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Accrual Financial Reporting and Australian Fiscal Policy

Robinson, Marc (2000) Accrual Financial Reporting and Australian Fiscal Policy. [Working Paper] (Unpublished)

Abstract

Australian governments have recently moved from cash accounting to accrual accounting. In doing so they have made simultaneous use of two rival accrual accounting frameworks: AAS 31 and GFS. AAS 31 and GFS operating result measures differ significantly. To date, the AAS 31 framework has enjoyed primacy. This paper evaluates these two frameworks, and suggests that GFS is superior. Accrual accounting has been accompanied at the national government level by the introduction of a new key fiscal policy measure: the ‘fiscal balance’. This paper explains and evaluates this new fiscal measure. It concludes that, given the present fiscal policy of the Australian government, fiscal balance is a superior fiscal policy measure to the 'cash' budget balance measure which it replaced. However, from the alternative ‘golden rule’ policy standpoint, fiscal balance is not a 1meaningful fiscal policy measurealthough its stock counterpart, net financial liabilities, is.

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ID Code: 571
Item Type: Working Paper
Additional URLs:
Subjects: Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200) > Financial Economics (140207)
Divisions: Current > QUT Faculties and Divisions > QUT Business School
Copyright Owner: Copyright 2000 (Please consult author)
Deposited On: 11 Nov 2004
Last Modified: 02 Feb 2012 19:44

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