European Parliament Library

The Whole Elephant :, A Proposal for Integrating Cash, Accrual, and Sustainability-Gap Accounts, Timothy Irwin

Although the budget deficit is much discussed in political debate and economic research, there is no agreement on how it should be measured. There are at least four options, which can be called the cash deficit, the financial deficit, the full-accrual deficit, and the comprehensive deficit. Each is informative, but each has problems of relevance or reliability. Some are more vulnerable to manipulation involving assets and liabilities that are unrecognized in the underlying accounting, others to manipulation involving the mismeasurement of recognized assets and liabilities. Governments should publish all four in a form that reveals their interrelationships
Table Of Contents
Cover -- Contents -- I. Introduction -- II. Accounting S ystems -- A. Cash Accounts -- B. Financial Accounts -- C. Full-Accrual Accounts -- D. Comprehensive Accounts -- III. The Whole Elephant -- A. Reconciling the Accounts -- B. Illustrations -- IV. Conclusion -- Tables -- 1. Summary of Long-Term Fiscal Projections of US Government -- 2. Four-Part Accounts -- 3. Composition of Clean Surpluses -- 4. Summary Three-Part Accounts for Australian General Government, 2012/13 -- 5. Components of the Clean Full-Accrual Surpluses of Table 4 -- 6. Reconciliation of the Dirty Surpluses of Table 4 -- 7. Summary Accounts for the US Federal Government, 2011-2013 -- Figure -- 1. Assets and Liabilities of Four Accounting S ystems -- Box -- 1. Reconciling Dirty Surpluses -- References
Literary Form
non fiction
Physical Description
1 online resource (25 pages)
Specific Material Designation
Form Of Item

Library Locations

  • EP Library Brussels

    60 rue Wiertz, Brussels, B-1047, BE
  • EP Library Luxembourg

    Rue du Fort Thüngen, Luxembourg, L-1313, LU
  • EP Library Strasbourg

    7 Place Adrien Zeller, Allée du Printemps, Strasbourg, F-67070, FR