Improving the Disclosure of Financial Information in Local Governments
Abstract
In the public sector, as well as in the private sector, the objectives of financial reporting are determined by the needs of its users, which are typically summarized in two categories: (1) a means to effectively control the manner in which resources are administered and legal obligations are accomplished, and (2) a supporting tool for decision making. Thus, terms such as "accountability" and "decision making" are usually employed to frame the basic objectives of accounting reporting (IFAC, 1991, par. 62). Different types of users deem the relative importance of each objective differently. However, in the public sector, it is widely accepted that users are more interested in the accountability purpose. Therefore, governments should orient their reports to subordinate the "utility focus" and emphasize the "accountability focus."
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