IPSASB responds to Eurostat consultation on public sector standards in Europe
May 14, 2012
The International Public Sector Accounting Standards Board (IPSASB) has publicly released its response to the Eurostat public consultation paper on the suitability of the International Public Sector Accounting Standards (IPSASs) for European Union (EU) Member States.
Not unexpectedly, the response notes that the "IPSASB considers that the IPSASs are suitable for implementation by the EU Member States".
The response outlines details of the oversight over the IPSASB (including new arrangements to be instituted as soon as possible), background on why public sector reporting is so important, the benefits of IPSASs in a global context, and details of other jurisdictions which are considering, or are in the process of adopting, IPSASs.
The comment letter also comments on the costs and benefits of implementation, and the interaction of IPSASs with other related guidance and requirements such as the Government Finance Statistics Manual and the EU Excessive Deficit Procedure.
Click for access to the IPSASB comment letter (link to IFAC website).