Importance The article overviews the original balance sheet theory of A.P. Roudanovsky as a synthesis of some European scholars’ theories. The concept was analyzed in relation to public economy. Objectives The research analyzes the theory and explains it in terms of the specifics of public economy, its finance and business processes. Methods The evolution of municipal authority accounting practices was examined with such methods as analysis, synthesis, substantiation of the cause-and-effect relations, observation, comparison, grouping, interpretation, etc. Results I provided a new interpretation of the Roudanosky balance sheet theory as a specific and theoretical construct. The theory stems from spatial and timing interpretations of the balance sheet. The concept is presented in the context of the epoch and the former theory and practices of accounting. Conclusions and Relevance As main characteristics of the Roudanosky balance sheet theory, it implies a correlation between the balance sheet and budget, substantiates the substance of assets and liabilities in the balance sheet of public entity, determines opportunities and scope of applying the cash method and accrual basis in the public entity. The article supplements theoretical researches in public accounting as needed to determine areas and contents of its reforms.
Keywords: history, accounting, public accounting, balance sheet theory
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