The "Six-Pack" legislative package adopted by the Council of the European Union on 8 November 2011 marks an important reinforcement of economic governance in the EU.
One of the elements of the Six-Pack - the Council Directive on requirements for budgetary frameworks of the Member States - calls for the Commission to carry-out an assessment of the suitability of International Public Sector Accounting Standards (IPSAS) for EU Member States by the end of 2012. On behalf of the Commission, Eurostat will carry-out the assessment report.
International Public Sector Accounting Standards are developed and overseen by the IPSAS Board , which is an independent standard-setting body. The IPSAS standards are founded on International Financial Reporting Standards (IFRS), adapted as necessary to the specific requirements of the public sector. IPSAS standards are focussed on accrual accounting.
Taking into account the importance this subject and the potential interest of a wide range of stakeholders, and given the potential resource implications of any recommendations on future IPSAS implementation, Eurostat is launching this public consultation.
See full Press Release.
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