Romania's efforts to implement the directive 2011/85/EU concerning budget implementation reporting and the compliance with IPSAS 24 on the presentation of budget information in financial statements

Abstract

Most public sector reforms have targeted the management system, the accounting system and, by default, the reporting system. For a long time, the traditional financial reporting of public sector entities was aimed at the budget, the core component of the set of financial statements, but also the main management tool of any public entity, underlying the most important decisions. Romania, as a Member State of the European Union, is subject to rigorous budgetary surveillance, and transparency plays an essential role in this process. Currently, all the efforts in Romania are focused on the presentation of information in accordance with ESA 95 and COFOG 3, observing the provisions of Article 3 of Directive 2011/85/EU. However, given that the European Union supports the development of EPSAS, it follows that Romania will take this particular course of action as well. JEL: M41