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International Accounting
 

Financial statements of public sector organizations: The current status

Vol. 25, Iss. 4, APRIL 2022

Received: 17 February 2022

Received in revised form: 7 March 2022

Accepted: 23 March 2022

Available online: 15 April 2022

Subject Heading: REGULATION AND STANDARDIZATION OF REPORTING

JEL Classification: H83, M41

Pages: 432–458

https://doi.org/10.24891/ia.25.4.432

Tat'yana G. ARBATSKAYA Baikal State University, Irkutsk, Russian Federation
arbatatyana@mail.ru

https://orcid.org/0000-0003-4500-2176

Subject. This article discusses the issues of emergence and development of a new type of reporting, focused on meeting the information needs of various groups of users, and the establishment of new rules for the formation and disclosure of reporting indicators.
Objectives. The article aims to reveal the features of the regulation of accounting (financial) statements of public sector organizations at the present stage in order to develop an original classification of reporting in the face of changing user requests.
Methods. For the study, I used the methods of comparative analysis and classification.
Results. The article describes the features of legislative and legal regulation of accounting statements of public sector organizations. It proposes a classification of types of accounting statements of public sector organizations on various grounds. This helps to better understand the essence, purpose and relationship of various types of reporting, as well as determine the logic and trends of their development.
Conclusions and Relevance. The article concludes about the adaptation of the accounting and reporting system of public sector organizations to modern approaches to public finance management and development in accordance with the International Public Sector Accounting Standards (IPSAS). The results obtained can be used for further development of regulation of accounting (financial) statements of public sector organizations.

Keywords: financial statements, public sector entity, regulation, International Public Sector Accounting Standards, IPSAS

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