The paper is structured into five sections:
- Why does the European Commission deal with EU Member States’ public sector accounting?
- Why does the European Commission suggest developing European Public Sector Accounting Standards (EPSAS)?
- How did the EPSAS project proceed?
- The FEE position on EPSAS
- What are the next steps in the EPSAS project?
In the briefing paper, FEE continues to stress that a global solution (which alsready exists in International Public Sector Accounting Standards (IPSAS)) is the preferred solution. In an issues paper published in March 2014 FEE had already outlined a number of significant concerns in connection with EPSAS. Given, however, the urgent need for a reform of public sector accounting with the objective of greater transparency and accountability, FEE states that "EPSAS could be acceptable to encourage EU Member States to move towards accrualsbased accounting and increase the quality of their reporting" if a number of conditions are met.
After recently releasing a study analysing the potential costs and benefits of implementing EPSAS in the Member States and the suitability of IPSAS for developing EPSAS, next steps in the project are a European Commission 'Communication regarding EPSAS' and an 'Impact Assessment regarding an EPSAS Framework Regulation'. Both are expected in October 2014.
Please click for access to the briefing paper on the FEE website.
The website EPSAS.eu - an online project initiated by the University of Hamburg (Germany) and the University of Linz (Austria) - offers comprehensive information about the idea of implementing EPSAS. Please access the site's news section for access to all documents published so far.