Fiscal responsibility and Australian Commonwealth, State and Territory government budgets

Wines, Graeme 2006, Fiscal responsibility and Australian Commonwealth, State and Territory government budgets, in 2006 Accountability, Governance & Performance Symposium Proceedings, Griffith University, Gold Coast, Qld., pp. 1-25.

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Title Fiscal responsibility and Australian Commonwealth, State and Territory government budgets
Author(s) Wines, Graeme
Conference name Symposium on accountability, governance and performance. Conference.(5th : 2006 : Gold Coast, Queensland)
Conference location Gold Coast, Qld.
Conference dates 17 Feb. 2006
Title of proceedings 2006 Accountability, Governance & Performance Symposium Proceedings
Editor(s) Subramaniam, Nava
Publication date 2006
Conference series Symposium on Accountability, Governance and Performance Conference
Start page 1
End page 25
Publisher Griffith University
Place of publication Gold Coast, Qld.
Keyword(s) government budgets
fiscal responsibility
public sector accounting
government Finance Statistics framework
GAAPIGFS convergence
government surplusl deficit announcements
Summary The government sector in Australia has seen the introduction of accrual accounting principles in recent years. However, this process has been complicated by the presence of two alternative financial reporting frameworks in the form of a) the Government Finance Statistics (OFS) uniform framework and b) the accrual accounting rules specified in Australian professional accounting standards, principally AAS 31. While a variety of cash and accrual based measurements are available pursuant to these frameworks, there has been no prescription of the manner in which the alternative measures should be presented. This paper presents the findings from a case study of the 2005-06 annual budgets prepared by the Australian Commonwealth government and the governments of the six Australian States and the two Australian Territories. The study examined the headlined financial outcome (general government sector budget surplus or deficit) announced in the budget papers of the nine governments. Findings indicate the adoption of varying measurement bases and a consequent lack of inter-government comparability. A number of variations to the measurements prescribed in the accounting frameworks were also observed. The paper analyses these government budget surplus and deficit numbers in the context of fiscal responsibility, the Commonwealth government's Charter of Budget Honesty and the AASB's current GAAPIGFS Convergence project.
Language eng
Field of Research 150199 Accounting, Auditing and Accountability not elsewhere classified
HERDC Research category E1 Full written paper - refereed
ERA Research output type E Conference publication
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Document type: Conference Paper
Collections: Faculty of Business and Law
School of Accounting, Economics and Finance
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