Guest editorialHappy endings and successful stories in public sector financial management: a lesson drawing perspective

Abstract

PurposePublic financial management has been characterized by the implementation of several innovations and reforms that embrace different areas and scope. These reforms aim at expenditure rationalization and efficiency enhancement, as well as the improvement of accountability and performance. Despite research having already paid attention to these innovations and reforms, the strengths, weaknesses, opportunities and threats empirically faced by public sector organizations still need to be investigated. This editorial introduces the special issue by emphasizing on the lessons that can be learned from past reform experiences.Design/methodology/approachThe editorial synthesizes some of the findings of the previous literature and evidences the necessity of both successful and unsuccessful stories, presenting a future agenda of research which emphasizes the use of case studies as a suitable method to get insights out of multiple experiences.FindingsThe four articles presented in this special issue, covering the topics of accrual accounting adoption, the use of financial statements by councilors, the use of performance information by politicians and the outsourcing of auditing in local governments, provide an overview of the efforts and challenges faced by public administrations by analyzing the influence of the institutional context, the relevance of political implications and their practical footprint.OriginalityIn this special issue, four successful stories that touch upon multiple facets of public financial management in different country contexts are discussed, and they signal important takeaway messages for further reforms.

Application of Big Data and Internet of Things Technology in the Management of Financial Operating Income of Electric Power Enterprises

“…As an important economic lifeline of my country's national economy, the power industry is a reliable guarantee for healthy economic development, social harmony, and stability. Financial management has always been the main activity and basic content of the daily operation of an enterprise, and it is a strong guarantee for the long-term development and normal operation of an enterprise [1]. At present, the financial management informatization construction that is being widely implemented in electric power enterprises is to realize the integration strategy of financial management through informatization construction-by building a financial information management system that is harmonious and unified with business-implementing the "three-in-one" financial management goals of scientific management, orderly management, and fine management.…”

The magic of IPSAS accrual: the real without reality

“…The same experience is observed in the European Public Sector Accounting Standards (EPSAS) as a tool for the harmonization of public sector accounting in Europe (Brusca et al, 2018). The EPSAS aims to develop a set of accrual accounting standards for comparable information in European Union member countries (Cohen et al, 2021). Although the project started in 2013, it is still ongoing (Dabbicco and Steccolini, 2020).…”

“…, 2018). The EPSAS aims to develop a set of accrual accounting standards for comparable information in European Union member countries (Cohen et al. , 2021).…”

“…This study contributes to the existing literature on IPSAS accrual implementation by explaining its controversial success (Lassou, 2017;Moretti, 2016). It is a response to a recent call to investigate the successful and unsuccessful experiences of public sector financial management (Cohen et al, 2021). Moreover, the paper proposes ways through which spectacle theory can be used in empirical accounting research, especially in accounting reforms.…”

“…This study contributes to the existing literature on IPSAS accrual implementation by explaining its controversial success (Lassou, 2017; Moretti, 2016). It is a response to a recent call to investigate the successful and unsuccessful experiences of public sector financial management (Cohen et al. , 2021).…”