Harmonisation of Government Finance Statistics and Generally Accepted Accounting Principles

Harmonisation between the Australian accounting standards applicable to the public sector and Government Finance Statistics is the highest priority for Australian public-sector reporting. The objective of harmonisation is to achieve a standard for a single set of government reports which are auditable, comparable between jurisdictions, and in which the outcome statements are directly comparable with the relevant budget statements. The result will be an improvement in the quality, clarity and transparency of government financial statements, and will remove the source of confusion as to which set of financial reports presents a more reliable portrayal of financial results.