Международните счетоводни стандарти за публичния сектор и процесът на хармонизация на счетоводството в ЕС
The International Accounting Standards for the Public Sector and the Process of Harmonization of Accounting in the EU

Summary/Abstract: This paper analyzes the need for harmonizing the standards for accounting reporting by fully applying the principle of Accrual Based Accounting in the public sector in the EU member states. It also examines the discrepancy between the accountancy in the public sector, based on the cash flow principle (cash basis) and the Accrual Based principle applied in the process of budget monitoring in the EU (ESA 95, 2011). The emphasis is laid on the strong dependency of the statistical information at the European level on the quality of the accounting and information basis of public finances and on Eurostat’s willingness to create a system of harmonized accounting standards, based on the Accrual Based accounting, which are in compliance with ЕSA and applicable to all agents in the State Governance sector. This paper further analyzes the standardization of the accounting in the public sector of the EU member states and globally and presents some trends of its development. The International Accounting Standards in the public sector based on the Accrual Based accounting have been characterized. Furthermore, the paper examines the standardization of accounting in the public sector in Bulgaria and the opportunities for its implementation. The paper holds the view that the standardization of accounting and the strict adherence to the principles of Accrual Based accounting in Bulgaria will bring significant benefits to the public fund management.

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