Study On Accounting And Disclosure Of Governmental Assets

There are several reforms of budgetary accounting in China since 1997.The basic starting point of these reforms is to reconstruct budgetary accounting system other than establishing governmental accounting system. With the construction of public finance system which adaptive for Chinese market economy and the development of governmental accounting reforms which takes New Public Management Campaign as the background, governmental accounting system construction oriented by achievement and effect is becoming a tendency of governmental accounting reform in China. Complete accounting and appropriate disclosure of governmental assets are helpful in perfecting governmental accounting system and providing information about achievement and effect, and thus remove public fiduciary duty of the government. Therefore, it has significant theory and practical significance to study accounting and disclosure of governmental assets.This paper intends to study the problem of accounting and disclosure of governmental assets based on governmental accounting of accrual basis, defines the scope of governmental assets according to the contents of state assets, and classifies governmental assets. In contrast to the status of accounting and disclosure of governmental assets in the US, Australia and Britain, this paper proposes that accrual basis and fair value should be introduced to the reforms of accounting and disclosure of governmental assets in China, and disclose governmental assets comprehensively. And this paper discusses the problem of classified accounting of governmental assets, and conceives the mode of disclosure of governmental assets.The paper's conclusions include:①establishing governmental accounting system is an inevitable trend of reforming budgetary accounting in China;②recognition basis of accrual basis and measurement attributes of fair value should be applied to governmental assets in the reforms of accounting and disclosure of governmental assets;③assets that have been recognized and measured should be disclosed in government financial reports according to liquidity, assets that difficult to value can be disclosed in notes to the financial statements only, and it should be an evolution process to enlarge the scope of disclosure of governmental assets in China.The paper's innovations include:①this paper clearly designates the definition, scope and classification of governmental assets;②this paper proposes that accrual basis and fair value should be introduced to accounting of governmental assets in China, in contrast to the status of accounting and disclosure of governmental assets in the US, Australia and Britain;③this paper clearly presents classified accounting of governmental assets, and discusses how to apply measurement attributes of fair value to accounting of governmental assets;④on the basis of accrual basis and fair value, this paper conceives the mode of disclosure of governmental assets.