Government Finance Statistics versus Accrual Accounting Standards as the Basis for Financial Reporting and Budgeting on the Operating, Financing and Investing Performance of Governments

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More than one third of our economic activity is subject to public expenditure management processes. However, recent decisions of the FRC to harmonize GFS and AASs will fundamentally reshape public sector financial reporting. Harmonization has certain benefits, but the proposal warrants careful consideration as it is unclear whether a converged GFS system will better service the needs of the community and enhance public sector accountability more generally. Focusing on the heterogeneous information needs of key stakeholder groups, this study will provide one of the first pioneering empirical investigations of alternative GFS methods and practices in Australia.