The Federation of European Accountants (FEE) has published a paper which provides an overview of the European Commission's plan to develop European Public Sector Accounting Standards (EPSAS)
It also contains the related activities of FEE and relevant information about the functioning of EU policy and legislation.
The EC states that International Public Sector Accounting Standards (IPSAS) cannot easily be implemented in EU member states and that EPSAS would give the EU the capacity to develop its own standards to meet its own requirements.
This would offer a set of member wide accruals-based public-sector accounting standards, adapted to the specific requirements of EU member states that could be implemented in practice.
The EC plans to publish a communication regarding EPSAS and an impact assessment on an EPSAS Framework Regulation in October 2014.
The plan is to develop batches of EPSAS standards in a staged approach between 2015 and 2020.
The briefing paper is available here www.fee.be/images/BP_141016_-_EPSAS.pdf