Difference between private and public sector accounting

Andy Wynne

International public sector accounting standards are based on the international accounting standards for the private sector. However, there are major differences between the accountabilities and financial reporting requirements of the public sector entities and those in the private sector. These differences include the objectives, different processes for generating revenues, the stakeholders and the fact that public sector entities are generally much long lasting than those in the private sector. This chapter considers these differences and the extent to which these will require changes and adaptions to private sector accounting standards to make them applicable to the public sector.

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ISBN: 978-989-26-1856-2
eISBN: 978-989-26-1861-6
DOI: 10.14195/978-989-26-1861-6_3
Área: Ciências Sociais
Páginas: 73-93
Data: 2019

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Outros Capítulos (16)

Introduction
Peter C. Lorson;Ellen Haustein;Susana Jorge
https://doi.org/10.14195/978-989-26-1861-6_0

Approaches to public sector accounting and reporting in Europe
Ellen Haustein;Peter C. Lorson
https://doi.org/10.14195/978-989-26-1861-6_1

History of public sector accounting & alternatives
Andy Wynne
https://doi.org/10.14195/978-989-26-1861-6_2