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The case for comparability in financial reporting.

W G Harmer

    Healthcare Financial Management : Journal of the Healthcare Financial Management Association
    |February 8, 1992
    PubMed
    Summary

    Government accounting must prioritize citizen needs for effective public welfare promotion. Ignoring citizen information requirements compromises the objectives of government financial reporting.

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    Area of Science:

    • Public Administration
    • Accounting Theory

    Background:

    • Government organizations are accountable to citizens and elected officials.
    • Their primary objective is to promote general welfare, necessitating transparent financial information.

    Purpose of the Study:

    • To emphasize the critical need for citizen information requirements in developing government accounting rules.
    • To highlight the consequences of prioritizing other user needs over those of citizens.

    Main Methods:

    • Conceptual analysis of government accountability and financial reporting objectives.
    • Comparative review of user needs in public versus private sector financial reporting.

    Main Results:

    • Financial reporting by government organizations must be tailored to the information needs of citizens and their representatives.
    • Compromising citizen needs in favor of investors or creditors undermines the core objectives of government financial reporting.

    Conclusions:

    • Accounting rule development for government organizations must center on citizen and elected representative information requirements.
    • Failure to do so results in financial reports that do not meet their intended public service objectives.

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