EC Psychology And Psychiatry

This literature review investigates the intricate challenges encountered by State-Owned Enterprises (SOEs) when transitioning to International Public Sector Accounting Standards (IPSAS). The study employs a systematic methodology, including an extensive review of scholarly articles, official reports, and case studies, to comprehensively analyze the issues surrounding IPSAS adoption in SOEs.

The findings from this literature review reveal multifaceted challenges that SOEs confront during the adoption process. These include the need for substantial changes in financial reporting practices, adjustments in accounting systems, and the demand for specialized training programs. The study identifies variations in the challenges faced by SOEs across different countries and regions, emphasizing the influence of economic, cultural, and structural factors on IPSAS implementation.

Moreover, the review highlights the potential benefits of IPSAS adoption, such as increased transparency, accountability, and accessibility to international financial markets. By integrating insights from real-world case studies, the research provides a practical understanding of the complexities faced by SOEs and offers recommendations for more effective IPSAS implementation.

This study underscores the significance of addressing these challenges to enhance the financial management practices of SOEs and ensure their alignment with international accounting standards. The findings contribute to a comprehensive understanding of the dynamics surrounding IPSAS adoption and provide guidance for policymakers, stakeholders, and SOE management in improving financial reporting practices within the public sector.

 Keywords: Challenges; State-Owned Enterprise; Public Sector; Accounting Standards; Adoption

1. Barton AD. “International harmonization of public sector accounting standards: A review of the issues and evidence”. Journal of Accounting Literature 27 (2008): 1-41.
2. International Public Sector Accounting Standards Board (IPSASB). IPSAS 1 - Presentation of Financial Statements. IPSASB (2000).
3. Government of Zimbabwe. “Public Finance Management (PFM) Reforms Roadmap 2019-2025”. Ministry of Finance and Economic Development (2018).
4. “The Challenges of Implementing Accrual Accounting in Developing and Transitional Economies” (2016).
5. International Public Sector Accounting Standards Board (IPSASB). IPSAS 1 - Presentation of Financial Statements. IPSASB (2000).
6. “The Challenges of Implementing Accrual Accounting in Developing and Transitional Economies” (2016).
7. IPSASB Handbook of International Public Sector Accounting Pronouncements. International Federation of Accountants (2017).
8. International Public Sector Accounting Standards Board (IPSASB). IPSAS 1 - Presentation of Financial Statements. IPSASB (2000).
9. Barton AD. “International harmonization of public sector accounting standards: A review of the issues and evidence”. Journal of Accounting Literature 27 (2008): 1-41.
10. International Public Sector Accounting Standards Board (IPSASB). IPSAS 1 - Presentation of Financial Statements. IPSASB (2000).
11. Government of Zimbabwe. Public Finance Management (PFM) Reforms Roadmap 2019-2025. Ministry of Finance and Economic Development (2018).
12. United Nations. Manual on the Implementation of International Public Sector (2018).
13. Accounting Standards (IPSAS) for the United Nations Common System. United Nations.
14. Transitioning to the Accrual Basis of Accounting: Guidance for Governments and Government Entities. International Federation of Accountants (2018).
15. Dawson K. “Accrual accounting reform in the New Zealand public sector: implications for accountability”. Financial Accountability and Management2 (2018): 141-164.
16. Verhoog D. “Performance budgeting and accrual budgeting: Determinants of budgetary practices”. Public Performance and Management Review1 (2020): 20-48.
17. Alouki B., et al. “Adoption of international public sector accounting standards in Africa: challenges and implications”. African Journal of Accounting, Auditing and Finance2 (2019): 177-191.
18. Guthrie J and Olson O. “Exploring the dynamics of accounting change: The case of cost accounting in the UK (1965-1995)”. Accounting, Organizations and Society3 (1998): 279-301.
19. Verhoog D. “Performance budgeting and accrual budgeting: Determinants of budgetary practices”. Public Performance and Management Review1 (2020): 20-48.
20. Biondi Y. “The power of accounting: Implications of the transformation of the IFRS into an EU law”. Accounting, Organizations and Society 54 (2016): 16-31.
21. Verhoog D. “Performance budgeting and accrual budgeting: Determinants of budgetary practices”. Public Performance and Management Review1 (2020): 20-48.
22. IPSASB Handbook of International Public Sector Accounting Pronouncements. International Federation of Accountants (2017).
23. Dawson K. “Accrual accounting reform in the New Zealand public sector: implications for accountability”. Financial Accountability and Management2 (2018): 141-164.
24. Verhoog D. “Performance budgeting and accrual budgeting: Determinants of budgetary practices”. Public Performance and Management Review1 (2020): 20-48.
25. The Challenges of Implementing Accrual Accounting in Developing and Transitional Economies (2016).
26. Grossi G. “Performance budgeting, accrual budgeting, and accrual accounting in the public sector”. Journal of Public Budgeting, Accounting and Financial Management1 (1): 120-149.
27. Nasi J., et al. “Budget participation, IPSAS adoption and financial performance of public universities in Kenya”. Journal of Finance and Accounting6 (2016): 366-375.
28. Hall A. “Beyond Accrual Accounting: Regulation and Control of Public Sector Budgeting”. Financial Accountability and Management3 (2017): 233-252.
29. Janaro D., et al. “Public sector reform and integrated reporting in Italian state-owned enterprises”. Financial Accountability and Management1 (2021): 31-54.
30. Brusca I., et al. “Evaluating investments in state-owned enterprises using non-financial data”. Sustainability5 (2019): 1412.
31. Argesanu A. “Performance measurement of state-owned enterprises using international public sector accounting standards”. Procedia Economics and Finance 40 (2017): 107-113.
32. IPSASB Handbook of International Public Sector Accounting Pronouncements. International Federation of Accountants (2017).
33. Narjess B., et al. “The impact of international public sector accounting standards on the quality of financial reports: The case of Tunisia”. The Journal of American Academy of Business, Cambridge1 (2016): 115-127.
34. Kaspersen LB., et al. “Financial Management Practices of Autonomous State-Owned Enterprises: Balancing accountability and autonomy”. Public Money and Management4 (2019): 267-278.
35. Holt E and Dennis I. “Hybrid Management, Public Sector Reform and Accounting Control in a State-Owned Enterprise”. Accounting, Organizations and Society 85 (2020): 101098.
36. Klausen JE., et al. “A structured focus on costs: Performance measurement in Danish state-owned enterprises”. Journal of Accounting and Organizational Change1 (2018): 62-80.
37. 2019 Annual Report (2020).
38. Integrated Report 2017 (2017).
39. Sui Northern Gas Pipelines Limited (SNGPL). Annual Report 2019 (2019).
40. Codelco's Financial Statements as of December 31, 2017, and Report of the Auditors (2017).
41. Understanding Challenges to Implementing IPSAS in Brazil (2020).
42. South African National Treasury. Transition to Accrual Accounting: A Practical Guide (2017).
43. Sui Northern Gas Pipelines Limited (SNGPL). Annual Report 2019 (2019).
44. Codelco's Financial Statements as of December 31, 2017, and Report of the Auditors (2017).
45. The Challenges of Implementing Accrual Accounting in Developing and Transitional Economies (2016).
46. Integrated Report 2017 (2017).
47. The Challenges of Implementing Accrual Accounting in Developing and Transitional Economies (2016).
48. Understanding Challenges to Implementing IPSAS in Brazil (2020).
49. South African National Treasury. Transition to Accrual Accounting: A Practical Guide (2017).
50. Codelco's Financial Statements as of December 31, 2017, and Report of the Auditors (2017).
51. Integrated Report 2017 (2017).
52. South African National Treasury. Transition to Accrual Accounting: A Practical Guide (2017).
53. The Challenges of Implementing Accrual Accounting in Developing and Transitional Economies (2016).
54. Integrated Report 2017 (2017).
55. World Bank Annual Report (2017).
56. The Challenges of Implementing Accrual Accounting in Developing and Transitional Economies (2016).