EPSAS

According to the EU EPSAS is a system that could yield the benefits is currently being discussed on EU level with the development accrual-based "European Public Sector Accounting Standards" (EPSAS). A suitable starting point for EPSAS are the so-called "International Public Sector Accounting Standards" (IPSAS). The IPSAS are a set of accrual-based accounting standards issued by theĀ IPSAS for use by public sector entities around the world in the preparation of financial statements. The IPSAS in general can function as a basis for harmonised accrual-based accounting standards in the EU. It, however, needs to be discussed, how IPSAS are actually to be transformed into EPSAS (i.e.: Which standards need to be changed and how? Are there standards that need to be newly developed? etc.). Furthermore, it will be interesting to observe to which degree the EU (or at least the individual Member States) also develop(s) corresponding budgeting standards.