TAILIEUCHUNG - Public Sector Accounting - An Interdisciplinary Field Involving Accounting, Economics, and Jurisprudence

For new information to be valuable it must, of course, actually be new information. If new cost estimation or accounting procedures simply confirm existing beliefs, they have little likelihood of contributing to changes in decision-making, and thus little likelihood of adding value. Environmental accounting techniques will be most valuable when they correct beliefs that are biased or when they focus on issues subject to high degrees of uncertainty. A focus in much of the environmental accounting literature is on the failure to quantify environmental benefits and costs. The concern is that when benefits and costs are unquantified they are not only uncertain, but will. | Policy Research Institute Ministry of Finance Japan Public Policy Review June 2012 45 Public Sector Accounting - An Interdisciplinary Field Involving Accounting Economics and Jurisprudence 1 Ryosuke Tao Research Fellow Institute of Administrative Management Abstract Public sector accounting has recently been improved. Currently there are requirements to disclose stock information in addition to the flow information presented in budget statements or accounts statements. Public sectors have prepared and disclosed their financial statements including balance sheets and income statements based on business accounting approaches. Moreover as a matter of policy the government tends to prepare and disclose cost information along with the financial statements for the individual ministries and governmental agencies. The objectives of clarifying the fiscal conditions in a state through the preparation and disclosure of financial statements are to fulfill the state s accountability to its citizenry and market participants and to optimize and enhance the efficiency of its fiscal activities. Most importantly the improved information should contribute to democratic decisions on public finance. A perspective different from the business accounting is that public sector accounting places more emphasis on inter-generational fairness. With respect to the inter-generational benefits and burdens however various factors must be considered and the differences between assets and liabilities in the balance sheet may not be the indicators for that purpose. Public sector accounting is considered to have been developed based on the business accounting approach. As such the objective of the accounting is to retrospectively review how assets and liabilities have changed as a result of past public finance operations. Yet in considering compelling public finance conditions there is a need to discuss and consider expected perspectives in order to clarify what resources will remain in the

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