Public-Sector Accounting and the International Standardization Process of Presenting Financial Statements
Public-Sector Accounting and the International Standardization Process of Presenting Financial Statements

Summary/Abstract: A new movement to internationally standardize public-sector financial reporting started in 2000. This standardization process is led by the International Federation of Accountants (IFAC). IFAC has published standards for all public-sector entities, whether national central governments or local governments. In this article, both the standardization process and the chosen conceptual framework for the standards are critically assessed. The analysis is done in the country context of Finland, where the national government accounting board assessed the standards’ usability.

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