There would appear to be a growing consensus among OECD member countries concerning the merits of adopting accrual accounting in the public sector. Nearly one-third of member countries have adopted full accrual accounting and a number of other member countries have adopted accrual accounting for specific transactions – most frequently for the recording of interest on the public debt and employee pension costs.
This article discusses Indonesia’s economic and fiscal performance following the 1997/98 financial crisis and the transition to democracy, as well as the budget formulation process and the role of Parliament. Aspects of budget implementation are discussed throughout the article. Jón R. Blöndal, Ian Hawkesworth and Hyun-Deok Choi
This review of budgeting in Australia concentrates on the national government only. The article first discusses Australia’s recent economic and fiscal performance and then focuses on the budget formulation process. After a discussion of the role of the Parliament, the article reviews various aspects of budget implementation and management. The article concludes with a special section on Australia’s efforts to eliminate “red tape” within government. This review was undertaken in September 2007; following the election of a new government in Australia in November 2007, some new policies are highlighted, encompassing budget formulation, processes, accounting and management.
The financial crisis had significant implications for the fiscal positions of OECD. As nations seek to cope with the economic contraction, budget deficits and debt have risen to near record postwar levels. As the crisis in Europe and other advanced economies has deepened, fiscal consolidation will have to be coupled, and even preceded, by actions to jump-start crippled economies. Nonetheless, when fiscal consolidation becomes necessary, nations that procrastinate by waiting for a crisis to provide cover for the politically hard choices will pay a steep price indeed both economically and politically. Many in the academic and policy community have raised questions about whether advanced democracies have the political wherewithal to respond to gathering fiscal pressures through early and timely action. Recent fiscal actions in advanced nations suggest that democracies are not doomed to wait for market shocks and crises. Rather, leaders have shown that fiscal sacrifice can be achieved in ways that promote electability. In this article, we discuss the impetus for democratic fiscal actions and the strategies used to gain public support.The financial crisis had significant implications for the fiscal positions of Organisation for Economic Co-operation and Development (OECD) nations. As nations seek to cope with the economic contraction, budget deficits and debt have risen to near record postwar levels. As nations cope with the resulting fiscal imbalances, they will also be dealing with longer term fiscal pressures stemming from the aging of populations and rising health-care costs. In contrast to previous recessions, the return of strong growth will not end the fiscal gaps facing these nations but will serve as the prelude for even more difficult and wrenching choices. The depth of the economic contraction and financial crisis in many European nations highlights the difficult balancing act that nations and the European community itself have had to make between short-term economic stimulus and inevitable fiscal consolidation initiatives. Once the recovery begins in earnest, the magnitude of fiscal adjustments faced by nations will only grow the longer they delay implementing consolidation. Nations that procrastinate by waiting for a crisis to provide cover for the politically hard choices will pay a steep price indeed both economically
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