493:
sheets are based on technically complex and often arbitrary estimates of the value of public assets (market values are usually not available), so the information may not be reliable. This may impede citizen comprehension and the transparency of government finances. Other concerns with accrual accounting in the public sector are that it is more easily manipulated because it tends to be less transparent and is less understood by the public; a deficit/surplus under accrual accounting provides a less accurate measure of the government's borrowing and fiscal stimulus to the economy compared to a cash-accounting deficit/surplus; and accrual accounting is more costly because of the technical demands (often requiring new IT systems and more qualified accountants).
31:
727:(IPSAS) are based on the IFRS, with adaptions where necessary for the public sector. The UK follows the IFRS in its public sector accounting (with modest modifications), and it achieves 96% compatibility in public sector accounting with the IPSAS. France has not explicitly adopted the IPSAS accounting standard but its general government accounting practice is 90% compliant with the IPSAS standard (the accounting rules of public entities follow those applicable to private entities whenever possible in France).
676:) pensions. Requiring information on assets and liabilities in the government balance sheet may have pushed policy makers to make better decisions in the sense that it is more difficult to create future liabilities (such as pension benefits) without disclosing the financial implications. Also, New Zealand closed its civil service defined-benefit pension scheme to new employees when the first set of accrual accounts revealed the size of the plan liability.
514:
simultaneous cash payment, with transactions like the generation of a pension obligation and purchase of capital, they do not. (However, in many instances the cash accounting system can be modified to incorporate future costs — for example, future pension obligations associated with employment of a public sector worker can be recognized by allocating funds to a public sector employee pension plan. )
419:
664:
borrowing (public debt), government efficiency, or voter participation. However, there was an increase in operating costs, consistent with the increased expense from preparing financial statements that are more complex and require more time-consuming asset valuations. Similarly, the introduction of accrual accounting in Japan had limited impact on municipalities' expenditures and revenues.
527:(government employee) pension obligations. Assets may be recorded at their historic cost, current market value, or some approximation; and are regularly revalued to indicate their financial value. By contrast, governments that follow pure cash accounting typically include only cash holdings on the assets side and, possibly, debt on the liability side of their balance sheets.
632:
accounts are presented and are not confident that the numbers adequately represent the government's fiscal position. In
Australia, a country that uses both accrual and cash-based fiscal targets, stakeholders tend to focus on cash-based targets since they are more easily understood and "may be perceived as more reliable and relevant."
585:
may prefer to lease, only to avoid a large expense that leads to a current period deficit. With accrual accounting the large initial expenditure to buy a building does not enter the current year expenditures – only the depreciation of the building in the current year is included in the current year's budget.
599:
over a 25-year period. For this reason, fiscal responsibility may be undermined because the political decision to spend on capital is not matched in time with when the expense is recorded in the budget. As a consequence, accrual accounting in the public sector may encourage excessive spending on capital.
755:
Switzerland and some
Scandinavian countries started using a form of government accrual accounting early in the 20th century, but New Zealand was a pioneer when it introduced accrual accounting at the central government level in 1990. Australia, Canada, the UK, and the US adopted central government
640:
An advantage of measuring a government's fiscal balance (deficit or surplus) using its cash balance is that the cash deficit/surplus incorporates spending on capital, so it measures the demand from the government on the current resources of the economy: i.e., the net fiscal stimulus. By contrast, the
611:
The main argument in favour of public sector accrual accounting over cash-based accounting is that it can provide more comprehensive information on government finances, including balance sheet data on assets, liabilities, and depreciation. On the other hand, accrual accounting income statements and
584:
Advocates of accrual accounting note that information provided with accrual accounting can be helpful when, for example, the government must decide whether to buy or lease a building, where buying may involve a large up-front cost. Under cash accounting a government subject to a balanced-budget rule
488:
The usefulness of accrual accounting in the public sector remains in dispute. Advocates say a government that employs accrual accounting is less likely to underinvest in public infrastructure since large up-front capital costs are not recorded as a current period expenditure — rather, the expense is
663:
There is little research into whether accrual accounting improves public sector decision-making. Counties in the German state of
Bavaria that adopted accrual accounting (compared to counties that remained using cash accounting) did not exhibit significantly different behavior in terms of investment,
602:
Further, accrual accounting may encourage government borrowing because capital expenditures are not counted as a current year expense. This creates an opportunity to expand government capital programs without having to show any cost in terms of an increase in the (accrual accounting-based) deficit.
492:
A central argument in favour of public sector accrual accounting over cash-based accounting is that it can provide more comprehensive information on government finances, including balance sheet data on assets, liabilities, and depreciation. However, accrual accounting income statements and balance
743:
Accrual accounting has been standard in private businesses for over a century, but has become common in the public sector only since around the year 2000. International organizations, including the OECD, the IMF and the
European Union advocate public sector accrual accounting with the expectation
734:
is incorporating accrual accounting as part of the development of
European Public Sector Accounting Standards (EPSAS). One objective with EPSAS is harmonization of the accrual accounting standard. Harmonization would facilitate comparisons, as a wide diversity of interpretations exist both within
684:
The budget deficit (or surplus) is defined differently under cash and accrual accounting, as a result of the different treatment of capital assets. In contrast to cash accounting, under full accrual accounting spending on new capital is not recorded as an operating expense so it does not increase
513:
Under cash accounting, income and expenditure transactions are recorded when the associated cash is received or paid. By contrast, under accrual accounting, income and expenditure transactions are recognized when they occur, regardless of when payments are made. While some transactions generate a
705:
It is possible for fiscal rules to be applied on an accrual basis, but in a large majority of OECD countries, government spending limit rules are cash-accounting based. This may be because a cash-based spending rule is relatively simple to use to demonstrate compliance, and is closely related to a
654:
Accrual accounting is more costly than cash accounting, as new IT systems and more qualified accountants are usually needed. Introduction of the system is also a long process. The cost of moving to accrual accounting in
Germany was estimated at €3.1 billion, and France spent some $ 1.7 billion to
619:
rates, the valuation of assets, and in the determination of what constitutes a capital expenditure. As a consequence, there is the potential for misrepresentation of the financial situation of a government. Legislatures have often shown resistance to the adoption of accrual budgeting due to its
580:
would, however, show up on the balance sheet as a liability right away. For this reason, to understand the change in a government's financial position, the change in government debt is an "extremely significant" indicator. Further, a requirement to report changes in debt may "act as a check on a
598:
With cash accounting the cost of capital assets is recognized in the budget in the year the expense is incurred. By contrast, under accrual accounting, for an asset that lasts, say 25 years, it is possible to commit resources in one year with the budgetary impact being spread for budget purposes
544:
or amortization) of the capital used in the year is included in the net operating balance in the year that it is depreciated. (Depreciation typically occurs over many years—for example, a $ 10 thousand piece of capital equipment that is expected to last for 10 years might be amortized as a $ 1
535:
A fundamental difference between cash accounting and accrual accounting is the treatment of capital, such as equipment, buildings and public infrastructure. Under accrual accounting in the public sector, expenditure on capital is not included in net operating expense in the year it is purchased.
696:
recommends that governments produce both a deficit based on cash-flow accounts and an accrual-based operating statement. New
Zealand, for example, includes both deficit measures in the press releases that accompany the publication of its monthly accounts. Governments have been urged to prepare
645:
balance. By including government expenditure on capital, the cash accounting deficit/surplus is a better indicator of the government's demand for resources and, therefore, its impact on the resources available to the private sector. A Norwegian government study argues that a jurisdiction using
631:
In Canada, there is a "disconnect" between the numbers that are presented in provincial government accrual accounting-based budgets and the general public's understanding of provincial finances. Even observers who take the trouble to read the budget documents are often confused by the way the
575:
only, since costs include expense from the use of capital assets, but not the expense of acquiring new capital assets. As a result, if expenditure on new capital assets is greater than depreciation on existing capital, government debt can increase in a year when a surplus (on operations) is
558:
The government's budget surplus decreases (or deficit increases) by the amount of cash used (or debt incurred) to acquire the building in the year the government takes ownership. After the year of acquisition, the only expense recorded is the annual cost to operate and maintain the building.
623:
Accrual-based financial information is usually communicated in technical language that is difficult for non-experts to understand. Compounding the challenge for users, there is very little understanding in the media of the concept of accrual. Journalists may have difficulty interpreting and
759:
The financial information from accrual accounting is meant to complement, rather than entirely replace, traditional cash budgeting. According to the IMF, governments need to establish a well-functioning cash accounting system before contemplating a move to accrual accounting, and effective
567:
The building is included in the government's balance sheet as part of the government's assets. Specifically, the government's cash is reduced and the building is included as an asset instead. The annual cost of using the building (the depreciation in the reported value of the building) is
522:
The second key aspect of public sector accrual accounting is that all government assets and liabilities are recognized in the government's balance sheet. These include financial assets (such as equities), non-financial assets (such as land and buildings), and liabilities such as
756:
accrual accounting around a decade later, and a wave of
European countries followed. Around three quarters of OECD countries use accrual accounting. In 2020, 30% of 165 jurisdictions surveyed used accrual accounting, and the share is forecast to increase to 50% by 2025.
476:
that lasts many years). Under accrual accounting, expenditure on capital is added as an asset in the government's balance sheet in the year the capital is purchased, but the cost is not included in the year's budget as an operating expense. Instead, payment for capital
612:
balance sheets are based on technically complex and often arbitrary estimates of the value of public assets (as market values are usually not available). Therefore, although accrual accounting may provide more information, the information may not be reliable.
710:
says that if a balanced budget rule was introduced, reconciliation between the accrual budget framework and
Parliament's cash-based appropriations bills and estimates would become increasingly important for parliamentary scrutiny of government fiscal performance.
489:
recorded over the years the capital is used (depreciates). Detractors counter that, following this reasoning, since the capital purchase does not generate a current period expense, accrual accounting may encourage excessive spending on capital and borrowing.
671:
countries found scant evidence of an impact from the introduction of accrual accounting on budget preparation or fiscal policy, except that two countries said it had driven their government and parliament to create a fund to finance public sector (i.e.
747:
One factor that led to the spread of accrual accounting in the public sector is the development of computerized financial management information systems, which reduce the cost of collecting and consolidating accrual-based information. The
706:
government's immediate financing requirements. In
Switzerland, budgets and financial statements are prepared on an accrual basis but the federal government anchors its fiscal policy with a cash-based Debt Brake rule. The Canadian
496:
While accrual accounting has been used in the private sector for over a century, it has become common in the public sector only since around 2000. In 2020, 30% of 165 jurisdictions surveyed worldwide used accrual accounting.
1358:
468:, income and expenditure transactions are recognized when they occur, regardless of when the associated cash payments are made. The difference between public sector accrual accounting and
1259:
1328:
1189:
779:
724:
646:
cash-based budgeting is better positioned to engage in countercyclical fiscal policy since there is a direct link between budget allocations and actual cash flows.
1293:"Budget Issues: Accrual Budgeting Useful in Certain Areas but Does Not Provide Sufficient Information for Reporting on Our Nation's Longer-Term Fiscal Challenge"
720:
1343:
924:
448:
760:
monitoring of cash receipts and outlays will continue to be needed to assess government budgets even after moving to full accrual accounting.
1515:
1277:
735:
and between countries on the depreciation and valuation of fixed assets (i.e., historical cost vs. replacement cost vs. market value).
1359:"Intended Implementation of harmonised European Public Sector Accounting Standards (EPSAS) in the Member States of the European Union"
1426:
993:
719:
Accrual accounting in the public sector can be supported by different accrual-based standards for government financial reporting.
620:
complexity, and jurisdictions that have adopted it generally have legislatures with a relatively weak role in the budget process.
749:
1109:
1467:
707:
697:
their financial accounts so that it is easier to compare and reconcile cash-based and accrual-based deficit measures.
441:
1042:"Ineffective fiscal rules? The effect of public sector accounting standards on budgets, efficiency, and accountability"
784:
689:
1540:
1502:
980:
774:
549:
An example of the different treatment under cash and accrual accounting of a government's purchase of a building:
469:
136:
1758:
624:
analyzing presented figures, such as the difference between the deficit calculated under accrual accounting
434:
30:
752:, and concern about heavily indebted countries also triggered interest in accrual financial information.
348:
473:
982:
Twenty questions about government financial reporting: federal, provincial and territorial governments
571:
With accrual accounting, the annual surplus/deficit shows whether revenues exceed the year's costs of
1714:
1614:
1715:"A theoretical basis for public sector accrual accounting research: current state and perspectives"
1373:
328:
193:
156:
47:
1443:
418:
1734:
1636:
1594:
1483:
1396:
1071:
940:
353:
323:
277:
215:
151:
1468:"The whole elephant: A proposal for integrating cash, accrual, and sustainability-gap accounts"
1521:
1511:
1422:
1167:
989:
399:
307:
255:
112:
67:
62:
1726:
1667:
1626:
1570:
1475:
1415:
1388:
1159:
1061:
1053:
932:
869:
825:
272:
262:
161:
141:
117:
568:
recognized as an expense, as is the annual expense to operate and maintain the building.
404:
381:
376:
371:
338:
302:
200:
181:
124:
87:
52:
1504:
The Right to Know: Grading the Fiscal Transparency of Canada's Senior Governments, 2022
731:
297:
237:
225:
22:
1374:"Do public account financial statements matter? Evidence from Japanese municipalities"
1752:
1738:
1640:
1487:
1400:
1075:
944:
744:
it will enhance budget transparency, efficiency, and accountability of policymakers.
673:
524:
282:
232:
210:
205:
188:
129:
105:
82:
72:
57:
40:
472:
is most apparent in the treatment of capital assets (i.e. equipment, buildings, and
1479:
1392:
1230:
936:
616:
541:
482:
422:
242:
220:
146:
77:
1730:
1144:
810:
1208:
505:
Accrual accounting differs from cash-based accounting in two main dimensions:
343:
1595:"Updated accounting maturities of EU governments and EPSAS implementation cost"
1057:
1329:"Accruals in the Public Sector Are Here to Stay! Pursuing a Productive Debate"
1311:"Understanding Similarities and Differences between Accrual and Cash Deficits"
1310:
1292:
1190:"Accruals in the Public Sector Are Here to Stay! Pursuing a Productive Debate"
1163:
829:
464:
is a method to present financial information on government operations. Under
292:
267:
168:
92:
1525:
1171:
1041:
1209:"Accounting for What?: The Value of Accrual Accounting to the Public Sector"
485:
or amortization) is included in that year's budget as an operating expense.
1688:
1672:
1655:
1631:
1575:
1558:
1344:"Ontario budget hocus pocus makes $ 1-billion in debt magically disappear"
615:
With accrual accounting, there is room for manipulation in the choice of
1066:
501:
How accrual accounting differs from cash accounting in the public sector
1278:"Global Public Sector Shift to Accrual Accounting Forecast to Continue"
769:
465:
811:"Accrual Accounting and Budgeting: Key Issues and Recent Developments"
287:
868:
Cavanagh, Joe; Flynn, Suzanne; Moretti, Delphine (September 2016).
1260:"International Public Sector Financial Accountability Index: 2020"
1541:"Federal balanced budget legislation: Context, impact and design"
875:(Report). International Monetary Fund, Fiscal Affairs Department.
739:
International adoption of accrual accounting in the public sector
1309:
United States Government Accountability Office (December 2006).
1291:
United States Government Accountability Office (December 2007).
668:
636:
The deficit is less useful as an in indicator of fiscal stimulus
1211:. Organisation for Economic Co-operation and Development. 1993.
641:
accrual-accounting based deficit/surplus measures just the net
1713:
Bergmann, Andreas; Fuchs, Sandro; Schuler, Christoph (2019).
1115:(Report). The School of Public Policy, University of Calgary.
723:(IFRS) have been established for the private sector, and the
519:(2) Assets and liabilities in the government balance sheet:
1656:"France Supports Accrual Accounting For The Public Sector"
1238:
CESifo DICE REPORT: Journal for Institutional Comparisons
1276:
International Federation of Accountants (16 June 2021).
1258:
International Federation of Accountants (16 June 2021).
1040:
Dorn, Florian; Gaebler, Stefanie; Roesel, Felix (2021).
1615:"European Public Sector Accounting Standards (EPSAS)"
1546:. Office of the Parliamentary Budget Officer, Canada.
589:
Concerns with accrual accounting in the public sector
1110:
The Structure and Presentation of Provincial Budgets
979:
Canadian Institute of Chartered Accountants (2003).
870:
Implementing Accrual Accounting in the Public Sector
1501:Robson, William; Dahir, Nicholas (September 2022).
680:
The budget deficit/surplus under accrual accounting
655:switch from cash-based to accrual-based standards.
545:thousand operating expense each year of its life).
1608:
1606:
1604:
1559:"Challenges for European Public Sector Accounting"
1224:
1222:
1220:
1218:
780:International Public Sector Accounting Standards
725:International Public Sector Accounting Standards
594:Incentives for spending on capital and borrowing
16:Method to record government financial activities
1708:
1706:
1357:German Supreme Audit Institution (SAI) (2017).
988:. Canadian Institute of Chartered Accountants.
863:
861:
859:
1593:PwC on behalf of Eurostat (23 November 2020).
918:
916:
914:
912:
910:
908:
906:
904:
902:
857:
855:
853:
851:
849:
847:
845:
843:
841:
839:
1138:
1136:
1134:
1132:
1130:
1128:
1126:
1124:
1122:
925:"Getting added value out of accruals reforms"
900:
898:
896:
894:
892:
890:
888:
886:
884:
882:
804:
802:
800:
531:Accrual accounting and expenditure on capital
442:
8:
1461:
1459:
1457:
1455:
1453:
1372:Bessho, Sun-ichiro; Hirota, Haruaki (2023).
1271:
1269:
1660:Accounting, Economics, and Law: A Convivium
1619:Accounting, Economics, and Law: A Convivium
1563:Accounting, Economics, and Law: A Convivium
1253:
1251:
1035:
1033:
1031:
1029:
1027:
1025:
974:
923:Moretti, Delphine; Youngberry, Tim (2018).
721:International Financial Reporting Standards
1331:. International Federation of Accountants.
1203:
1201:
1199:
1192:. International Federation of Accountants.
1023:
1021:
1019:
1017:
1015:
1013:
1011:
1009:
1007:
1005:
972:
970:
968:
966:
964:
962:
960:
958:
956:
954:
715:Public sector accrual accounting standards
449:
435:
29:
18:
1671:
1630:
1588:
1586:
1574:
1231:"Accrual Accounting in the Public Sector"
1065:
688:To improve understanding of budgets, the
1108:Dahlby, Bev; Smart, Michael (May 2015).
1103:
1101:
1099:
1097:
1095:
1093:
1091:
1089:
1087:
1085:
1421:(Report). International Monetary Fund.
1416:Accounting Devices and Fiscal Illusions
796:
659:Impact on public sector decision-making
607:The transparency of government finances
581:government spending beyond its means."
462:Accrual accounting in the public sector
21:
1342:McParland, Kelly (22 September 2014).
1183:
1181:
510:(1) Recording government transactions:
1381:European Journal of Political Economy
685:the deficit (or reduce the surplus).
7:
1539:Cameron, Scott (23 September 2014).
694:Government Finance Statistics Manual
701:Accrual accounting and budget rules
1444:"Accruing better sovereign credit"
308:Trade / commerce ministry
14:
1442:Cotterill, Joseph (29 May 2012).
1229:Osterkamp, Rigmar (Autumn 2007).
536:Instead, payment for the capital
1414:Irwin, Timothy (28 March 2012).
1327:Dees, Martin (5 February 2020).
1188:Dees, Martin (5 February 2020).
417:
1613:Makaronidis, Alexandre (2017).
1480:10.1787/budget-14-5jrw6591hns1
1393:10.1016/j.ejpoleco.2023.102358
937:10.1787/budget-18-5j8l804hpvmt
1:
1731:10.1080/09540962.2019.1654319
1719:Public Money & Management
1654:Calmel, Marie-Pierre (2017).
1145:"Issues in Accrual Budgeting"
708:Parliamentary Budget Officer
785:Public sector balance sheet
576:reported. The increase in
1775:
1666:(2). De Gruyter: 125–129.
1625:(2). De Gruyter: 155–160.
1569:(2). De Gruyter: 131–135.
1058:10.1007/s11127-019-00755-8
750:2007–2008 financial crisis
137:Deficit / surplus
1472:OECD Journal on Budgeting
1164:10.1787/budget-v4-art5-en
1152:OECD Journal on Budgeting
929:OECD Journal on Budgeting
830:10.1787/budget-v3-art4-en
818:OECD Journal on Budgeting
775:Cash method of accounting
650:Greater technical demands
564:Under accrual accounting:
238:Monetary (currency) union
1510:. C.D. Howe Institute.
555:Under cash accounting:
349:Discretionary spending
1691:. European Commission
1673:10.1515/ael-2017-0019
1632:10.1515/ael-2017-0008
1576:10.1515/ael-2017-0021
1557:Heald, David (2017).
1143:Blöndal, Jón (2004).
809:Blöndal, Jón (2003).
481:(i.e., the estimated
474:public infrastructure
931:. 2018/1: 114–166.
1689:"Overview - EPSAS"
1474:. 2014/3: 95–112.
1446:. Financial Times.
667:A study of eleven
466:accrual accounting
354:Mandatory spending
278:Non-tariff barrier
216:Monetary authority
1517:978-1-989483-92-3
1346:. Financial Post.
628:cash accounting.
459:
458:
400:Fiscal adjustment
1766:
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1554:
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1509:
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1492:
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1466:Irwin, Timothy.
1463:
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1411:
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1140:
1117:
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1114:
1105:
1080:
1079:
1069:
1052:(3–4): 387–412.
1037:
1000:
999:
987:
976:
949:
948:
920:
877:
876:
874:
865:
834:
833:
815:
806:
451:
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273:Gains from trade
263:Balance of trade
142:Finance ministry
33:
19:
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1112:
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1039:
1038:
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996:
985:
978:
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952:
922:
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880:
872:
867:
866:
837:
813:
808:
807:
798:
793:
766:
741:
717:
703:
682:
661:
652:
638:
609:
596:
591:
540:(the estimated
533:
503:
470:cash accounting
455:
410:
409:
405:Monetary reform
395:
387:
386:
382:Price stability
377:Economic growth
372:Balanced budget
367:
359:
358:
339:Non-tax revenue
334:
333:
313:
312:
303:Trade diversion
258:
248:
247:
201:Discount window
184:
182:Monetary policy
174:
173:
108:
98:
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43:
17:
12:
11:
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1762:
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1759:Public finance
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1750:
1745:
1744:
1725:(8): 560–570.
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1679:
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1158:(1): 103–119.
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835:
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483:depreciation
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461:
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256:Trade policy
243:Money supply
221:central bank
194:requirements
147:Fiscal union
48:Agricultural
1695:20 February
1244:(3): 43–45.
344:Tax revenue
1687:Eurostat.
1361:. EUROSAI.
791:References
573:operations
293:Trade bloc
268:Free trade
93:Policy mix
68:Investment
63:Industrial
1739:203194824
1641:198996685
1526:1703-0765
1488:155721787
1401:238536724
1172:1608-7143
1076:254944141
945:158811342
643:operating
1753:Category
764:See also
329:Spending
157:Spending
130:internal
88:Monetary
53:Economic
41:Policies
770:Accrual
366:Optimum
324:Revenue
162:deficit
152:Revenue
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423:Portal
394:Reform
288:Tariff
118:policy
113:Budget
83:Fiscal
73:Social
58:Energy
1735:S2CID
1637:S2CID
1544:(PDF)
1508:(PDF)
1484:S2CID
1419:(PDF)
1397:S2CID
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78:Trade
1697:2023
1522:ISSN
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1423:ISBN
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990:ISBN
730:The
669:OECD
578:debt
538:used
479:used
125:Debt
1727:doi
1668:doi
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1571:doi
1476:doi
1389:doi
1160:doi
1062:hdl
1054:doi
1050:186
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692:'s
690:IMF
626:vs.
169:Tax
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