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Implementing the International Public Sector Accounting Standards for consolidated financial statements: facilitators, benefits and challenges

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  • Patrícia Gomes
  • Isabel Brusca
  • Maria José Fernandes

Abstract

Portugal and Spain have reformed their national standards to adapt them to the International Public Sector Accounting Standards (IPSAS). This paper explains the process of implementing the IPSAS for consolidated reporting in the two countries and the advantages and disadvantages which have emerged. The results highlight the role of the IPSAS in improving the quality and use of consolidated financial statements (CFS) and will be of interest to other countries that are intending to implement the IPSAS.This paper will be of value to academics and practitioners with an interest in IPSAS and in the use of consolidated financial statements (CFS). The authors describe the experiences of two European continental countries in the implementation of accrual basis providing important lessons for countries that are considering implementing accrual accounting and/or IPSAS. Findings from this study will help managers and policy-makers to decide about the use of CFS taking IPSAS as a reference.

Suggested Citation

  • Patrícia Gomes & Isabel Brusca & Maria José Fernandes, 2019. "Implementing the International Public Sector Accounting Standards for consolidated financial statements: facilitators, benefits and challenges," Public Money & Management, Taylor & Francis Journals, vol. 39(8), pages 544-552, November.
  • Handle: RePEc:taf:pubmmg:v:39:y:2019:i:8:p:544-552
    DOI: 10.1080/09540962.2019.1654318
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    Cited by:

    1. Elena Alina OLARU (COLBEA), 2023. "Effects of IPSAS Adoption in Public Institutions in Romania on the Quality of Financial Reporting," CECCAR Business Review, Body of Expert and Licensed Accountants of Romania (CECCAR), vol. 4(3), pages 62-72, March.
    2. Aquino, André Carlos Busanelli de & Batley, Richard A., 2022. "Pathways to hybridization: Assimilation and accommodation of public financial reforms in Brazil," Accounting, Organizations and Society, Elsevier, vol. 98(C).
    3. Yen Thi Tran & Thanh Thi Cam Tran & Trang Cam Hoang, 2020. "Determinants of the Implementation of the Public-Sector Consolidated Financial Statements in Vietnam," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 68(5), pages 903-913.

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