European Financial and Accounting Journal 2016, 11(4):5-16 | DOI: 10.18267/j.efaj.171

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

Michal Svoboda
Michal Svoboda; University of Economics, Prague, Financial Accounting and Auditing, Faculty of Finance and Accounting, Winston Churchill Square 4, 130 67 Prague 3, Czech Republic, <michal.svoboda@vse.cz>.

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.

Keywords: Governmental Accounting, IFRS, IPSAS, Public sector
JEL classification: H83, M41, M42, M48

Published: December 1, 2016  Show citation

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Svoboda, M. (2016). Modernisation of Public Sector Financial Reporting Systems in Europe - Challenges and Milestones. European Financial and Accounting Journal, 11(4), 5-16. doi: 10.18267/j.efaj.171
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