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Over the last two decades, two global crises, the financial crisis of 2008 and the Covid-19 crisis, have posed strong challenges to governmental entities and have shown the importance of having strong accounting systems to discharge accountability towards
The future of standard-setting and reporting in the public sector
Over the last two decades, two global crises, the financial crisis of 2008 and the Covid-19 crisis, have posed strong challenges to governmental entities and have shown the importance of having strong accounting systems to discharge accountability towards the general public and assist politicians and managers in taking better decisions. Accrual accounting and the process of harmonization of accounting practices is at the core of the public sector accounting debate both at the European and international level. But while there is an increasing agreement on the need of better accrual accounting systems, many open questions remain regarding the process of standard setting and the contents of the standards especially when it deals with public sector specific activities and specificities. At the same time, non-financial and sustainability reporting has gained momentum in the private sector, while in the public sector is still in its infancy, even if non financial performance reporting in several forms has been considered part of the annual reports of public administrations. The role of the public sector in sustainable development and in Sustainable Development Goals achievement calls for sustainability reporting becoming part of public administration reports. The different alternatives that emerge regarding non-financial reporting deserve attention by policy-makers and regulators.

The seminar aims to emanate and facilitate the discussion on these important issues that are critical for the future of financial and non-financial reporting in the public sector. The objective is to provide a forum for standard setters, academics and practitioners to discuss and debate about the best way for standard-setting and reporting to move on.

Oct 5, 2022 01:00 PM in Brussels

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