Towards enhancing tax abatement transparency: Reviewing the promises and limitations of GASB 77
Journal of Public Budgeting, Accounting & Financial Management
ISSN: 1096-3367
Article publication date: 1 March 2017
Abstract
In August 2015, the Government Accounting Standards Board (GASB) adopted Statement 77, requiring government disclosure in audited financial reports of a particular type of tax expenditure, tax abatements. GASB's reporting standards move tax abatements from a budgetary environment to an accounting environment. This paper evaluates GASB 77's provisions to encourage an early and on-going dialogue about the Statement's prospects for achieving greater transparency compared to existing tax expenditure reporting efforts. We conclude that GASB 77 will be most beneficial to consumers of financial information in medium and large jurisdictions where there is no alternative tax abatement disclosure platform, or where the alternative offers less transparency than what can be achieved through financial reporting.
Citation
Propheter, G. (2017), "Towards enhancing tax abatement transparency: Reviewing the promises and limitations of GASB 77", Journal of Public Budgeting, Accounting & Financial Management, Vol. 29 No. 4, pp. 439-463. https://doi.org/10.1108/JPBAFM-29-04-2017-B001
Publisher
:Emerald Publishing Limited
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