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Commenting on the EC’s report, FEE CEO Olivier Boutellis-Taft said: “FEE has been a long-standing supporter of accrual-based accounting in the public sector. We welcome the report, which is an important step forward. We strongly believe that a single set of high quality standards would greatly contribute to stability and sustainability of public finance.”
FEE President André Kilesse highlighted: “FEE commends the European Commission for having suggested a sound approach towards public sector accounting standards and encourages a timely start of the process. FEE will continue contributing to the debate.”
Thomas Müller-Marqués Berger, Chair of the FEE Public Sector Committee, added: “Accruals-based public sector accounting standards are needed to enhance transparency, comparability and cost efficiency and provide the basis for improved governance in the public sector. FEE will analyse the potential solutions".
The EC’s report states that even if it seems clear that IPSAS cannot easily be implemented in EU Member States as it stands currently, they represent a suitable framework for the future development of European Public Sector Accounting Standards (EPSAS). Additionally, the report describes steps that will need to be taken in the development of EPSAS, including the establishment of EU governance that will clarify the conceptual framework and aim for common EU public sector accounting.
Nevertheless, before creating EPSAS it is essential to gather more information and points of view, including comprehensive stakeholder consultations.