What is the aim of EPSAS?
EPSAS aims to increase the transparency and comparability of public sector financial accounting and reporting between and within EU Member States by developing and implementing a harmonised European accounting framework. This will inform governance, policy and decision-making and the management of public finances.
Information on income and expenses, and assets and liabilities is important for accountability and informed decision-making. In contrast to the private sector, no common accounting standards for financial reporting are in place for the public sector in the EU.
What is Eurostat doing in this regard?
Eurostat is taking forward its work on EPSAS through the EPSAS Working Group, a first of-its-kind EU network of public sector accounting standard-setters, which comprises experts representing all levels of government as well as other key EU and global stakeholders.
Eurostat is also providing technical support for, and in some cases co-financing, Member States’ government accounting reforms. It is also supporting such reforms in cooperation with the Commission’s Structural Reform Support Service.
Systematic communication on EPSAS takes place with policy makers, governments, auditors, accountancy experts, academia, and with key stakeholders.
What is the process?
EPSAS is currently proceeding in two phases:
- increasing fiscal transparency in the MSs in the short to medium term by encouraging and supporting accruals reforms while, in parallel, developing the EPSAS framework; and
- addressing comparability within and between Member States in the medium to longer term.
If you have questions or comments, please contact us:
European Public Sector Accounting Standards (EPSAS)
National accounts methodology, Standards and indicators
Eurostat BECH B4/389A
5, rue Alphonse Weicker
L - 2721 Luxembourg