Some thoughts on the future of public sector accounting research and the accounting profession
Some thoughts on the future of public sector accounting research and the accounting profession

Summary/Abstract: The article first reviews the radical changes that have been taking place in public sector accounting since the 1990s: adoption by sovereign government of some form of accrual accounting, promulgation by IFAC of International Public Sector Accounting Standards, explicitly based on then extant IAS, with only minimal changes for the governmental context. Next, it provides synthetic explanations of the nature of national accounting, which is very distinctly different from business accounting, and of budgetary accounting. The author emphasizes the challenges that will apply in future to these types of public sector accounting, as well as the challenge which is in the use of law by sovereign government accounting.

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