Academic Journals Database
Disseminating quality controlled scientific knowledge

Analysis of Belgian Public Accounting and Its Compliance with International Public Sector Accounting Standards (IPSAS) 1, 6 and 22

ADD TO MY LIST
 
Author(s): Sabrina Bellanca | Julien Vandernoot

Journal: International Journal of Business and Management
ISSN 1833-3850

Volume: 8;
Issue: 9;
Date: 2013;
Original page

ABSTRACT
Belgian public accounting, which is continuously evolving, has to meet international standards. The aim of thispaper is to describe the current Belgian public accounting systems and to analyze their compliance with IPSAS1, 6 and 22, key points of modern accounting.We first describe the development of Belgian public accounting since 1846. We then focus on the 2003accounting reform, and more specifically its content and its triggering factors. The level of implementation ofthis reform in the different Belgian public entities is then studied. We also make a presentation of IPSASstandards and a list of factors that contribute to or hinder their adoption, followed by an assessment of thecurrent state of their implementation in the world. Finally, we evaluate the compliance of Belgian publicaccounting with IPSAS 1, 6 and 22. We conclude that the implementation of the 2003 accounting reform as wellas the compliance with IPSAS standards vary greatly from one entity to another. In Belgium, public accountingis being modernized but IPSAS do not seem to interest public authorities. Indeed, although accrual accounting ismore and more used in public entities, IPSAS have disadvantages and are still incomplete to meet therequirements of public sector.
Affiliate Program      Why do you need a reservation system?