Conceptual Framework on Antecedents of True and Fair View Reporting Surrounding Migration to Accrual-Based Accounting by Public Sector Entities: A Case of Federal Statutory Bodies (FSB) in Malaysia
Keywords:
True and Fair View, Financial Reporting, Accrual Accounting, Public Sector Accounting and Federal Statutory Bodies
Abstract
Following the institutional reforms in Malaysia, the Federal Government issued Treasury Circular PS 1.2/2020. Federal Statutory Bodies (FSBs) are now required to adopt the Malaysian Public Sector Accounting Standard (MPSAS) as the standard for preparing financial statements. While most private sectors strongly embrace accrual accounting systems and derive many benefits from them, the practice and application in the public sector, including FSBs, is still in its infancy. Therefore, this study examines the antecedents of true and fair view reporting in the context of migration to accrual accounting by FSB in Malaysia. This study is due to the lack of research on accrual accounting in the public sector, as researchers rigorously focus on the private sector that controls the economy. In addition, there are few studies on the conversion of the public sector in emerging economies to accrual accounting. The study provided a conceptual discussion on the antecedents that potentially affect the true and fair view reporting through the adoption of accrual accounting. The discussion is expected to benefit many stakeholders, especially regulators and policymakers, as emerging economies such as Malaysia continue to actively pursue institutional reforms. By adding new variables from the study so that they can be used in various and extensive aspects of the research.
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References
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Alsharari, N. M. (2022). Risk management practices and trade facilitation as influenced by public sector reforms: institutional isomorphism. Journal of Accounting and Organizational Change, 18(2), 192–216. https://doi.org/10.1108/JAOC-11-2018-0117
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Bamber, M. (2017). Market-risk disclosures: The initiation and implementation of a financial reporting innovation. Advances in Accounting Behavioral Research, 20, 159–188. https://doi.org/10.1108/S1475-148820170000020006
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Ghani, E. and Said, J. (2010). Digital reporting practices among Malaysian local authorities. Journal of e-Government, 8(1), 33-44.
Grassa, R., Khlif, H. & Khelil, I. (2022). The development of Islamic accounting education in the UAE and its challenges: an institutional perspective. Journal of Financial Reporting and Accounting, https://doi.org/10.1108/JFRA-08-2021-0215
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Haustein, E., Lorson, P. C., Oulasvirta, L. O. & Sinervo, L. M. (2021). Perceived usability of local government (LG) financial statements by local councilors: a comparative study of Finland and Germany. International Journal of Public Sector Management, 34(4), 441–458. https://doi.org/10.1108/IJPSM-09-2020-0227
Hofstede, G.H., 1991. Management in a multicultural society. Malaysian Management Review 26 (1), 3–12.
Jayalakshmy, R., Seetharaman, A. & Khong, T. W. (2005). The changing role of the auditors. Managerial Auditing Journal, 20(3), 249–271. https://doi.org/10.1108/02686900510585591
Jayasinghe, K., Adhikari, P., Soobaroyen, T., Wynne, A., Malagila, J. & Abdurafiu, N. (2020). Government accounting reforms in Sub-Saharan African countries and the selective ignorance of the epistemic community: A competing logics perspective. Critical Perspectives on Accounting, xxxx, 102246. https://doi.org/10.1016/j.cpa.2020.102246
Johari, J., Mohd Shamsudin, F., Fee Yean, T., Yahya, K. K. & Adnan, Z. (2019). Job characteristics, employee well-being, and job performance of public sector employees in Malaysia. International Journal of Public Sector Management, 32(1), 102–119. https://doi.org/10.1108/IJPSM-09-2017-0257
Johari, R. J., Alam, M. M. & Said, J. (2020). Empirical assessment on factors contributing to integrity practices of Malaysian public sector officers. Business Process Management Journal, 27(4), 1217–1237. https://doi.org/10.1108/BPMJ-06-2020-0297
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Liljeblom, E., Maury, B. & Hörhammer, A. (2020). Complex state ownership, competition, and firm performance–Russian evidence. International Journal of Emerging Markets, 15(2), 189–221. https://doi.org/10.1108/IJOEM-08-2017-0287
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Nirwana, N. & Haliah, H. (2018). Determinant factors of the quality of financial statements and performance of the government by adding contextual factors. Asian Journal of Accounting Research, 3(1), 28–40. https://doi.org/10.1108/ajar-06-2018-0014
Pacheco Paredes, A. A. & Wheatley, C. (2017). The influence of culture on real earnings management. International Journal of Emerging Markets, 12(1), 38–57. https://doi.org/10.1108/IJoEM-12-2014-0218
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Polzer, T. & Reichard, C. (2020). IPSAS for European Union member states as starting points for EPSAS: Analysis of the discourses among countries and stakeholders. International Journal of Public Sector Management, 33(2–3), 247–264. https://doi.org/10.1108/IJPSM-12-2018-0276
Rana, T., Ahmed, Z. U., Narayan, A., & Zheng, M. (2022). An institutional theory perspective on public sector reform and service performance reporting by New Zealand universities. Journal of Accounting and Organizational Change, 18(3), 461–484. https://doi.org/10.1108/JAOC-08-2020-0112
Rautiainen, A. & Luoma-aho, V. (2021). Reputation and financial reporting in Finnish public organizations. Journal of Public Budgeting, Accounting and Financial Management, November 2019. https://doi.org/10.1108/JPBAFM-10-2020-0179
Saleh, Z., Isa, C. R. & Abu Hasan, H. (2021). Issues and challenges in implementing International Public Sector Accounting Standards (IPSAS). IPN Journal, 11(1), 1-14. http://jurnal.ipn.gov.my/ipnjv112021-1/
Samah, S. (2021). To be or not to be: paradoxes and dilemmas faced by middle managers in Malaysian public service during organizational change. Journal of Organizational Change Management, 34(2), 293–310. https://doi.org/10.1108/JOCM-02-2020-0057
Scott, W.R. (2014), Institutions and Organizations: Ideas, Interests and Identities, Sage, Los Angeles, CA, London, New Delhi, Singapore and Washington, DC
Siddiquee, N.A. (2006). Public management reform in Malaysia: recent initiative and experiences. International Journal of Public Sector Management, 19(4), 339-358.
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Tagesson, T. (2015). Accounting reforms, standard setting and compliance”, in Budding, T., Grossi, G. and Tagesson, T. (Eds), Public Sector Accounting, Routledge, Abingdon, pp. 8-22.
Teruki, N. A., Nyamori, R. O., & Ahmed, K. (2019). Financial disclosure practices among Malaysian local authorities: a case study. International Journal of Public Sector Management, 32(1), 42–64. https://doi.org/10.1108/IJPSM-05-2017-0138
Wardhani, R. (2019). The role of audit quality on market consequences of voluntary disclosure: Evidence from East Asia. Asian Review of Accounting, 27(3), 373–400. https://doi.org/10.1108/ARA-03-2018-0083.
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Yudhanti, C. B. H. & Tjahjadi, B. (2021). Drivers of social responsibility disclosure: the moderation of the president director’s busyness and political connections. Asian Journal of Accounting Research, 6(3), 335–347. https://doi.org/10.1108/ajar-11-2020-0126
Abdulkarim, M. E., Umlai, M. I. & Al-Saudi, L. F. (2020). Exploring the role of innovation in the level of readiness to adopt IPSAS. Journal of Accounting and Organizational Change, 16(3), 469–495. https://doi.org/10.1108/JAOC-12-2019-0119
Abdul Rauf, F., Yatim, N., Che Salleh, S, Yusoff, H, Roobalan, U. R. & Othman, R. (2003). Public Sector Accounting: Malaysian Context, 2nd edition, Prentice Hall Publishing Abu.
Abu Bakar, N. B. & Saleh, Z. (2016). Extent of Disclosure in the Annual Reports of Malaysian Federal Statutory Bodies. Mediterranean Journal of Social Sciences, March. https://doi.org/10.5901/mjss.2016.v7n2p158
Ahmad, H., Abul Hassan, S. H. & Ismail, S. (2021). Transparency level of the electronic procurement system in Malaysia. Journal of Financial Reporting and Accounting, https://doi.org/10.1108/JFRA-07-2021-0181
Alsharari, N. M. (2020). Accounting changes and beyond budgeting principles (BBP) in the public sector: Institutional isomorphism. International Journal of Public Sector Management, 33(2–3), 165–189. https://doi.org/10.1108/IJPSM-10-2018-0217
Alsharari, N. M. (2022). Risk management practices and trade facilitation as influenced by public sector reforms: institutional isomorphism. Journal of Accounting and Organizational Change, 18(2), 192–216. https://doi.org/10.1108/JAOC-11-2018-0117
Bakar, N. B. A., & Saleh, Z. (2015). Review of literature on factors influencing public sector disclosure: The way forward. Asian Journal of Business and Accounting, 8(2), 155–184.
Baker, C. R., Bédard, J. & Prat dit Hauret, C. (2014). The regulation of statutory auditing: An institutional theory approach. Managerial Auditing Journal, 29(5), 371–394. https://doi.org/10.1108/MAJ-09-2013-0931
Baker, R. & Rennie, M. D. (2006). Forces leading to the adoption of accrual accounting by the Canadian Federal Government: An institutional perspective. Canadian Accounting Perspectives, 5(1), 83-112.
Bell, J., Lundblad, H. (2011). A comparison of ExxonMobil’s sustainability reporting to outcomes. Journal of Applied Business and Economics, 12(1), 17-29.
Bamber, M. (2017). Market-risk disclosures: The initiation and implementation of a financial reporting innovation. Advances in Accounting Behavioral Research, 20, 159–188. https://doi.org/10.1108/S1475-148820170000020006
Bliss, M.A. and Gul, F.A. (2012). Political connection and cost of debt: some Malaysian evidence”, Journal of Banking and Finance, 36(5), 1520-1527.
Branco, A. P. C., Bianchi, M. T., & Castelo Branco, M. (2021). Board demographic diversity and human rights reporting in Western Europe. PSU Research Review. https://doi.org/10.1108/prr-06-2020-0018
Bruton, G.D., Peng, M.W., Ahlstrom, D., Stan, C. and Xu, K. (2015). State-owned enterprises around the world as hybrid organizations. Academy of Management Perspectives, 29(1), 92-114.
Combs, A., Samy, M., & Myachina, A. (2013). Cultural impact on the harmonization of Russian Accounting Standards with the International Financial Reporting Standards: A practitioner’s perspective. Journal of Accounting and Organizational Change, 9(1), 26–49. https://doi.org/10.1108/18325911311307195
Dacin, M. T., Goodstein, J., & Scott, W. R. (2002). Institutional Theory and Institutional Change: Introduction to the Special Research Forum. The Academy of Management Journal, 45(1), 45–56. https://doi.org/10.2307/3069284
Dean, P. N. (1989). Government Budgeting in Developing Countries, London: Routledge.
DeBoskey, D. G., Luo, Y. & Wang, J. (2018). Does board gender diversity affect the transparency of corporate political disclosure? Asian Review of Accounting, 26(4), 444–463. https://doi.org/10.1108/ARA-09-2017-0141
De Silva Lokuwaduge, C. S., & De Silva, K. (2020). Determinants of public sector accounting reforms: A case study of Sri Lanka in rapidly developing Asia. International Journal of Public Sector Management, 33(2–3), 191–205. https://doi.org/10.1108/IJPSM-03-2019-0085
Egbunike, C. F., & Odum, A. N. (2018). Board leadership structure and earnings quality. Asian Journal of Accounting Research, 3(1), 82–111. https://doi.org/10.1108/ajar-05-2018-0002
Feng, M., Kang, T. & Nabar, S. (2017). National societal values and corporate governance. International Journal of Emerging Markets, 12(2), 183–198. https://doi.org/10.1108/IJoEM-08-2015-0150
Funnell, W. & Cooper, K. (1999) Public Sector Accounting and Accountability in Australia, Sydney: UNSW Press.
Gao, X. & Jia, Y. (2021). The economic consequences of financial misreporting: Evidence from employee perspective. Journal of Management Accounting Research, 33(3), 55–76. https://doi.org/10.2308/JMAR-2020-032
Ghani, E. and Said, J. (2010). Digital reporting practices among Malaysian local authorities. Journal of e-Government, 8(1), 33-44.
Grassa, R., Khlif, H. & Khelil, I. (2022). The development of Islamic accounting education in the UAE and its challenges: an institutional perspective. Journal of Financial Reporting and Accounting, https://doi.org/10.1108/JFRA-08-2021-0215
Haladu, A., & Salim, B. B. (2016). International Journal of Economics and Financial Issues Board Characteristics and Sustainability Reporting: Environmental Agencies’ Moderating Effects. International Journal of Economics and Financial Issues, 6(4), 1525–1533. http:www.econjournals.com
Haniffa, R. M., & Cooke, T. E. (2002). Culture, corporate governance and disclosure in Malaysian corporations. Abacus, 38(3), 317–349. https://doi.org/10.1111/1467-6281.00112
Harun, H., Van Peursem, K. & Eggleton, I. (2012). Institutionalization of accrual accounting in the Indonesian public sector. Journal of Accounting and Organizational Change, 8(3), 257–285. https://doi.org/10.1108/18325911211258308
Hasan, H. A. & Yeow, S. (2012). Changing Accounting System: Challenges for the Public Sector Auditors. IPN Journal, 1(1), 1–12. http://jurnal.ipn.gov.my
Haustein, E., Lorson, P. C., Oulasvirta, L. O. & Sinervo, L. M. (2021). Perceived usability of local government (LG) financial statements by local councilors: a comparative study of Finland and Germany. International Journal of Public Sector Management, 34(4), 441–458. https://doi.org/10.1108/IJPSM-09-2020-0227
Hofstede, G.H., 1991. Management in a multicultural society. Malaysian Management Review 26 (1), 3–12.
Jayalakshmy, R., Seetharaman, A. & Khong, T. W. (2005). The changing role of the auditors. Managerial Auditing Journal, 20(3), 249–271. https://doi.org/10.1108/02686900510585591
Jayasinghe, K., Adhikari, P., Soobaroyen, T., Wynne, A., Malagila, J. & Abdurafiu, N. (2020). Government accounting reforms in Sub-Saharan African countries and the selective ignorance of the epistemic community: A competing logics perspective. Critical Perspectives on Accounting, xxxx, 102246. https://doi.org/10.1016/j.cpa.2020.102246
Johari, J., Mohd Shamsudin, F., Fee Yean, T., Yahya, K. K. & Adnan, Z. (2019). Job characteristics, employee well-being, and job performance of public sector employees in Malaysia. International Journal of Public Sector Management, 32(1), 102–119. https://doi.org/10.1108/IJPSM-09-2017-0257
Johari, R. J., Alam, M. M. & Said, J. (2020). Empirical assessment on factors contributing to integrity practices of Malaysian public sector officers. Business Process Management Journal, 27(4), 1217–1237. https://doi.org/10.1108/BPMJ-06-2020-0297
Khelil, I., Khlif, H. & Amara, I. (2021). Political connections, political corruption and auditing: a literature review. Journal of Financial Crime, https://doi.org/10.1108/JFC-12-2020-0257
Liljeblom, E., Maury, B. & Hörhammer, A. (2020). Complex state ownership, competition, and firm performance–Russian evidence. International Journal of Emerging Markets, 15(2), 189–221. https://doi.org/10.1108/IJOEM-08-2017-0287
Mahmud, R. (2017). Understanding Institutional Theory in Public Policy. Dynamics of Public Administration, 34(2), 135. https://doi.org/10.5958/0976-0733.2017.00011.6
Najaf, R. & Najaf, K. (2021). Political ties and corporate performance: why efficiency matters? Journal of Business and Socio-Economic Development, ahead-of-p(ahead-of-print). https://doi.org/10.1108/jbsed-03-2021-0023
Nirwana, N. & Haliah, H. (2018). Determinant factors of the quality of financial statements and performance of the government by adding contextual factors. Asian Journal of Accounting Research, 3(1), 28–40. https://doi.org/10.1108/ajar-06-2018-0014
Pacheco Paredes, A. A. & Wheatley, C. (2017). The influence of culture on real earnings management. International Journal of Emerging Markets, 12(1), 38–57. https://doi.org/10.1108/IJoEM-12-2014-0218
Pallot, J. & Ball, I. (1997). “What difference does resource accounting make? The case of New Zealand.” In D. Corry (Ed.), Public expenditure: Effective management and control (pp. 237-252). London: Dryden Press.
Polzer, T. & Reichard, C. (2020). IPSAS for European Union member states as starting points for EPSAS: Analysis of the discourses among countries and stakeholders. International Journal of Public Sector Management, 33(2–3), 247–264. https://doi.org/10.1108/IJPSM-12-2018-0276
Rana, T., Ahmed, Z. U., Narayan, A., & Zheng, M. (2022). An institutional theory perspective on public sector reform and service performance reporting by New Zealand universities. Journal of Accounting and Organizational Change, 18(3), 461–484. https://doi.org/10.1108/JAOC-08-2020-0112
Rautiainen, A. & Luoma-aho, V. (2021). Reputation and financial reporting in Finnish public organizations. Journal of Public Budgeting, Accounting and Financial Management, November 2019. https://doi.org/10.1108/JPBAFM-10-2020-0179
Saleh, Z., Isa, C. R. & Abu Hasan, H. (2021). Issues and challenges in implementing International Public Sector Accounting Standards (IPSAS). IPN Journal, 11(1), 1-14. http://jurnal.ipn.gov.my/ipnjv112021-1/
Samah, S. (2021). To be or not to be: paradoxes and dilemmas faced by middle managers in Malaysian public service during organizational change. Journal of Organizational Change Management, 34(2), 293–310. https://doi.org/10.1108/JOCM-02-2020-0057
Scott, W.R. (2014), Institutions and Organizations: Ideas, Interests and Identities, Sage, Los Angeles, CA, London, New Delhi, Singapore and Washington, DC
Siddiquee, N.A. (2006). Public management reform in Malaysia: recent initiative and experiences. International Journal of Public Sector Management, 19(4), 339-358.
Stacy, G., (1997). True and fair view: a UK auditor’s perspective, The European Accounting Review, 6(4), 705-709.
Tagesson, T. (2015). Accounting reforms, standard setting and compliance”, in Budding, T., Grossi, G. and Tagesson, T. (Eds), Public Sector Accounting, Routledge, Abingdon, pp. 8-22.
Teruki, N. A., Nyamori, R. O., & Ahmed, K. (2019). Financial disclosure practices among Malaysian local authorities: a case study. International Journal of Public Sector Management, 32(1), 42–64. https://doi.org/10.1108/IJPSM-05-2017-0138
Wardhani, R. (2019). The role of audit quality on market consequences of voluntary disclosure: Evidence from East Asia. Asian Review of Accounting, 27(3), 373–400. https://doi.org/10.1108/ARA-03-2018-0083.
Weber, M. (1947). The Theory of Social and Economic Organizations, The Free Press, New York, NY.
World Economic Forum. (2019) Global competitiveness report, 2019. https://www3.weforum.org/docs/WEF_TheGlobalCompetitivenessReport2019.pdf?_gl=1*n2n0a0*_up*MQ..&gclid=CjwKCAiA5Y6eBhAbEiwA_2ZWISi3rwdQPUJWKLLL3j7EBHbk1uH5h-81Mcl5YTq_th3DCHHhKefPuxoCBMkQAvD_BwE
Wu, P., Gao, L., Chen, Z. & Li, X. (2016). Managing reputation loss in China: in-depth analyses of financial restatements. Chinese Management Studies, 10(2), 312–345. https://doi.org/10.1108/CMS-12-2015-0275
Yudhanti, C. B. H. & Tjahjadi, B. (2021). Drivers of social responsibility disclosure: the moderation of the president director’s busyness and political connections. Asian Journal of Accounting Research, 6(3), 335–347. https://doi.org/10.1108/ajar-11-2020-0126
Published
2023-11-10
How to Cite
Asyraf Hanafi, M. A., Md Yatim, N., & Abdullah Salim, A. S. (2023). Conceptual Framework on Antecedents of True and Fair View Reporting Surrounding Migration to Accrual-Based Accounting by Public Sector Entities: A Case of Federal Statutory Bodies (FSB) in Malaysia. Information Management and Business Review, 15(4(SI)I), 12-26. https://doi.org/10.22610/imbr.v15i4(SI)I.3573
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Copyright (c) 2023 Muhammad Aiman Asyraf Hanafi, Norzarina Md Yatim, Abdullah Sallehhuddin Abdullah Salim
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