Valuation in public sector agencies: impact on financial reporting through the implementation of international financial standards: focus on Canadian Workers Compensation Boards

This study examines how the changes in International Financial Reporting Standards (IFRS) have affected the ability of Canadian Workers' Compensation Boards to demonstrate accountability to its stakeholders through an examination of the impact of fair value accounting for financial instruments....

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Bibliographic Details
Published in:Journal of financial management and analysis 2009-01, Vol.22 (1), p.16
Main Authors: Rixon, Daphne, Faseruk, Alex
Format: Article
Language:English
Subjects:
Accountability
Accounting
Accounting and auditing
Accounting policies
Boards of directors
Business metrics
Employers
Fair value
Financial instruments
Financial management
Government agencies
Impact analysis
Injuries
International Financial Reporting Standards
Jurisdiction
Liability insurance
Life insurance
Nonprofit organizations
Public policy
Public sector
Studies
Valuation
Workers compensation
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Summary:This study examines how the changes in International Financial Reporting Standards (IFRS) have affected the ability of Canadian Workers' Compensation Boards to demonstrate accountability to its stakeholders through an examination of the impact of fair value accounting for financial instruments. This paper explores the public policy implications of these standards with respect to the ease of user understanding and comparability. It comments on how IFRS would have various impacts on the Basel II Accord. This study concludes that the adoption of IFRS by public sector enterprises would distort their financial positions and key performance indicators. [PUBLICATION ABSTRACT]
ISSN:0970-4205