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Recent EPSAS developments

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  • IPSASB (International Public Sector Accounting Standards Board) (mid gray) Image

11 Jan 2016

The European Parliament has published a feed back report from an October 2015 workshop on European Public Sector Accounting Standards (EPSAS). Also, the German Hessischer Rechnungshof makes available the draft of an EPSAS Conceptual Framework.

The European Parliament workshop was entitled: How to achieve more reliable and transparent accounting systems: "How to design European Public Sector Accounting Standards (EPSAS) for a better implementation of the EU budget in the Member States?" Experts from the European Commission, the European Central Bank (ECB), National Accounting Offices and Ministries presented their views on the state of play and challenges for national administrations related to EPSAS implementation. The aim of the feedback report is to disseminate the information shared among the experts during the workshop. You can access the report on the European Parliament website. The workshop was also webstreamed and a recording is available here.

The draft of first chapters of an EPSAS Framework is presented as an alternative to the Conceptual Framework for General Purpose Financial Reporting by Public Sector Entities published by the IPSASB in October 2014. Significant differences are a greater emphasis on the accountability towards citizens, the specification of intergenerational equity and sustainability. Moreover, it is proposed to replace the principle of neutrality by the principle of asymmetric prudence: losses are recognised at an earlier stage than gains are. Further components of the EPSAS framework, such as asset and liability criteria, as well as particularities of public sector accounting will be defined in further chapters. Please click to access the draft here (external link) - please note that this is a dual language version of the document (German and English).

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