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Public sector consolidated financial statements: a structured literature review

Serena Santis (Department of Political Science “Jean Monnet”, University of Campania “Luigi Vanvitelli”, Caserta, Italy)
Giuseppe Grossi (Department of Business and Work Science, School of Health and Society, Kristianstad University, Kristianstad, Sweden)
Marco Bisogno (Department of Management and Innovation Systems, University of Salerno, Fisciano, Italy)

Journal of Public Budgeting, Accounting & Financial Management

ISSN: 1096-3367

Article publication date: 4 June 2018




The purpose of this paper is to review and analyze the literature on consolidated financial statements (CFS) in the public sector published from 1980 to 2015 in public sector accounting and management journals, and propose a future research agenda.


Adopting a structured literature review methodology, the authors investigate how the CFS literature is developing and what its focus is.


The authors identify five major topics: the definition of the consolidation area; the identification of the reporting entity; the private vs public sector accounting standard dichotomy; the relationship with the statistical rules; and the usefulness of CFS.


The authors analyze these topics, highlighting the growing implementation of CFS in different contexts (mainly focusing on governments outside the USA) and provide suggestions for future research.



Santis, S., Grossi, G. and Bisogno, M. (2018), "Public sector consolidated financial statements: a structured literature review", Journal of Public Budgeting, Accounting & Financial Management, Vol. 30 No. 2, pp. 230-251.



Emerald Publishing Limited

Copyright © 2018, Emerald Publishing Limited

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