Different approaches to accounting involve different, often implicit, assumptions as to the functioning of the monetary and financial system. In particular, fair value accounting, unlike historical cost accounting, relies on the assumption of asset (and liability) market liquidity, and may...

Since the 1990s at least, UK HM Treasury has been leading a general transformation of public service and the relationship between public and private sectors, driven by a distinctive preference for the private sector. This preference has led to transplant the IFRS to provide a balance sheet...

This article provides a theoretical view on European Public Sector Accounting Standards (EPSAS), focusing on overarching accounting principles and models, as well as their consequences on the working and the very existence of public service activity. Our analysis applies to illustrative cases...