Document Type

Article

Publication Date

Spring 2015

Publication Title

The Journal of Government Financial Management

Volume

64

Issue

1

Pages

12-17

Abstract

Most governments issue annual financial reports; in the US, state and local governments issue the Comprehensive Annual Financial Report, or its equivalent. However, these reports have been found to be neither readily accessible nor particularly informative to non-financial experts such as the general public. In response, professional associations such as AGA, the Governmental Accounting Standards Board (GASB), and the Government Financial Officers Association, have promoted the use of different types of popular financial reports as an alternative reporting mechanism. According to GASB, financial reporting plays a critical role as a tool for public accountability in a democratic society. Yet, various statistics point to citizens' general distrust of and dissatisfaction with financial reporting and the information provided by their governments. Surveys conducted by AGA have found that the majority of citizens believe that government needs to be responsible for providing financial and accounting information, but that government, at all levels, have failed to be transparent.

Comments

Copyright (2015 & 2016). Association of Government Accountants. AGA® and the Journal of Government Financial Management® are registered trademarks. Republished with permission. All rights reserved.

ORCID

0000-0003-3599-1417 (Yusuf)

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