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The Process of Harmonization of Public Sector Accounting in the EU

Author

Listed:
  • Daniela Feschiyan

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

This paper analyzes the need for harmonizing the standards for accounting reporting by fully applying the principle of Accrual Based Accounting in the public sector in the EU member states. It also examines the discrepancy between the accountancy in the public sector, based on the cash flow principle (cash basis) and the Accrual Based principle applied in the process of budgetary surveillance in the EU (ESA 95, 2011). The emphasis is laid on the strong dependency of the statistical information at the European level on the quality of the accounting and information basis of public finances and on Eurostat’s willingness to create a system of harmonized accounting standards, based on the Accrual Based accounting, which are in compliance with ÅSA and applicable to all agents in the State Management sector. This paper further analyzes the standardization of the accounting in the public sector of the EU member states and globally and presents some trends of its development. The conclusion is reached that IPSAS are an indisputable staring point to develop harmonized reports in the EU public sector. IPSAS provide the best basic framework for the development of a set of European Public Sector Accounting Standards.

Suggested Citation

  • Daniela Feschiyan, 2013. "The Process of Harmonization of Public Sector Accounting in the EU," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 4, pages 62-72, December.
    • Handle: RePEc:nwe:eajour:y:2013:i:4:p:62-72
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    References listed on IDEAS

    as
    1. Daniela Feschiyan, 2013. "A System of Indicators for Financial Analysis of the Municipal Real Property," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 9(4), pages 402-414, August.
    2. Daniela Feschiyan & Stela Raleva, 2013. "Valuation Bases and Accounting SystemEntries in Financial Analysis of the Municipal Real Property," Acta Universitatis Danubius. OEconomica, Danubius University of Galati, issue 9(4), pages 388-401, August.
    3. Daniela Feschiyan, 2013. "The International Accounting Standards for the Public Sector and the Process of Harmonization of Accounting in the EU," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 122-144.
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    Citations

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    Cited by:

    1. Martin Dvořák, 2016. "The rate of implementation of accrual based accounting in the EU public sector [Míra implementace akruálního principu v účetnictví veřejného sektoru států EU]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2016(3), pages 25-37.

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    1. Daniela Feschian, 2013. "Åuropean system of harmonized accounting standards for the public sector," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 4, pages 106-116.
    2. Martin Dvořák, 2016. "The rate of implementation of accrual based accounting in the EU public sector [Míra implementace akruálního principu v účetnictví veřejného sektoru států EU]," Český finanční a účetní časopis, Prague University of Economics and Business, vol. 2016(3), pages 25-37.

    More about this item

    Keywords

    Accounting; public sector; Accrual Based Accounting; European Public Sector Accounting Standards;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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