Asset Management Accounting for Local Government – The Australian Experience
invitation of the Public Service Digest, this article has been
written to share experience from Australia on the introduction of
accrual accounting for local government and how that has impacted on
asset management practices in Australian local government. Given the
impending introduction of new accounting standards in Canada which
will require a move from “cash” based accounting to
“accrual” accounting, this sharing of lessons learned, is
hopefully timely. Such a move follows a world wide trend towards
greater transparency, accountability and longer term financial
planning to ensure sustainability of services required to be provided
by long life assets.
governmental arrangements are similar to Canada in that Australia has
a National or Commonwealth Government under which sit the six State
and two Territory Governments, (similar to Canada’s Provi...
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