis of the works of recognized scholars, investigated the main approaches to the definition of financial statements, which could allow us to define it as a set of indicators, representing generalized accounting data in the form that fully meets the information needs of the users for the process of managing economic activities. In the process of studying the composition of financial statements, their types are identified, and as a result -their role in the management of the enterprise are determined. The authors present their own vision of the essence of high-quality accounting information and its main characteristics, which can serve as content guidelines when compiling descriptive, non-financial and text parts of financial statements. The proposed approach allows formulating financial statements from the point of view of presentation of our own business on the best side, and in compliance with the regulatory and legal principles and requirements.

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Section: Discussionmentioning

confidence: 99%

Financial statements as a management tool

Pelekh¹,

Khocha²,

Holovchak³

2020

10.5267/j.msl

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“…The final, and potentially most contentious, issue in financial reporting by public sector entities relates to the measurement and recognition of infrastructure assets (Walker et al 1999(Walker et al , 2004Pilcher 2005Pilcher , 2006Pilcher , 2009Walker and Jones 2012) and assets used for cultural, heritage and community purposes (Barton 2000(Barton , 2005Broadbent and Guthrie 2008;Christiaens and Rommel 2008;FRC 2012;Aversano and Christiaens 2014). These are asset categories that are largely unique to the public sector.…”

Section: Institutional Setting and Backgroundmentioning

confidence: 99%

“…Subsequent to Carnegie and Wolnizer (1995), Pallot (1997), Carnegie and Wolnizer (1999) and Barton (2000Barton ( , 2005, Aversano and Christiaens (2014) address the issue of accounting for heritage facilities, which elsewhere are referred to as social assets or community assets. Heritage assets differ from other kinds of assets in the value they derive from being impossible to reproduce and substitute, and are highly unlikely to be traded.…”

Section: Institutional Setting and Backgroundmentioning

confidence: 99%

Community Asset Valuations by Non‐profit Government Entities

Czernkowski

Lim

2018

Australian Accounting Review

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This paper examines an implication of applying International Financial Reporting Standards to the government sector in Australia. We posit both a self‐interest and a transparency motivation for local governments effecting revaluations of both infrastructure assets and community land. The self‐interest motivation was expected to manifest as a relationship between the amount of revaluation and CEO (or management team) remuneration. The transparency motivation was expected to result in a relationship between revaluation and the extent of spending on these assets, measured as both the quantum of materials and contracts expense, and as the quantum of contracts awarded by the entity above the disclosure threshold. We also speculated that revaluations may be used to signal to state governments a need for additional funds through capital and/or operating grants. At conventional levels of significance, we find no support for these relationships, suggesting that agency motivations at the local government level are either more subtle or non‐existent. As local government authorities in our study follow a reporting framework and standardised accounting procedures prescribed by the state government (in compliance with applicable AASB/IFRS standards), financial and public accountabilities are also likely to be a driver for the valuation of local infrastructure assets at fair value, and this is not likely to be undermined by the opportunistic incentives we have considered.

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“…Secondly, academic research assesses the impact of standards on accounting and auditing practice (e.g. Gold, Gronewold & Pott, 2012;Chiang, 2010;Chiang & Northcott, 2010;Asare & Wright, 2012;Aversano & Christiaens, 2014) and teaching (e.g. Cordery, 2013).…”

Section: Introductionmentioning

confidence: 99%

“…Aversano & Christiaens (2014) They determined that 57% of these users' needs were not addressed by IPSAS 17. This research would be useful for IPSASB to consider when it next reviews IPSAS 17, and the research could escalate this up IPSASB's agenda.…”

mentioning

confidence: 99%

Bridging the gap between academia and standard setters

Sinclair

Cordery

2016

PAR

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2Bridging the gap between academia and standard setters ABSTRACT. PurposeThis commissioned paper reviews literature outlining reasons for a perceived gap between academics and standard setters as policy makers. It emphasises how academics and standard setters can collaborate on accounting and audit research and assist standard setters to act in the public interest. Design/methodology/approachThe approach is primarily a literature and document review of relevant issues, summarising New Zealand's standard setting arrangements, providing examples of successful policychanging research, and making recommendations on future research topics. FindingsDespite the long-held views of a gap between academic researchers and standard setters, increasingly standard setters utilise research and request input from academics in their deliberations. Standard setters can increase the likelihood of relevant research by promoting critical issues for research and connecting their practitioner networks with academics.Academics can bridge the gap by selecting topics of mutual interest, and communicating their findings widely and well. Practical implicationsIncreasing collaboration should lead to better accounting and audit standards. Originality/valueThis paper highlights matters of concern in the New Zealand standard setting environment where there is a strategic objective to undertake research. Key wordsAudit standard setters; financial accounting standard setting; public interest; legitimacy; regulation; research; standard setters; standards Article Classification: Viewpoint Acknowledgements This paper has been reviewed for accuracy by senior staff at the New Zealand standard setter. 3Bridging the gap between academia and standard setters

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Governmental Financial Reporting of Heritage Assets From a User Needs Perspective

Cited by 38 publications

References 39 publications

Financial statements as a management tool

Financial statements as a management tool

Community Asset Valuations by Non‐profit Government Entities

Bridging the gap between academia and standard setters

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