Accounting Devices and Fiscal Illusions

Business & Finance, Economics, Money & Monetary Policy, Macroeconomics
Cover of the book Accounting Devices and Fiscal Illusions by Timothy Irwin, INTERNATIONAL MONETARY FUND
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Author: Timothy Irwin ISBN: 9781475571325
Publisher: INTERNATIONAL MONETARY FUND Publication: March 28, 2012
Imprint: INTERNATIONAL MONETARY FUND Language: English
Author: Timothy Irwin
ISBN: 9781475571325
Publisher: INTERNATIONAL MONETARY FUND
Publication: March 28, 2012
Imprint: INTERNATIONAL MONETARY FUND
Language: English

This proposed SDN would survey the various accounting stratagems which governments have used to meet fiscal targets—thereby sidestepping the need for true adjustment—and suggest remedial actions to limit this type of fiscal non-transparency. Types of creative accounting to be covered would include, for instance, currency swaps to hide a debt build-up (as in Greece in 2001–07), sale and leaseback of government property (for example, in the United States), assumption of long-term pension obligations in exchange for short-term revenue (Argentina, Hungary, and other Eastern European countries), use of public-private partnerships to defer the recognition of investment spending (for instance, Portugal), and reliance on non-cash compensation (such as pension rights) to reduce measured wage bills (in the United States, United Kingdom, etc.) As is evident from the examples given, these fiscal tricks have recently come under increased international scrutiny, highlighting the importance of good fiscal reporting, accounting, and transparency in general, for avoiding unpleasant surprises, ensuring government accountability, and containing fiscal vulnerabilities.

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This proposed SDN would survey the various accounting stratagems which governments have used to meet fiscal targets—thereby sidestepping the need for true adjustment—and suggest remedial actions to limit this type of fiscal non-transparency. Types of creative accounting to be covered would include, for instance, currency swaps to hide a debt build-up (as in Greece in 2001–07), sale and leaseback of government property (for example, in the United States), assumption of long-term pension obligations in exchange for short-term revenue (Argentina, Hungary, and other Eastern European countries), use of public-private partnerships to defer the recognition of investment spending (for instance, Portugal), and reliance on non-cash compensation (such as pension rights) to reduce measured wage bills (in the United States, United Kingdom, etc.) As is evident from the examples given, these fiscal tricks have recently come under increased international scrutiny, highlighting the importance of good fiscal reporting, accounting, and transparency in general, for avoiding unpleasant surprises, ensuring government accountability, and containing fiscal vulnerabilities.

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