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Essay / Research Paper Abstract
This 9 page paper examines the use and potential use of accrual accounting for governments and the public sector. The writer considers the take up of accrual counting by non commercial organizations, the way it compares with cash accounting, how the accounting approach is seen internationally and looks at examples of governments adopting accrual accounting. The bibliography cites 13 sources.
Page Count:
9 pages (~225 words per page)
File: TS14_TEAcrpublic.rtf
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Unformatted sample text from the term paper:
has been adopted in other countries, including Australia and the United Kingdom (Hepworth, 2003; 37, Guthrie, 1998; 1). Even the United Nations has adopted accrual accounting, which itself is likely
to encourage other government to adopt the approach (Cheney, 2006; 14). The IFAC has advocated the move towards accrual accounting as it is deemed to have many advantages as well
as being able to be seen as a fairer and more rational approach to accounting (Journal of Accountancy, 2000; 15). The aim of government accounting and financial reporting is
to serve as a system of accountability for the way that public funds are used, with the desire to protect and manage those funds (Chan, 2003; 13). This aim for
accounting can be seen as divergent from the needs of commercial financial accounts, which are influenced heavily by the private sector. This influence and the resulting systems mean many of
the approaches used by government are not able to fully satisfy the aims for the reporting of government finances. Chan, (2003; 14) argues that it is the private preference for
accrual accounting that is driving forward the adoption of accrual accounting in the public sector. However, this private influence on accounting standards and practices does not mean the movement to
accrual accounting is not favorable for a public body (Chan, 2003; 14). The issue, as with any type of accounting is the way it is implemented and used as well
as the basic characteristics of the system. In the context of the many government that have adopted the accrual approach, as well as the non governmental organization (NGO); The United
Nations, it appears there just be some perceived benefits to the system. When looking at the use of accrual accounting in the
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