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This chapter explores the development and the role of accounting for research quality in Australia’s Excellence in Research for Australia (ERA) assessment exercise. It tracks the progress of performance measurement systems from quantitative to qualitative measurement within the Australian higher education sector since 1970, leading up to the implementation of a formal ERA in 2010, and its subsequent iterations in 2012, 2015, and 2018. Although only a part of the ERA submissions, now certain published research outputs provide the primary evidence for research quality to most ERA panels and are a significant driver of the final rating awarded. Before the authors assess the 2018 exercise, they will examine the ever-changing role of journal publications as a vehicle for academic research output.

The purpose of this paper is to analyse the reasons why Sri Lanka adopted International Public Sector Accounting Standards (IPSAS) recently. Many less developed countries (LDCs) have introduced IPSAS during the recent past. However, little research has been conducted to study the New Public Financial Management and accrual accounting and their impact on LDCs.

Using a qualitative approach, the methods of this paper consist of interviews, a documentary review and participatory observation in the Ministry of Finance and Planning (MOFP) and Auditor General’s Department of Sri Lanka, and present a critical interpretation supported by the perspective of globalisation.

The findings of the research indicate that the public sector reforms and the transition from cash accounting to accrual accounting in the public sector have been strongly affected by the global pressures imposed by international agencies such as International Public Sector Accounting Standards Board (IPSASB) and the World Bank (WB). Empirical evidence shows the dysfunctional impact of globalisation in the public sector accounting standards as there are major structural issues yet to resolve. There are increasing doubts over whether the change to accrual accounting is worth the costs and the additional risks involved.

The results of the interviews are based on the knowledge and past experiences of interviewees. What is generalisable is an understanding of the processes and mechanisms that relate to the way the public sector accounting functions.

This paper adds new literature on public sector accounting in LDCs, which recognises the nexus and interests of international agencies and practice of public sector accounting.