Financial Reporting on General Government and its Sub-sectors

This course will focus on the comprehensiveness of financial reporting, and pay particular attention to publicly owned institutions with legal personality outside the State. The course will also focus on the introduction of accrual concepts in financial reporting.It is well known that politicians and civil servants are not always enthusiastic about this new development, in particular if attempts are made to apply it to budgeting in addition to financial reporting. Basically, accrual concepts aim to capture the change in value (“net worth”) of government assets, rather than the change in cash resources. It is sometimes alleged that the application of accrual concepts may obscure as well as clarify the picture of a government’s public finances, for instance when it comes to public investment.