Lessons in governmental accounting from New Zealand

This is a recording of Truth in Accounting's webinar on the lessons in governmental accounting from New Zealand with Professor Ian Ball of Victoria University in New Zealand, CEO and Founder of TIA, Sheila Weinberg and Bill Bergman, former Director of Research at TIA. This special Ask the Experts webinar is part of Truth in Accounting’s effort to reform governmental accounting standards in the United States. Currently, the 50 states are required by law to balance their budgets. But because governments use cash-based accounting, budgets that appear balanced are anything but balanced. With cash-based accounting, financial reports show expenses only when money is paid, not when debt or future expenses are incurred. This presents a flawed and inaccurate picture of governments’ financial condition. Full accrual calculations and techniques (FACT) accounting provides a more holistic view of government finances. https://www.truthinaccounting.org/resources/page/fact-based-accounting _________________ Subscribe to Truth in Accounting here: https://bit.ly/2uygGER Follow Truth in Accounting: Facebook: https://facebook.com/truthinaccounting X: https://twitter.com/truthinacct Instagram: https://instagram.com/truthinacct LinkedIn: https://www.linkedin.com/company/truth-in-accounting ------------ Ian Ball is a Professor of Public Financial Management and the first Professor in Practice at Victoria University of Wellington. During his career, Ian has been an academic, a senior public servant, an accounting standard setter, an international consultant on public financial management, and chief executive of an international organization. Other roles Ian currently holds include: Chairman Emeritus of CIPFA International, Chair of the Audit Committee for the financial statements of the New Zealand Government, Principal of Public Sector Performance (NZ) Ltd, advisor on government accounting matters to Japonica Partners and member of the Advisory Group for the Korea Institute of Public Finance. Ian was Chief Executive Officer of the International Federation of Accountants (IFAC) (2002-2013). Earlier, as Chairman of the IFAC Public Sector Committee (now the International Public Sector Accounting Standards Board), he initiated and led the development of International Public Sector Accounting Standards. While with the New Zealand Treasury (1987-1994) Ian was responsible (as Director of Financial Management Policy and Central Financial Controller) for the design of the New Zealand Government’s financial management system and the development of the Public Finance Act 1989. Sheila Weinberg is the founder and CEO of Truth in Accounting. Since 2002 Ms. Weinberg has led Truth in Accounting's research initiatives. Because of her expertise in governmental budgeting and accounting, Ms. Weinberg has testified before the Federal Accounting Standards Advisory Board (FASAB), the Government Accounting Standards Board, and numerous state legislative hearings on matters of proper government accounting. Bill Bergman served as Truth in Accounting's Director of Research. He led question formation, idea development, and application of research initiatives. Bill teaches finance courses at Loyola University Chicago. He has over 30 years of financial market experience, including thirteen years as an economist and policy analyst at the Federal Reserve Bank of Chicago. Bill earned an M.B.A. and an M.A. in public policy from the University of Chicago in 1990.