A Proposed Framework for Improved Governmental Financial Transparency

• In Event: Strategic and Emerging Technologies

Abstract

A recent report, submitted by a task force formed to investigate budgetary cries in a number of states, concluded that the current governmental reporting system is in dire need change. The task force recommended that state financial reports should be concise, timely, and more understandable to the users of this information. Subsequently, this present study attempts to address the shortcomings of the current governmental reporting system, which presently consists primarily of the filing electronically of financial reports in PDF format. First, this study presents a review of the literature on governmental reporting to compare the current practices in the U.S. to those of other countries. Next, this study proposes a grand vision of a complete electronic reporting system for governmental entities, capable of providing value-added services to various stakeholders. This paper discusses the advantages of implementing such a reporting system, both to the governmental entity and its stakeholders, as well as the challenges that might be encountered during the implementation phase. Finally, a sample case is presented that demonstrates the benefits that can be reaped from using a database in a reusable format, including the various types of reports that can integrate external data sources.

Authors

• Deniz A Appelbaum, Rutgers University - Newark

• Stephen Kozlowski, Rutgers Business School

• Hussein Issa, Rutgers Business School

• Desi Arisandi, Rutgers Business School

• Qiao Li, Rutgers Business School