Eurostat Consultation on the Suitability of IPSAS for the EU Member States

Monday, February 20, 2012 Print Email

The Statistical Office of the European Union (Eurostat) has issued a public consultation on the assessment of suitability of the International Public Sector Accounting Standards (IPSAS) for the Member States of the EU.

On 8 November 2011 the Council of the European Union adopted the Council Directive concerning the requirements for the fiscal framework of the Member States. It calls on the Commission to carry-out by the end of 2012, an evaluation of the suitability of IPSAS for the EU Member States.

The IPSASs are based on International Financial Reporting Standards (IFRSs) and are adapted to meet the specific needs of the public sector. The focus of IPSAS is accrual accounting.

This consultation period ends on 11 May 2012. All citizens and organizations can participate in the consultation. Contributions from national governments / national authorities and stakeholders will be asked directly. A summary of the results of the consultation will be published in the second half of 2012.

Source: Deloitte

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