Public sector accounting contributions to better government: Allan Barton Memorial Lecture 2024
Education
Introduction
Good evening, everyone. It’s a pleasure to see so many of you here tonight. My name is Ian Mc, an honorary professor at the ANU School of Business and Economics, as well as a life member of CPA Australia. Before we get started, I have a few housekeeping rules to share.
First, please ensure your mobile phones are switched off or set to silent. In case of an emergency, there are exits on both sides of the room, and our staff will assist you as needed. We will have a question-and-answer session at the end of the lecture, so please hold your questions until then. Finally, please note that the presentations will be recorded, including the questions.
I am honored to welcome you to the Allan Barton Memorial Research Lecture, an event made possible through a partnership between the ANU College of Business and Economics and CPA Australia. I would like to begin by acknowledging the traditional owners of the land we are meeting on, the Ngunnawal people, paying my respects to their elders—past, present, and emerging—and extending that respect to all Aboriginal and Torres Strait Islander peoples joining us this evening.
I would also like to recognize the members of the ACT divisional council, the staff of the ANU College of Business and Economics, and my colleagues on the research lecture committee: Professors Julian Young, Greg Shay, Janet Lee, and honorary Professor Pat Barrett.
The research lecture has been held for over 40 years; it was renamed in 2012 in honor of Professor Allan Barton, who contributed immensely to accounting and academia during his 30 years at ANU. He was known for his insightful opinions and substantial academic output, with his textbook "The Anatomy of Accounting" being widely used across Australia, New Zealand, and the UK. Allan was also an active member of CPA Australia, serving on the divisional council and later as president. His legacy undoubtedly continues through this lecture.
This year's lecture will be presented by Amy Fox, with commentary by Brad Medin. The lecture is titled "Public Sector Accounting Contributions to Better Government: Enhanced Information for Decision-Making, Contemporary Issues, and Likely Influential Future Developments."
Having examined various aspects of public sector accounting, I'm sure Amy and Brad will provide valuable insights, and there will be an opportunity for questions after the commentary is delivered.
Amy's Background
Amy Fox holds the role of First Assistant Secretary of the Financial Reporting Analysis and Management division at the Department of Finance, focusing on the preparation of Commonwealth Consolidated financial statements, budget frameworks, and financial management stewardship across the Australian Public Service. She has held extensive positions across various departments, demonstrating significant leadership in public sector accounting.
In her speech, Amy reflects on Allan Barton's impact on public sector accounting and emphasizes the importance of building public trust through sound financial management. She elaborates that while accounting is often perceived as a backward-looking discipline, it plays a crucial role in forward-looking decision-making through budgeting and resource allocation.
Key Points of the Lecture
Understanding Accounting:
- Accounting ensures stakeholders can make informed decisions by presenting reliable financial information.
- The public sector must comply with Australian accounting standards to maintain transparency.
The Financial Framework:
- Australia operates under a federal system, which influences the financial activities across federal, state, and local governments.
- The PGPA Act of 2013 governs performance and accountability, emphasizing a shift towards accrual accounting.
Enhanced Decision-Making:
- Public sector accounting contributes to better decision-making and accountability, fostering trust through accurate financial reporting.
Emerging Trends and Challenges:
- The growing focus on sustainability reporting and the implications of technology, including AI, in accounting practices will shape the future landscape of public sector accounting.
Workforce Challenges:
- A decline in accounting graduates brings attention to the need for diverse skill sets in the sector, enhancing financial literacy across all public servants.
Brad's Commentary
Brad Medin provided commentary that emphasized the need for effective communication of accounting changes and the importance of financial literacy. He highlighted how financial professionals play vital roles across various departments, not just finance. Brad also discussed the significance of data visualization and integration in presenting financial information, calling for greater engagement in promoting financial roles in the public sector.
In conclusion, both Amy and Brad showcased how public sector accounting significantly impacts governance and public trust, urging the need for innovative approaches to attract talent and adapt to changing demands.
Keywords
- Public Sector Accounting
- Better Government
- Allan Barton
- Financial Reporting
- Decision-Making
- Workforce Development
- Sustainability Reporting
- Financial Literacy
- Technology in Accounting
FAQ
Q1: What was the focus of the Allan Barton Memorial Lecture in 2024?
A1: The lecture focused on public sector accounting contributions to better government, highlighting enhanced decision-making, contemporary issues, and future developments.
Q2: Who were the key speakers at the event?
A2: Amy Fox presented the lecture, with commentary provided by Brad Medin.
Q3: How has public sector accounting changed recently?
A3: The shift from cash to accrual accounting, increased emphasis on sustainability reporting, and the need for effective communication have been significant changes.
Q4: What challenges is the public sector accounting currently facing?
A4: The sector is experiencing a decline in accounting graduates and facing challenges in attracting diverse talent with relevant skills.
Q5: How important is financial literacy in the public sector?
A5: Financial literacy is essential for all public servants to ensure informed decisions and effective resource management.