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The HM ‘Treasure's Island’: The Application of Accruals-based Accounting Standards in the UK Government

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  • Yuri Biondi

Abstract

Since the 1990s, UK has been progressively adopting a governmental accounting reform purporting to interpret and mimic accounting standards and practices from the private sector. Since 2009, the UK set of accounting standards applicable to the whole of governmental entities is based upon the HM Treasury's official interpretation of the international accounting standards initially designed for commercial enterprises, the latter standards having extensively inspired the International Public Sector Accounting Standards. This article analyses some representational concerns raised by its application of a balance sheet accounting approach to the public administration, pointing to consolidation perimeter, current value measurement of assets and liabilities and the case of public--private partnerships. This theoretical analysis develops relevant implications for representation and control of public spending and borrowing in UK and in general.

Suggested Citation

  • Yuri Biondi, 2016. "The HM ‘Treasure's Island’: The Application of Accruals-based Accounting Standards in the UK Government," Accounting in Europe, Taylor & Francis Journals, vol. 13(1), pages 81-102, April.
    • Handle: RePEc:taf:acceur:v:13:y:2016:i:1:p:81-102
    DOI: 10.1080/17449480.2016.1142096
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    References listed on IDEAS

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    1. Biondi Yuri, 2017. "Harmonising European Public Sector Accounting Standards (EPSAS): Issues and Perspectives," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 7(2), pages 117-123, July.
    2. Yuri Biondi, 2005. "The firm as an Entity: Management, Organization, Accounting," Post-Print halshs-00203036, HAL.
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    Cited by:

    1. Biondi Yuri & Boisseau-Sierra Marion, 2017. "Pension Obligations in the European Union: A Case Study for Accounting Policy," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 7(3), pages 1-27, December.
    2. Boisseau-Sierra Marion, 2016. "Isabel Brusca, Eugenio Caperchione, Sandra Cohen and Francesca Manes Rossi: Review of “Public Sector Accounting and Auditing in Europe. The Challenge of Harmonization”," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 6(2), pages 161-168, July.
    3. David J. Gilchrist & Roger Simnett, 2019. "Research horizons for public and private not‐for‐profit sector reporting: moving the bar in the right direction," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 59(1), pages 59-85, March.

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