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EC will move to IPSAS and accrual accounting

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14 Jan 2003

The European Commission has indicated that it is going to move its own accounting system from a cash basis to a new accounting framework that will be based on International Public Sector Accounting Standards (IPSAS), including accrual accounting.

Click for EC Press Release (PDF 40k). IPSAS are developed by the Public Sector Committee of IFAC and are based on International Financial Reporting Standards. The OECD and NATO have also adopted IPSAS for their financial reports.

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