Exploring Public Finance Management Reform and Building up Model of General State Accounting （GSA）： The Case of Vietnam

There is no doubt that public finance and accounting have been playing a pivotal role in supporting the government＇s aspirations in the development in any countries. Through the receipt of funds from the state budget, the organizations in the public sector use country＇s resources towards the implementation of objectives as well as social policies set by national government. Therefore, most countries will aim to gradually improve the management of public finance, but control of public finance has faced challenges because of the existing limitations As a result, the public finance management needs to be reformed. In Vietnam, this process has been performed in recent years. To enhance the effectiveness of improvement, public finance has to combine with the transformation of public sector accounting. In fact, there are a lot of researches in public sector accounting together with financial management. However, in the world, from the past to present, very little research has been conducted to examine the change in management to the public finance and relationship to public accounting, especially to the model of general accounting. Because of the significance of above matters, the main purposes of this paper are to identify the role of public finance and the process of reforming it and to build up the new model in Vietnam, called as General State Accounting （GSA） which is applied for Vietnamese government in the near future. By using the mixed method for research, the author will analyze the figures of last budget data, administer the described statistics, and collect information about the budget from Vietnamese experts.

Belgian Public Accounting： Towards Accrual Accounting

Belgian public accounting has faced many changes since the law of May 15, 1846 on state accounting and is continuously evolving. Originally, only cash-based budgetary accounting existed, but the will to evolve towards an accounting system allowing the follow-up of the public patrimony and debt and ensuring a better transparency of accounts appeared. So, after several changes in budgetary and accounting practices, the legislative authorities introduced an accrual-based accounting system and double-entry general accounting. The reform of 2003 is the main element of this accounting modernization, which is inspired by the new public management. This papert first describes the development of Belgian public accounting since 1846 and then dwells on the accounting reform of 2003, and more specifically, on its content and triggering factors, which can be linked not only to the development of Belgium but also to the international development. Finally, the level of implementation of this reform in different Belgian public entities is studied.

Roadmap to Future Mandatory Application of International Financial Reporting Standards （IFRS） in Japan From the Perspectives of Financial Statement Preparers

This paper seeks to contribute to the discussion on the future mandatory application of Intemational Financial Reporting Standards （IFRS） using data from a questionnaire-based survey administered to financial statement preparers, that is, management in Japan. The important findings of this paper are as follows. The majority of Japanese companies consider that the domestic markets are more important than overseas markets; the most important differences between IFRS and Japanese standards are goodwill, comprehensive income, and the recognition of revenue; it is expected that IFRS would be applied only in consolidated financial statements or in both consolidated and parent companies＇ separate financial statements; and the lack of legislation making it mandatory is the main reason why IFRS has not been adopted by Japanese companies. Overall, this paper found that Japanese management is prudent and passive regarding IFRS adoption, leaving room for further discussions on the future mandatory application of IFRS in Japan.

The Impact of IFRS Convergence on the Effectiveness of Accounting Information for Share Valuation： Evidence from the Mainland of China

This study examines whether the reconciliation amounts between IFRS and PRC GAAP provide additional incremental value-relevant information. More specifically, it investigates whether firms applying IFRS experience an increase in the quality of accounting information in the post-IFRS convergence period. Results show that IFRS convergence increases the values of balance-sheet items and enlarges variation across firms. Moreover, there is no difference in the explanatory power of value relevance of accounting information under IFRS and PRC GAAP for share prices and returns of A-shares. The incremental value relevance analysis suggests that the IFRS adjustments to earnings are value relevant, whereas the adjustments to book values are not. The IFRS adjustments to change in inventory are value relevant for predicting future operating cash flows. Finally, accounting quality improved in post-convergence period. These results are robust after controlling for the unique characteristics of Chinese firms.

Optimization of Coordinated Water Resource Management in Beijing-Tianjin-Hebei Region from the Perspective of Water Accounting

Beijing-Tianjin-Hebei region is connected by geography and water veins with strong complementary advantages.The coordinated development of Beijing,Tianjin and Hebei is a major national strategy put forward by the Chinese government in the new historical period.However,Beijing,Tianjin and Hebei are faced with common problems such as water shortage,serious water pollution,over-exploitation of groundwater and fragile water ecology.The synergy governance of water resources is the basis and key issue behind the coordinated development of the tree areas.This paper analyzes the water problem in Beijing-Tianjin-Hebei region and the status of water resources accounting and discusses the basic ideas of inspecting water resources management and innovating water accounting system.In this paper,a fi ne,standardized,water accounting system is established,which is permitted for inter-sustainable use of water resources.On this basis,this paper proposes to keep in line with Australian water accounting standards and to establish General Purpose Water Accounting for disclosure of water accounting reports,based on accrual basis,so as to build a new mechanism of coordinated governance of Beijing-Tianjin-Hebei water resources.Finally,in order to demonstrate the optimization mechanism of Beijing-Tianjin-Hebei water resources coordinated management,this paper applies General Purpose Water Accounting to Beijing Waterworks Group Co.,Ltd.