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Modernisation of Public Sector Financial Reporting Systems in Europe - Challenges and Milestones

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  • Michal Svoboda

Abstract

Many European countries have been carried out a modernization projects in public sector financial reporting since the last two decades. Consequence of a stronger demand for complex, reliable and relevant economic information on government is governments' efforts towards better accountability. IPSAS standards, a full accrual national financial reporting standards closed to, or national standards with clear reference to IPSAS, are often considered as the best tool for that. This article aims to identify key challenges and milestones - four key aspects of these public sector financial reporting modernization projects. It offers a comparison amongst several European countries comparing the ways these countries decided to deal with those challenges and milestones.

Suggested Citation

  • Michal Svoboda, 2016. "Modernisation of Public Sector Financial Reporting Systems in Europe - Challenges and Milestones," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2016(4), pages 5-16.
    • Handle: RePEc:prg:jnlefa:v:2016:y:2016:i:4:id:171:p:05-16
    DOI: 10.18267/j.efaj.171
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    References listed on IDEAS

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    1. Isabel Brusca & Mauricio Gómez‐villegas & Vicente Montesinos, 2016. "Public Financial Management Reforms: The Role of Ipsas in Latin‐America," Public Administration & Development, Blackwell Publishing, vol. 36(1), pages 51-64, February.
    2. J. Christiaens & J. Rommel & A. Barton & P. Everaert, 2008. "Should All Capital Goods of Governments be Recognised as Assets in Financial Accounting?," Working Papers of Faculty of Economics and Business Administration, Ghent University, Belgium 08/505, Ghent University, Faculty of Economics and Business Administration.
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    Cited by:

    1. Lukáš Poutník, 2018. "Basic differences in the definition of fixed assets between Czech accounting standards and International public sector accounting standards [Základní odlišnosti ve vymezení dlouhodobých aktiv z poh," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2018(2), pages 5-23.

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    More about this item

    Keywords

    Governmental Accounting; IFRS; IPSAS; Public sector;
    All these keywords.

    JEL classification:

    • H83 - Public Economics - - Miscellaneous Issues - - - Public Administration
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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