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Alexandre Makaronidis , Head of Task Force EPSAS, Eurostat

EPSAS (European Public Sector Accounting Standards ) The future of public sector accounting ? Hessian Representation, Brussels, 11 February 2014. EPSAS - Current state of play. Alexandre Makaronidis , Head of Task Force EPSAS, Eurostat. A proposal for the way forward.

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Alexandre Makaronidis , Head of Task Force EPSAS, Eurostat

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  1. EPSAS (European Public Sector Accounting Standards)The future of public sector accounting?Hessian Representation, Brussels, 11 February 2014 EPSAS - Current state of play Alexandre Makaronidis, Head of Task Force EPSAS, Eurostat

  2. A proposal for the way forward I – Study on the suitability of IPSAS II – EPSAS conference III – Next steps of EPSAS project IV – What are EPSAS? V – EPSAS governance proposal

  3. I – Study on the suitability of IPSAS: Retrospective Public consultation on IPSAS • Report on suitability of IPSAS • IPSAS cannot easily be implemented in EU Member States as it stands currently • IPSAS would be a suitable starting point for the future development of a set of European Public Sector Accounting Standards • Budgetary Frameworks Directive • "… the Commission shall assess the suitability of the International Public Sector Accounting Standards for the Member States" EPSAS Conference Task Force IPSAS Study on public sector accounting and auditing practices QIV 2011 QI 2012 - QIV 2012 QI 2013 QII 2013

  4. II – EPSAS Conference Conclusions of the conference • Political support is growing • EPSAS: a necessary tool for further fiscal and budgetary integration in EU and better public sector management • Ambitious project with medium-term scope • Next steps envisaged: a Commission Communication, followed by a Framework Regulation • Governance is a priority to follow up after the conference

  5. Europe needs harmonised public sector accounts II – EPSAS Conference "There are no sound fiscal policies without good government finance statistics based on good public accounting" "The importance of the reliability of government accounts has been illustrated by some dramatic episodes of inaccurate reporting of deficits and debts . . ." "As we continue on our road towards deeper European integration, towards a genuine economic and monetary union, we will increasingly need fully comparable public sector accounts covering all sub-levels of general government"

  6. III - Next steps of EPSAS project Taking forward the EPSAS project • Stage 1 (mid-2013–mid-2014): Commission Communication • Stage 2 (mid-2014 – end-2015): Framework Regulation: • Governance structures and due process • Key principles of EPSAS • Compliance monitoring • Impact assessment • Mid-term work programme • Stage 3 (end-2015 – 2020): endorsement and stepwise implementation

  7. III - Next steps of EPSAS project Outputs from: • External study (PwC) • TF EPSAS Governance • TF EPSAS Standards • Public consultation on EPSAS governance Commission Communication Framework Regulation

  8. IV - What are EPSAS? EPSAS are: • a suite of accruals based European standards • for public sector accounting and GPFR • grounded and legislated on the basis of the EU Treaties • common to all public entities belonging to General Government • for all EU Member States • based on strong EU governance • subject to internal control and independent audit

  9. V – EPSAS Governance – possible structure

  10. V – EPSAS Governance – possible structure

  11. V – EPSAS Governance – possible structure

  12. V – EPSAS Governance – possible structure

  13. Useful links Assessment Report, Staff Working Document and Inventory of MS accounting and auditing practices: http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/government_accounting Conference webpage: http://epp.eurostat.ec.europa.eu/portal/page/portal/conferences/introduction/2013/epsas Public Consultation on future EPSAS governance: http://epp.eurostat.ec.europa.eu/portal/page/portal/public_consultations/consultations/epsas 10/10

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