engleski

Accounting for government assets in Croatia: the role of asset register(s) in consolidating asset records in the State Treasury General Ledger

Both literature and practice increasingly highlight the role of accounting systems and financial reporting in implementing public sector (government) asset management reforms. This especially relates to the creation of a sound (comprehensive and transparent) asset register as crucial precondition for assuring transparency in the asset management process. Rather than viewing asset register in Croatia purely as a simple spreadsheet or database of assets, the overall objective of this study is to set government asset register in more complex scenario where asset register is regularly reconciled to the balances in the general ledger providing accurate information for inclusion in the financial statements and ensuring effective asset management. Firstly, we draw together some of the important qualitative features of actual government asset management regulatory framework and practice. This is intended to highlight current thinking about the issues involved in the government asset management processes, to focus on some of the unresolved aspects of the asset management reform and to suggest areas for further consideration to help resolve these. Secondly, we discuss the methodology for a comprehensive government asset valuation and recording in asset register, budgetary users’ balance sheets and whole government balance sheet. Finally, we define minimum information we believe an effective asset register should contain and we propose the manner in which the State Asset Management Agency should gradually receive and seek data from the asset owners/users for the purpose of making entries to the register needed to make the State Treasury General Ledger an integral unit.

government asset management; asset register; government balance sheet; government accounting and financial reporting; Croatia

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