8 research outputs found
Do firms effectively communicate with financial stakeholders? A conceptual model of corporate communication in a capital market context
Audited financial statements in the federal government: Intentions, outcomes and on-going challenges for management and policy-making
The Chief Financial Officers Act of 1990 (and the subsequent
Government Management Reform Act of 1994) mandated federal agencies
to prepare corporate-style annual financial statements and subject them to
independent audit. Over a decade later, it is reasonable to ask what the
consequences of CFO Act financial statements have been. Accrual
accounting produces auditable financial statements that establish
accountability, contribute to the credibility of financial information, and
identify long-term financial issues; but financial statements are not linked to
the processes for resource-allocation decisions, nor do they produce
information needed by managers. Some of these shortcomings are
explained by contextual and sectoral differences
Audited financial statements in the us federal government: The question of policy and management utility
The article of record as published may be found at http://dx.doi.org/10.1108/JPBAFM-25-01-2013-B007The Chief Financial Officers Act and subsequent legislation require federal agencies to produce corporate-style financial statements. Arguments for financial statements drew on private sector analogies and suggested policy makers and managers would use the information to make better public policy and management decisions and improve accountability for financial management and program performance. Nearly all major government agencies have unqualified audit opinions and improvements in financial management are claimed. But benefits for policy making and management are not yet well understood. This paper examines the question by comparison with the private sector and by examining what agencies say about the uses and users of financial statement information. The emerging challenge in the evolution of federal financial reporting is to develop better government-specific analytical tools and other financial information for policy makers and managers