What Is A Public-Sector Asset?

Abstract

Accounting standards and government pronouncements specify particular definitions of public-sector assets for general-purpose financial disclosure, or for particular applications. It would be unfortunate if this situation of mandated definitions stifled further exploration and discussion of the nature, definition and identification of public-sector assets. As the trend to commercialisation generates further hybrid forms of public-sector reporting entities, a more “multicultural” approach to asset definition and recognition may be necessary to service users’ decision needs and public-sector objectives. This paper explores implications for the practical definition of public-sector assets.