Public Sector Reporting in the Times of Crisis and Pandemics: Some Evidence from New Zealand on Reporting in Covid-19 Environment

Nives Botica Redmayne (), Ivana Barbieri () and Josip Čičak ()
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Nives Botica Redmayne: Massey University
Ivana Barbieri: University of Rijeka
Josip Čičak: University of Rijeka

A chapter in Eurasian Business and Economics Perspectives, 2024, pp 285-300 from Springer

Abstract: Abstract COVID-19 pandemic crises highlighted the need for quality and reliable information about the impact of government related spending and the financial performance of governments. This study provides some initial evidence of government reporting in New Zealand following and related to the occurrence of COVID-19 pandemic. The financial statements of New Zealand Government are chosen for analysis in this paper as New Zealand has a long history of good quality financial reporting in public sector. New Zealand was the first jurisdiction in the world to produce a whole of government consolidated financial statements based on accrual accounting. In addition, New Zealand public sector and New Zealand government have a reputation for high level of transparency and high-quality financial reporting. The analysis in this paper shows that currently financial information provided on COVID-19 related government spending in New Zealand Government 2020 financial statements is detailed but it needed to be accompanied by notes to provide the appropriate context. Current frameworks do not fully cater for the discharge of accountability in relation to large funding decisions in response to disasters and pandemics such as COVID-19 pandemic. Future standards setting should focus on providing standards that enable discharging full accountability for large government spending such as in the times of disasters and pandemic.

Keywords: Government reporting; COVID-19 pandemic; New Zealand; Accountability; Accounting standards (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eurchp:978-3-031-51212-4_16

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DOI: 10.1007/978-3-031-51212-4_16

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