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The EPSAS Governance Framework

The EPSAS Governance Framework. Task Force "EPSAS Governance" 2 October 2013 – Ampere, BECH building. Directorate D: Government Finance Statistics (GFS) Unit D.4: GFS Quality Management and Government Accounting. Proposed EPSAS governance model, Sept.2013

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The EPSAS Governance Framework

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  1. The EPSAS Governance Framework Task Force "EPSAS Governance"2 October 2013 – Ampere, BECH building Directorate D: Government Finance Statistics (GFS) Unit D.4: GFS Quality Management and Government Accounting

  2. Proposed EPSAS governance model, Sept.2013 =>analogous to the model for EU statistics =>The development of EPSAS calls for the involvement of a wide range of stakeholders, such as national standard setters, IPSASB, preparers, statisticians, courts of audit, public and private experts, and academics. =>binding legal acts, will in practice ensure direct participation of national standard-setters and government accounting authorities throughout the endorsement process.

  3. Proposed EPSAS governance structure

  4. EPSAS Regulatory Committee* - a governing body; - oversees the development of EPSAS; - provides opinions on the specific EPSAS to be endorsed by the EC, following established EU legislative procedures; - chaired and represented by Eurostat; - comprised of high-level representatives of the Member States. * in this context the term "regulatory" is meant to serve presentational purposes in analogy to the European Statistical System Committee (ESSC)

  5. EPSAS Governance Advisory Group • Entrusted with specific EPSAS oversight tasks; • Provides an independent overview of EPSAS and its standard setting procedure and implementation of the key principles; • Enhances the professional independence, integrity and accountability of EPSAS, key principles and quality of EPSAS; • Provides advice to the EC on appropriate measures to facilitate the implementation of the key principles, on how to communicate the principles to users and providers.

  6. Represents a wide and representative range of stakeholders, such as national standard setters, IPSASB, the accountancy and the audit professions, preparers, statisticians and academia. • Nominates delegates to the EPSAS working groups; • Ensures that user requirements as well as the response burden on information providers and producers are taken into account in developing EPSAS; EPSAS Advisory Group

  7. EPSAS Working Group • Comprises technical experts from public sector standards setters and government accounting authorities, in order to support technical development and drafting work; • Two working groups: • EPSAS Standards • EPSAS Interpretation

  8. Alternative models Two possible alternative governance models were suggested during the conference: - The governance system overseen by DG MARKT on IFRS for business accounting - The approach used for ESMA– the European Securities and Markets Authority

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