This introductory chapter elaborates on the tricky issue of measurement in public sector financial reporting, which arises due to the particular features of the public sector when compared to the private sector. It provides a summary of the book chapters, highlighting the theoretical/practical...

Implementation of accrual-based accounting systems and the related preparation of an initial balance sheet are stimulating a debate on valuation and management of fixed assets, emphasising how critical it is to have adequate asset information. This chapter aims to propose a framework to clarify...

Recognition, measurement and disclosure of public sector assets constitute relevant matters for national and international public sector accounting standard-setting. This chapter develops a theoretical analysis drawing upon a dualistic approach contrasting current value and historical cost...

The principle of prudence plays a critical role in the design of national and international public sector accounting. Whereas in private sector accounting there is a substantial body of literature with regard to conservatism, the academic debate on the prudence principle in public sector...

The objective of this chapter is to compare the measurement bases of income and expenditures found in International Public Sector Accounting Standards (IPSAS) used in Public Accounts with those in the statistical rules used in National Accounts/Government Finance Statistics (GFS). Both...

The measurement of non-financial assets that are held for their service potential rather than for a financial return can be challenging in the public sector. In some cases, the information is not available about the historical cost for the initial measurement and there is not an active market...

With the growth of municipal capitalism, both local governments (LGs) and their related entities are involved in debates about public sector financial debts. This chapter seeks a deeper understanding of the relevance of measuring liabilities through the consolidated financial statements (CFS)....

Measurement and evaluation issues have long represented the main criticality of accrual accounting adoption in the public sector. While professional accountants and scholars have mostly focused on the recognition and measurement of typical public assets (e.g. heritage and community assets), the...

In recent years, accounting for heritage assets has evolved but continuing the diversity in reporting practices remains problematic. Traditional cash-based budgets are still common in governmental accounting in some countries, but these ignore heritage assets as they are non-realisable and often...

This book chapter intends to analyse a particular measurement basis, namely the ‘value in use’, regarding its definition and application in the public sector context. To this end, the current study assesses the development of a measurement practice in a particular jurisdiction, that is,...