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Accounting regulation and IPSAS implementation: efforts of transition

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December 2010, Vol.6, No.12 (Serial No.67) Journal of Modern Accounting and Auditing, ISSN 1548-6583, USA

Accounting regulation and IPSAS implementation: Efforts of transition

countries toward IPSAS compliance

Gorana Roje1, Davor Vašiček2, Vesna Vašiček3

(1. The Institute of Economics, Zagreb, Trg J. F. Kennedy 7, Zagreb 10000, Croatia;
2. Faculty of Economics, University of Rijeka, Ivana Filipovića 4, Rijeka 51000, Croatia;
3. Faculty of Economics and Business, University of Zagreb, Trg J. F. Kennedy 6, Zagreb 10000, Croatia)

Abstract: The need for high quality standards to enhance sound and consistent financial reporting and the
fact that the inefficiency and ineffectiveness of public sector extended to a belief that public and private sectors
did not have to be managed in fundamentally different ways, fostered a wide-ranging discussion about the
harmonization of public sector accounting systems and their convergence towards the private sector financial
reporting standards. This paper discusses the state and perspective of public sector accounting and financial
reporting in transition countries. Precisely, this paper aims to examine the adequacy of governmental accounting
and financial reporting model, reflecting the existing accounting regulation and financial reporting framework in
Slovenia, Croatia and Bosnia and Herzegovina. The motivation for this paper emerges from international
discussions about IPSASs development and adoption, and the fact that the topic is becoming more and more
relevant as many countries are moving towards adopting full accrual accounting using IPSASs as their method of
financial reporting. Our results show that the degree and dynamics of government accounting systems’
transformation in transition countries depends upon several specific factors which have to be taken into account
when evaluating the systems and making comparison between government accounting system reforms in
countries in the analysis. Thus, the study distinguishes certain similarities but also discrepancies regarding the
status and possible further development of governmental accounting in countries examined.
Key words: government accounting; financial reporting; budgeting; IPSASs; transition countries

1. Introduction

Even though there has been controversy in the literature about whether the introduction of private sector
management and accounting techniques into the public sector is appropriate, taking into account the specific
non-for profit nature of general government sector, precisely a non-financial nature of public sector resources, the
move to accruals in government financial reporting and budgeting, followed by the IPSAS adoption has gained


This paper is the result of the research funded by the Ministry of Science, Education and Sports, Croatia, as a part of two scientific
projects: (1) No. 081-0811272-1274, titled Koncepti i metode financijskog računovodstva u javnom sektoru Republike Hrvatske
(engl. The concepts and methods for public sector financial reporting in Croatia); (2) No. 067-0811272-1074, titled Perspektive
primjene upravljačkog računovodstva u javnom sektoru Republike Hrvatske (engl. The perspectives of the managerial accounting
implementation in Croatian public sector). Partially, this paper represents further development of the paper presented at the 12th
Biennial CIGAR Conference, 2009, that has not been published.
Gorana Roje, research assistant, The Institute of Economics; research field: accounting.
Davor Vašiček, Ph.D., assistant professor, Faculty of Economics, University of Rijeka; research field: accounting.
Vesna Vašiček, Ph.D., full professor, Faculty of Economics and Business, University of Zagreb; research field: accounting.

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 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

global acceptance.
Certain countries use their own accounting standards that are broadly consistent with IPSASs requirements,
keeping their own national sovereignty to apply national accounting standards; others prepare IPSASs-compliant
financial statements, while some countries are in the process of adopting IPSASs. Some multigovernmental bodies
and supranational organizations have used IPSASs as the basis for the accounting policies’ development for the
objective of migrating to the full accruals basis. Certain jurisdictions which have been on the full accruals basis
for some time, have used the approaches on public sector specific issues to inform their accounting policies in
these areas (i.e., the emerging approaches to the treatment of tax revenues and the state pension), because neither
IFRS nor national accounting standards give firm steers as to the appropriate approaches. As our study shows,
although IPSASs have not been directly and mandatory adopted by many transition countries, they have been
influential in other ways, and the implementation of certain accounting solutions defined by IPSASs has been
recommended by national accounting regulations.
Sets of accrual-based policies for public–sector financial reporting that are being developed within national
contexts differ, both between different levels of government and between governments. In Anglo-Saxon countries
the law and budgetary systems have not been as strong as in Continental European countries and has therefore
been easier to change the accounting system and introduce full accrual accounting. In fact, in some of these
countries, the accounting system has precisely influenced the budgetary system, and not vice versa as in
Continental European countries where governmental accounting information system’s structure and contents has
been viewed more in function of State’s budget goal achievements and less in function of achieving greater
management efficiencies and hence better outcomes.
As many studies have mainly focused on governmental accounting reform in the developed, Anglo–Saxon
countries, this paper attempts to contribute the literature by examining changes and progress that have been made
and still are expected to be made in government accounting and financial reporting, in a set of transition countries:
Slovenia, Croatia, and Bosnia and Herzegovina. We find transition countries particularly interesting to study for
several reasons: Firstly, law regulations and concepts in these countries have had a stronger influence on public
sector accounting systems than what the case has been in Anglo-Saxon countries. Secondly, there is a very strong
link between budgeting and accounting in Continental European countries, due to a fact that the budget had its
focus on the financial development. Strong money focus in the budget together with a strong law tradition, helps to
explain why transition countries have so far been reluctant to replace their financial accounts (focusing on revenues
as cash receipts and expenses as cash payments) with performance accounts (full accrual accounts-focusing on
revenues earned/realized and expenditures incurred). Thirdly, national public sector accounting standards have not
been developed, IPSASs appliance has not been obligatory, but the implementation of certain accounting solutions
defined by IPSASs has been recommended by accounting regulations. Also, the dynamics and difficulties in
moving from cash based to fully IPSAS compliant accrual accounting in transition countries depend not only on
knowledge of terminology and the definitions, support of senior management, re-education of the staff making the
transition, IT system change, but also on specific circumstances that influenced the fact that these countries have
had the discontinuity of public sector reform processes. In addition, the perspectives of IPSASs introduction in
transition countries need to be overviewed in the contexts of EU accession.
Due to having little published material available in English which results in the lack of reference data from

2
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

an academic perspective, it was not possible to focus our research on specific elements of financial statements and
on different government levels, during a certain time period. It is our scope to answer these questions within our
next research paper. This paper, however, is an attempt to contribute to the existing literature with a review of a
portion of recent changes to governmental accounting in progress in the aforementioned set of transition countries.
It discusses IPSAS implementation concerns and efforts of transition countries towards IPSAS compliance.
The paper is structured as follows. Next section presents a reflection on international developments in public
sector (governmental) accounting and establishes a theoretical platform for the later analysis. It precisely
addresses the development of accrual IPSASs, public and private sector accounting systems’ convergence, and
national and international public sector accounting standards harmonisation. Thereafter, the overview of the state
and perspective of government accounting system development in Slovenia, Croatia, and Bosnia and Herzegovina,
is presented in the third part of the paper, using international trends, and in particular IPSAS implementation as a
frame of reference for studying these changes. The case of Croatia is presented in more details, due to the greater
data availability. Last section concludes and points out certain requirements concerning further adjustments of
governmental accounting information system development in transition countries towards the international trends.

2. Recent international trends in government accounting

The process of adopting a uniform set of accounting standards, as a part of the international convergence of

financial reporting systems, is perceived as a very important aspect of the globalization of the world economy (AASB,

2002; Herz, 2007). For many years, accounting professionals, regulators, financial analysts and investors have called
for efforts to harmonize accounting standards across countries (Roje & Vašiček, 2008). The trend of international
convergence and harmonisation policy of private sector accounting and financial reporting standards has also made
the influence on the process of entire public sector reform that has been progressing worldwide. In addition, the
changes in public sector (government) accounting were central to the public sector reform (Hood, 1995).
The aforementioned refers to the set of administrative and public sector financial reforms that are subject of a
large number of scientific and professional papers. The result of these reform processes is a concept well known
in the literature-NPM which implies managing based on using economic regularities and market efficiency
principles (Azuma, 2002).1 Starting from the concept that information is the most important resource needed in
the managing process, a comprehensive accounting information system is crucial for successful public
management performance (Vašiček, 2004). Even more, a substantial literature has shown that the governmental
accounting reform, among other things, consists of introducing accrual accounting in governmental organizations
(e.g., Lüder & Jones, 2003; Brusca & Candor, 2000). According to Christensen (2002), accrual based financial
reporting has been significant amongst the accounting technologies that have dominated public sector
management reforms.
Accounting and management challenges for general government and its component entities have implicated a
continuous introduction of innovations and reforms in accordance with new international trends, techniques and

1
In New Zealand, Australia and Great Britain literature the NPM concept is sometimes used under the term-“Westminster”, while in
USA literature under the term “U.S.” (NIRA Research Report No. 20030026: “Research on the Introduction of the NPM (New Public
Management) Approach into Local Governments”).

3
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

experiences, already adopted within the private sector. According to Roje & Vašiček (2008), the aforementioned
trends comprise the following:
(1) The convergence of IPSAS towards IAS/IFRS (the accruals implementation) and the harmonization of
national and international public sector accounting (mostly referring to the accounting basis’ consistency in
financial reporting and budgeting);
(2) The harmonization of information systems-accounting and statistics reporting (the identification of
differences in approach between financial reporting and statistical forms of reporting such as the System of
National Accounts and the Government Financial Statistics system that is based on accruals);
(3) The development of cost and managerial accounting instruments within the public sector to enhance the
harmonization of internal and external reporting.
However, unlike the experiences in the private sector, that is unique and consistent in accrual accounting
basis appliance, the same basis is unevenly applied in public sector accounting worldwide. Even more, different
accounting basis as gradual transitions from cash accounting to accrual accounting, have been implemented in
public sector financial reporting in different countries, depending on the level of national accounting systems
development. International research has shown that developed countries have made a significant progress
regarding the implementation of the accruals in public sector. Some of them have already implemented accrual
accounting basis in budgeting and reporting at the consolidated State level. In these countries (e.g., New Zealand,
Australia, Canada, United Kingdom), it was the introduction of private sector management techniques into the
public sector that has led to the full adoption of the accrual basis in reporting and budgeting (Roje, 2007).
General government sector entities have traditionally used cash basis accounting. Since the 1990s
governmental accounting has progressed in a way that important supporters of cash basis like International
Federation of Accountants (IFAC), EU Commission, International Monetary Fund, United Nations, have entered
discussions over the benefits of change to the accruals. Introducing accruals has been followed by the move of
complying with IPSASs. Starting from the concept that there is a need for high quality global standards to
enhance consistent financial reporting, the IPSASB launched its Standards Programme in 1996, focusing on the
full accrual accounting but also addressing the needs of constituents reporting on the cash basis. As a result, the
ISPASB has so far issued 26 accrual based IPSASs, to be applied to all public sector entities other than
government business enterprises (GBEs). The IPSASB aims for IPSASs to converge with the IFRSs, issued by the
International Accounting Standards Board, and to maintain, wherever possible, the accounting treatment adopted
in the IASs/IFRSs, while considering public sector specific issues at the same time. This refers to 23 IPSASs
based on IASs/IFRSs, 3 public sector specific standards and one cash basis standard. According to Mike Hathorn,
IPSASB Chair as of January 2007 “... converging IPSASs with IFRSs, where appropriate for the public sector, is
one of the key strategic objectives of our standards development program.” The IPSASs, therefore, tend to reflect
an array of international trends and views concerning government accounting development. These trends also
refer to the harmonisation of accounting and statistics reporting systems which results in transparent, standardised
and internationally comparable accounting information that consequently decreases diversifications of accounting
systems and improves the quality of government reports, especially regarding public expenditures (IPSASB,
2005). Accordingly, accrual based Government Finance Statistics are considered as a path towards establishing
contextual and functional linkage concerning financial and statistics reporting on public spending (GFSM 2001).

4
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

As previously mentioned although IPSASs have not been directly and mandatory adopted by many national
governments, they have been influential in other ways. Some countries and supranational organisations have used
them to inform their own standard-setting processes as they move to the full accruals basis of reporting. For
example the European Commission has used IPSASs as the basis for the development of its accounting policies
for its daunting objective of migrating to the full accruals basis in 2005.
Even though there has been controversy in the literature about whether the introduction of private sector
management and accounting techniques into the public sector is appropriate, taking into account the specific
non-for profit nature of general government sector, precisely a non-financial nature of public sector resources, the
move to the accruals in government financial reporting and budgeting has gained universal acceptance. As
emphasized, certain countries have been applying full accruals in, both, financial reporting and budgeting,
applying standards that are broadly consistent with almost all of the IPSASs requirements–e.g., Australia, Canada,
the UK, and New Zealand (Roje, 2007; IFAC-PSC, 2007), while a range of national governments with the
intention to change to the accrual basis have expressed the will to consult IPSASs–e.g. United Arab Emirates, The
Netherlands, Malta, Israel, etc. (Grossi, 2006). According to IFAC 2007 document, titled “IPSAS Adoption by
Governments”, many countries are in the process of adopting IPSASs or IPSASs–compliant government
accounting standards. In addition, in certain countries where neither national public sector accounting standards
have been developed, nor IPSASs appliance required (e.g., Croatia), the implementation of certain accounting
solutions defined by IPSASs has been recommended by regulations (Vašiček, 2004, 2007). Interestingly, the UN
also announced that all of its “agencies, departments, comities and headquarters must adopt IPSASs no later than
January 1, 2010” (Nuthall, 2007).
Different authors have provided an array of reasons for implementing accrual accounting basis in general
government and in government entities’ financial reporting as well as in budgeting.2 However, a very important one,
according to the existing literature, is the fact that accruals enable “the whole of accounts” that enables gathering full
information on assets, liabilities, revenues and expenses of one entity and the sector as whole (Pallot, 1992).
In order to encourage and secure international transparency of national economies as for public finances are
concerned and to continue with their adjustment towards the future trends concerning upgrading public sector
accounting standards, an array of national and international accounting boards and associations worldwide have been
intensively working on preparing and perfecting international public sector accounting standards and their national
equivalents. In that manner IPSASB has been regularly publishing an array of studies that deal with helping solving
some major questions in the field of accounting and auditing, with an aim of transferring and converging the
experiences of some countries that follow public sector accounting trends and have almost finished the reform
processes, to the ones that have just started planning the public sector accounting reforms.3 Papers published in well
known and internationally recognized journals (Pallot, 1996; Simpkins, 1998; Hepworth, 2002), as well as studies
published by some well known and established associations (Australian Bureau of Statistics (2002), New Zealand
Treasury Annual Reports etc.), have contributed to the process of accounting systems’ harmonization and

2
According to Government Finance Statistics (GFS) (2001), public sector refers to general, i.e., central and local, government,
governmental entities and state owned enterprises. Term budgeting in this paper embraces the process of budget planning and execution.
3
For more details see: (1) IFAC–PSC. (2000). Study 11–“Governmental Financial Reporting: Accounting Issues and Practices”; (2)
IFAC–PSC. (2000). Study 12–“Perspectives on Cost Accounting for Governements”; (3) IFAC–PSC. (2003). Study 14–“Transition to
the Acruall Basis of Accounting: Guidance for Governments and Government Entities” (www.ifac.org).

5
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

information systems’ harmonization in general. In an effort of summarizing main issues addressed in wide array of
articles and reports, the following trends referring to governmental accounting are treated as most important:4
(1) The implementation of accruals in national public sector accounting systems and the compliance of
national accounting solutions with IPSASs;
(2) The need and effort put into the process of information systems’ convergence–the convergence of
accounting and statistics systems (GFS-Government Finance Statistics, ESA-European System of Accounts,
SNA-System of National Accounts);
(3) The practice of implementing resource accounting and budgeting in order to establish the connections
between the inputs, goals and purpose of activities undertaken by the government, and the results (outputs) achieved;
(4) The consistency of accounting basis adopted for the budget (budget and actual amounts comparison);
(5) The consistency of accounting basis for financial reporting with the accounting basis for the budget.
As previously mentioned the need for achieving greater budgeting transparency urged the implementation of
market efficiency principles, good governance practice and business-style accounting and reporting practices for
governments. In that sense, the IPSASB has issued 26 accrual-basis IPSASs that represent a significant step
towards strengthening financial reporting by governments around the world. Starting from the concept of enhancing
the quality and uniformity of financial reporting throughout the world, the objective of the IPSASB is to serve the
public interest by developing high quality public sector financial reporting standards and by facilitating the
convergence of international and national standards. Precisely, the IPSASB achieves its objectives by: issuing
IPSAS, promoting their acceptance and the international convergence to these standards, and by publishing other
documents which provide guidance on issues and experiences in financial reporting in the public sector.
Among recently issued IPSASs-IPSAS 24, titled “Presentation of Budget Information in Financial
Statements”5 refers precisely to the matter of accounting basis consistency in budgeting as well as to the issue of
having different basis of accounting for the budget and for the general government sector entities’ financial
statements.6 In that manner IPSAS 24 requires that the financial statements of those public sector entities that
prepare and present financial statements under the accrual basis of accounting or that make their approved
budget(s) publicly available include a comparison of actual amounts with amounts in the original and final budget.
Even more, this comparison is to be made on the same basis of accounting as adopted for the budget, even if that
basis is different from the basis adopted for the financial statements.
Similar to the conclusions in the international comparative study by Brusca and Candor (2000), but
additionally having taken into account transition countries as well, study by Roje (2007) concluded that it is
especially in Anglo-Saxon countries where the accrual criterion predominates in public sector accounting, while
Continental European countries are still in the process of converting to accrual accounting for both reporting and
budgeting. Typically, the latter countries (Continental European countries and more precisely transition countries)
have so far adopted modified cash or modified accrual systems instead of complete or full accrual systems.
According to the same study, the data concerning countries in transition (for example Poland, Slovakia, Check

4
Adopted and adapted (translated) from Roje, G.. (2006). Utjecaj primjene računovodstvenih koncepata na financijsko upravljanje u
javnom sektoru, magistarski rad, Ekonomski fakultet, July, Sveučilište u Zagrebu, srpanj (The impact of accounting basis’ appliance
on financial management in public sector, Master’s thesis, Faculty of Economics and Business, University of Zagreb).
5
IFAC-IPSASB. (2006). IPSAS 24: Presentation of Budget Information in Financial Statements.
6
Term budgeting embraces the process of budget planning and execution.

6
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

Republic, Romania, Croatia), pointed out several discrepancies among the set of countries as far the process of
adopting more complex accounting basis was concerned. This draws to the conclusion that the transformation
phase towards adopting accruals in governmental accounting and reporting in majority of transitions countries has
been characterized by accounting basis inconsistency. Consequently, it slows down the process of compliance
with the majority of accrual basis IPSASs.

3. IPSAS vs. accounting regulation in transition countries

3.1 The Republic of Slovenia

According to official data in 2009, Slovenia covers an area of 12 statistic regions, 58 administrative units, and is
divided into 210 local municipalities.7 Besides state and local government and their component entities, Slovenian
public sector also includes the Bank of Slovenia8, various agencies, public institutes, various commissions and
boards (e.g., the Institute for health insurance, the Institute for employment, National agency for regional
development, etc.), public institutions in the domain of health, education, science, social care, etc. (e.g., public
schools, kindergartens, faculties, students’ dormitories, old age homes, etc.), all being financed though the Budget.
Thus, the regulatory framework for the majority of the aforementioned institutions sits within the existing
regulatory requirements of the Public finance act, which regulates the process of planning, implementation and
execution of the State Budget of the Republic of Slovenia and local government units’ budgets, public sector
assets management process, state debt, guaranties. Also, it regulates the domain of government accounting, budget
control and the internal control of public finances. The law of institutes9, which regulates the public institutions
activities, defines an institution as a legal entity founded in the domain of education, science, culture, sport, health
care, and any other entity that does not operate with a purpose of earning profits and can be founded either as
public unit (founded by the state or local government unit or by certain other organizations entitled by the law) or
as private unit (founded by certain domestic or foreign individual or legal entity).
The accounting framework for all legal entities is uniquely determined and specified by the Accounting law10,
which settles two frameworks for financial reporting:11 International financial reporting standards (IFRS) and
Slovenian accounting standards. Slovenian accounting standards12 refer to the national accounting standards,
issued by Slovenian institute for auditing13 in cooperation with ministries of economy and finance, and is
published in the official gazette of the Republic of Slovenia14. Slovenian accounting standards need to be in
compliance with EU Directives (78/660/EGS, 83/349/EGS) and they should not be compiled in contrary to
International financial reporting standards. Likewise, Slovenian accounting standards must not be in contrary to
laws and other regulations that determine legal entities’ activities across the industries (e.g., the Law of Business

7
www.stat.si/doc/pub/obcine2009/.
Elektronsko izdanje Slovenske občine u številkah, Statistički ured Republike Slovenije, ISSN 1855-6124, 1-6.
8
Banka Slovenije (enlg. The Bank of Slovenia) is the Central Bank of the Republic of Slovenia.
9
Zakon o zavodih, Ur.l.RS, št.12/1991, revised in 1992, 1993, 1994, 1996, 2000 and 2006 from www.zakonodaja.gov.si/
10
Zakon o računovodstvu, Ur.l.RS, št.23/1999, revised in 2002, 2006. www.zakonodaja.gov.si/.
11
The appliance of one of the two mentioned frameworks is determined by the classification of obligees to micro, small, medium
and large obligees, according to the article 55 of the Law of Business Associations (Zakon o gospodarskih družbah, Ur.l.RS 42/2006.,
popr. 60/2006). For more details, please visit the following website: www.uradni-list.si/1/objava.jsp?urlid=200642&stevilka=1799).
12
Slovenski računovodski standardi, Ur.l.RS 118/2005, revised in 10/2006, 112/2006.
13
Slovenski institut za reviziju.
14
Uredni list.

7
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

Associations, Public Finance Act, the Law of Institutes, etc.).

Slovenian accounting standards provide accounting procedures that regard public sector as well. Similarly to
the IPSASB aims for IPSASs to converge with the IFRSs, issued by the International Accounting Standards Board,
and to maintain, wherever possible, the accounting treatment adopted in the IASs/IFRSs, while considering public
sector specific issues at the same time, the adjustment of Slovenian accounting standards to the public sector
specific issues has been taken place. Therefore, all paragraphs from Slovenian accounting standards that were
found adjustable to the nature of public sector specific activities, have been applied in central government
accounting, while separate accounting procedures and public sector specific standards have been adopted to
address public sector specific issues where needed. Namely, Slovenian accounting standard No.35, titled
Accounting treatment in public institutions,15 defines the accounting and financial reporting framework for public
institutions.16 In addition, following the provisions of the Accounting law and Public finance act, a set of several
regulations relating to government accounting was passed. Those additional regulations, decrees, instructions,
policies, define and analyze certain parts of the Accounting law and Public finance act more precisely and thus
enable faster and easier qualitative adoption of regulated solutions (e.g., regulation on chart of accounts,
regulations on budget planning and budget execution, obligation for consolidated semi annual and annual
settlement of budget accounts, etc.).17
Having focused our research on the regulatory level (accounting laws, standards and recommendations), our
study implies that the accounting framework in Slovenia is being constructed on modern solutions basis which
enables comparisons on the international level, encouraging the international transparency of national economies
as for public finances are concerned. However, the fact that the existing accounting and financial reporting
framework has been set up on the basis of combining several law sources makes the use of such a framework
complex and demanding. In particular, certain differences emerge in accounting treatments (of fixed assets,
depreciation, revenues recognition principles, etc.) according to the requirements of Slovenian accounting
standards compared to the requirements of the laws in the field of government accounting and public finance. As
stated before, the differences emerge due to the combined approach in defining public sector accounting
framework whereat there has been a compromise made between distinct and various reporting requirements and
approaches (accounting and public finance laws).
Existing general government accounting information system has been regulated to be based on modified
accounting basis, as a result of the fact that while Slovenian accounting standards have been based on accruals,
specific public sector accounting standards supplemented with certain reporting regulation requirements have
been to a large extent based on cash basis.18

15
Slovenski računovodstveni standard (SRS) No.35 Računovodsko spremljanje gospodarskih javnih službi,
www.uradni-list.si/1/objava.jsp?urlid=2005118&stevilka=5299.
16
There are also certain additional standards that address the specific questions accross the industries (e.g., SRS No. 36
računovodstvene rešitve v npridobitnih organizacijah–pravnih osebah zasebnega prava, SRS No. 33 Računovodske rešitve v društvih
www.uradni-list.si/1/objava.jsp?urlid=2005118&stevilka=5299).
17
Set of supplemental regulations include the following: Pravilnik o enotnem kontnem načrtu za proračun, proračunske uporabnike
in druge osebe javnog prava Ur.l.RS, št. 53/2002, Pravilnik o načinu vpisovanja podatkov, potebnih za spremljanje izvrševanja
proračuna, v plačilna navodila Ur.l.RS, št. 120/2007, Pravilnik o sestavljanju letnih poročil za proračun, proračunske uporabnike in
druge osebe javnog prava Ur.l.RS, št. 115/2002.
18
An example that supports the combined approach as fro the accounting basis use relates to the report on revenues and expenses
recognition. In particular, revenues and expenses are recognized according to industry segments and the report is made on cash basis.
In addition the report on financial receivables and investments as well as the report on financing is made (Article 13 Pravilnika o

8
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

Finally, the aforementioned implies that public sector accounting and financial reporting framework in the
Republic of Slovenia shows transition features and is determined by the following:
(1) National accounting standards (Slovenian national standards), as one out of two financial reporting
frameworks, set by the Accounting law;
(2) Slovenian national standards comply with the international standards, except for certain public sector
specific issues;
(3) Slovenian 4 national standards define public sector accounting procedures through forming several public
sector specific standards, which is to a certain point the specifity of the Slovenian accounting solution;
(4) The framework in the standards is expanded with supplemental set of regulations which additionally and
in more detail, especially relating to the reporting practice, require different accounting approaches, additional
data and other sources;
(5) Lastly, the aforementioned results in discrepancies in reporting requirements when comparing the Slovenian
national standards requirements and other regulations in the field of government accounting and public finance.
In our opinion, further adjustments and developments of Slovenian public sector accounting are possible and
two hold, as follows:
(1) Further adjustments of national accounting standards as for the public sector accounting specifics are
concerned, similar to the trend of adjusting IPSAS to IFRS, or
(2) Implementation of IPSAS on the obligatory basis.
Both aforementioned solutions would mean applying accruals in public sector accounting and financial
reporting practice.
3.2 The Republic of Croatia
Croatian national government accounting system had historically been influenced by the cameral accounting
theory. Since it had been developed to monitor and control the balance between planned and actual amounts of all
state revenues (cash inflows) and expenditures (cash outflows) for a certain period, single entry cash transactions
had been a sufficient solution. In addition, being a Continental European country, its budgetary system has in fact
influenced the accounting system. Consequently, the governmental accounting information system’s structure and
contents has been viewed more in function of State’s budget goal achievements and less in function of achieving
greater management efficiencies and hence better outcomes (Vašiček,. 1998). In an economic system in which the
government controlled all major sectors of the economy, formulated all decisions about use of the resources and
about the distribution of income, and regulated production, distribution, prices, etc., governmental accounting
happened to serve the prior purpose of monitoring and controlling the budgeting processes. Therefore,
governmental accounting happened to be more in function of national accounts, and statistics information systems
were given priority with respect to accounting information systems and financial reporting.
Since 1991, when Croatia gained independence, a new public expenditures’ financing model was established
and accounting and financial reporting systems were changed. The governmental accounting reform started in
2001 and ever since Croatia has been trying to follow the international developments towards the introduction of
accrual accounting within the national government sector. The later regards the implementation of modified

sastavljanju godišnjih izvještaja-Pravilnik o sestavljanju letnih poročil za proračun, proračunske uporabnike in druge osebe javnog
prava Ur.l.RS, št. 115/2002).

9
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

accrual accounting as a gradual transition from cash basis to full accruals (e.g., Vašiček, 2004, 2007). As
emphasised, in the year of 2002, new governmental accounting system was established in Croatia. Since
governmental activities have been financed through the Budget, the legislative frame regarding governmental
accounting development was determined by the Budget (Finance) act (The Act)19 and other additional set of
regulations.20 Those additional regulations, decrees, instructions, policies, define and analyze certain parts of the
main Act more precisely and thus enable faster and easier qualitative adoption of regulated solutions.21
According to the stated regulations, there are several distinguished qualitative features of the existing
Croatian governmental accounting system, that need to be understood before discussing the influence of IPSASs
on current Croatian public sector accounting practise, and these are as follows:22
(1) All general government entities (central and local government and their component entities) are obligated by
the law to apply governmental accounting and financial reporting model.23 The fact that all entities within general
government are obligated to do so, assures complete accounting and reporting on general government activities;
(2) Unified chart of accounts and consistent appliance of rules for recording cash transactions and economic
events are regulated by the law as well. This assures standardized information base for conducting additional data
analysis when needed;
(3) As regards information on budget (budget planning and budget execution), accounting and financial
reporting, the appliance of organizational, economic, functional, location and program classifications of the
budget is obligatory;
(4) Existing accounting information system of a general government has been regulated to be based on
modified accrual accounting basis and the historic cost principles regarding balance sheet items, as a gradual
transition towards accruals implementation and compliance towards the IPSASs. Generally, modifications of
accrual accounting basis vary. This allows governments that have not yet applied full accrual basis to model their
own accounting system by adjusting it according to their particularities (e.g., with respect to quality of an existing
accounting system, the willingness and qualifications of the public sector accounting staff, taking into account the
priorities in conducting reforms, the level of political will to introduce changes, international requirements and
level of necessity to complete the reform, etc.). Even though actual amounts and financial statements are prepared
on modified accrual accounting basis, budget amounts are still prepared on cash basis. However, we find this

19
Zakon o proračunu (Nar. nov. 96/2003)., poglavlje IX–Proračunsko računovodstvo (čl.114-132)/Croatian Official Gazette, No.
96/2003., chapter IX–Governmental accounting (article 114-132).
Since governmental activities are financed through budget execution, governmental accounting is sometimes in Croatian literature
referred to as “budgetary” accounting. If so, the term budgetary accounting does not address accountiong for the budget only but also
it addresses the financial reporting for governmental entities that are also financed through the budget. In this paper however, the
term budgetary accounting refers to accounting that serves the function of budgetary control in the sense of comparing spending
against the budget.
20
Pravilnik o proračunskom računovodstvu i računskom planu (Nar.nov. br. 27/2005.), Pravilnik o financijskom izvještavanju u
proračunskom računovodstvu (Nar. nov. br. 27/2005.), Pravilnik o utvrđivanju korisnika proračuna i o vođenju registra (Nar. nov. br.
80/2004.).
21
Set of regulations include the following: Zakon o proračunu (Nar. nov. 96/2003), Pravilnik o proračunskom računovodstvu i
računskom planu (Nar.nov. br. 27/2005.), Pravilnik o financijskom izvještavanju u proračunskom računovodstvu (Nar. nov. br.
27/2005.), Pravilnik o utvrđivanju korisnika proračuna i o vođenju registra (Nar. nov. br. 80/2004.). All regulations enacted are
published in Croatian Official Gazette.
22
Adopted and adapted from Vašiček V. (2004). Stanje i pravci razvoja računovodstva proračuna (engl. Possible courses for
government accounting system development), XXXIX simpozij HZRFD (Croatian Association of Accountants and Financial
Experts), Financijski i računovodstveni aspekti korporativnog upravljanja u profitnim i neprofitnim subjektima, Pula, Croatia.
23
The term “component entities” refers to departments, boards, agencies, commissions etc.

10
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

consistent with the international trend that reform of implementing accrual accounting for financial reporting
comes first and budgeting follows;
(5) The most important features of Croatian governmental financial reporting model based on modified
accrual accounting basis are as follows:24
 Revenues are generally recognized on cash basis with only certain revenues recorded on accrual basis;
 Regular expenditures and liabilities are recognized on accrual basis;
 Expenditures regarding the fixed assets supply are not capitalized but rather treated as an expense in full
when obtained. This further implies that assets are not being depreciated yearly based on the estimated assets
usage period;
(6) Consistent appliance of internationally recognized and comparable analytical framework of financial and
statistics reporting has resulted in establishing contextual and functional linkage concerning financial and statistics
reporting. Precisely, one of the reasons for directing accounting information system reform towards accruals
implementation is the fact that Government Finance Statistics (GFS 2001) are accrual based;
(7) Obligation to make periodical and annual financial reports; obligation for consolidated semi annual and
annual settlement of budget accounts of the Republic of Croatia.
There may be various reasons for such a high degree of governmental accounting normativism. Firstly,
Croatian independence was declared in 1991 and the planned economy was changed to the market-driven one.
Secondly, there has been high degree of public finances’ centralization, public expenditures’ have been financed
through central Budget, and there has been an obligation to consolidate reporting on public expenditures. Also, as
a part of the inevitable process of adjusting its system towards the one of the EU, Croatia has had to take into
account different international institutions’ requirements. The situation of a strong money focus in the budget,
combined with a strong law tradition, helps to explain why Croatia, as it is the case with other Continental
European countries, had been reluctant to replace their financial accounts (focusing on revenues as cash receipts
and expenses as cash payments) with performance accounts (full accrual accounts-focusing on revenues
earned/realized and expenditures incurred).
In addition to the aforementioned qualitative features of existing Croatian government accounting system,
national public sector accounting standards have not been developed. This is mainly due to the fact that
accounting framework in Croatia has been set up as a law–based system. Despite the non-existence of national
public sector accounting standards, the appliance of IPSASs has not been enacted as obligatory, though the
implementation of certain accounting solutions defined by IPSASs has been recommended by the aforementioned
Croatian regulations.
In our opinion, further adjustments and developments of Croatian public sector accounting are possible and
two hold, as follows:
(1) Further adjustments of national accounting regulations to IPSAS (significant improvements of the
existing national accounting and financial reporting framework as for public sector accounting specific issues are
concerned) or
(2) Implementation of IPSAS on the obligatory basis.

24
More detailed in Grupa autora (redakcija Vašiček, D.. (2003). Primjena računskog plana proračauna, 2003/2004, HZRIF, Zagreb,
118-120).

11
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

Both aforementioned solutions would mean applying accruals in public sector accounting and financial
reporting practice.
Taking into account all abovementioned features, it is inevitable to articulate that the transformation from
cash accounting basis to modified accrual accounting in 2002., enabled Croatian governmental accounting system
to make a valuable step further towards international public sector accounting reform trends. The reform has so far
resulted in implementing quality solutions that represent a good basis for further adjustment and development of
Croatian governmental accounting information system towards more comprehensive appliance of IPSASs’. In
particular, in the course of considering possibilities and the appropriateness of IPSASs adoption in Croatian
government accounting system, we put emphasis on 3 public sector specific accounting standards that do not have
IFRS equivalents.
When discussing the IPSAS 24 implementation, referring to the requirements for reconciliation and
presentation for differences between statistics’ reports on public expenditures’ and the amounts in financial
statements that are deemed necessary, due to the different accounting bases use in reporting and budgeting.
According to IPSAS 24 actual amounts should follow the same accounting basis as for the reporting on budget
amounts, so that the comparison of these amounts can be made on the same basis of accounting as adopted for the
budget. In case of Croatia this cannot be done unless reports on actual amounts are reclassified regarding the
accounting basis used.
As for IPSAS 6 and IPSAS 22 are concerned, the existing procedures and information required concerning
preparation and presentation of consolidated financial statements and requirements for governments that disclose
information about the general government sector, currently applied/accepted in Croatian public sector accounting
practise, comply with those recommended by the IPSASs, in a sense that Croatian financial/accounting and
statistics reports assure the sufficient amount of relevant information disclosure regarding general government
sector.25 However, as shown in the paper, there are certain differences that result from distinctions regarding the
general government sector boundaries, the fact that Croatian governmental financial and statistics information
systems are founded on the System of Government Finance Statistics (GFS 2001), and the fact that not all public
enterprises are included in the consolidated financial reports of the State.
Having in mind that Croatia has implemented modified accrual accounting as a gradual transition from cash
to accruals in its government financial reporting, that its budget(s) are publicly available, and that it has
consistently applied internationally recognized and comparable analytical framework of financial and statistics
reporting, we understand the process of complying with IPSASs requirements in Croatia as directed towards three
goals. These are: (1) the introduction of accruals in governmental financial reporting; (2) the reconciliation and
eventually the consistency of accounting basis for financial reporting with the accounting basis for the budget, and
(3) the reconciliation and presentation of differences between statistics’ reports on public expenditures’ and the
amounts in financial statements.26
Precisely, directing Croatian accounting information system reform towards accruals implementation is in

25
According to official data in 2009, Croatia covers an area of 21 districts (local government units), 127 cities and 429
municipalities, Državni zavod za statistiku, www.dzs.hr
26
Adopted and adapted from Vašiček, V.. (2007). Perspektive i ograničenja harmonizacije eksternog izvještavanja u javnom sektoru,
XXXXII simpozij HZRFD, Financije i računovodstvo u funkciji rasta hrvatskog gospodarstva, Pula, lipanj 2007, 228-239. Vašiček,
V.. (2007). Uloga računovodstva u restrukturiranju javnog sektora, XLI simpozij HZRFD, Financijsko restrukturiranje profitnog i
neprofitnog sektora u Hrvatskoj, Pula, lipanj, 2006, 258-265.

12
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

fact on the path of reconciliation and presentation of differences between statistics’ reports on public
expenditures’ and the amounts in financial statements. Since Croatian governmental financial and statistics
information systems are founded on GFS 2001 that is accrual based, gradual transformation of Croatian
governmental accounting information system from modified accruals-based to full accruals- based would result in
harmonization of information systems (accounting systems and statistics systems).
3.3 Bosnia and Herzegovina
Administratively, Bosnia and Herzegovina is divided into two entities that comprise 10 cantons, 140
municipalities and one district.27 Such a complex territorial constitution is accompanied by a high level of autonomy
of mentioned entities as well as a high degree of fiscal decentralization of public functions and administration.
If the aforementioned is interpreted from the accounting and financial reporting point of view, it can be
concluded that such complexity prevents the process of harmonization, unification and uniformity of accounting
and financial reporting systems. Two entities, even certain cantons have their own legislative and executive
autonomy which results in various regulatory frameworks within the same area.
The legislative framework for public finances is based on the Budget Act28. The accounting framework for
all legal entities is provided within the Accounting law. In terms of standards implementation, a unique appliance
of the International financial reporting standards and International accounting standards has been set as obligatory.
As for government accounting is concerned29, until the IPSASs have been issued and implemented, a set of a
special regulations are to be used, meaning that public sector accounting and financial reporting have been
determined by the Budget Act.30 More precisely, budgetary accounting regulations set guidance for financial
records, accounting documents, the contents of the chart of accounts, revenues and expenditures recognition
treatment, balance sheet items valuation, revalorisation, financial reporting, etc.. The purpose of the provisions
and directives is for budgetary accounting to be formed and based in accordance with generally accepted
accounting principles of accuracy, reliability, sincerity, periodicity, as well as in conformity with IPSASs.31
However, even though the implementation of IPSASs has been recommended, they have not been neither directly
neither fully applied in practise. The Ministry of Finance holds the authority and control over the enforcement of
accounting procedures and financial reporting contents. Thus, the provisions of the Budget Act set the unique
accounting treatments and uniformed data basis.32 Such regulation excludes the possibility of the appliance of
different accounting policies referring to the financial reports items recognition.
Features of the existing government accounting system in Bosnia and Herzegovina can be summarized as follows:
(1) It has been regulated by the Budget Act and its implementing regulations–provisions, decrees, etc.;
(2) It has been based on modified accrual accounting basis33 and the historic cost principles regarding
balance sheet items;
(3) As regards information on budgeting (budget planning and budget execution), the appliance of budgetary

27
Agencija za statistiku Bosne i Hercegovine, www.bhas.ba/new/BiHStats.asp?
28
Zakon o proračunu u Federaciji BiH, Službene novine FBiH no.19/06, revisons and supplements no.78/08 and 4/09.
29
Zakon o računovodstvu, Službene novine FBiH no.32/05, paragraph 3.
30
Accounting issues are defined in Zakon o proračunu–Računovodstvo, nadzor i revizija, paragraphs 55-77, Zakon o proračunu u
Federaciji BiH, Službene novine FBiH no.19/06, revisions and supplements no.78/08 i 4/09.
31
Zakon o proračunu u federaciji BiH, Službene novine FBiH no.19/06 and revisions no.78/08 and 4/09, paragraph 57.
32
Zakon o proračunu u federaciji BiH, Službene novine FBiH no.19/06 and revisions no.78/08 and 4/09, paragraph 56.
33
Revenues are recognized on cash basis, while expenses are recognized when incurred.

13
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

program classifications is obligatory;

(4) Enforced obligation to make periodical and annual financial reports; obligation for consolidated semi
annual and annual settlement of budget accounts of Bosnia and Herzegovina.
Thus, from the legal aspect we can conclude that accounting financial system in Bosnia and Herzegovina and
its fundamental elements are set adequately. However, the problems are recognized in actual appliance of the
aforementioned normative preconditions. This is due to the fact that, unlike Croatia, where existing accounting
information system of a general government has been regulated to be based on modified accrual accounting basis
as a gradual transition from cash towards accruals implementation and compliance towards the IPSASs, in Bosnia
and Herzegovina, such gradual development phases have not taken place over the years, for a more complex
public sector financial reporting system has been promptly implemented through the technical help of the
international institutions. Therefore, no much attention has been paid to securing a number of conditions which
are to exist before the accounting basis change is made, to ensure that the full benefits of a change are achieved. In
that sense, despite the fact that IPSAS implementation on the obligatory basis is in a way already presupposed by
the Accounting law which enables governmental accounting system to make a valuable step further towards
accruals implementation in the government accounting and budgeting, a considerable time will need to be spent
preparing for and planning the change and incurring the expense that accompanies the change.

4. Concluding remarks

This study implies that transition countries have put effort in following the international developments
regarding governmental accounting (e.g., the implementation of modified accrual accounting as a gradual transition
from cash to accruals, consistent appliance of internationally recognized and comparable analytical framework of
financial and statistics reporting). However, further development of the governmental accounting system is needed
to further allow transition countries to be linked with wider international public sector reforms’ trends.
The study distinguishes certain similarities but also discrepancies regarding the status of governmental
accounting in Slovenia, Croatia and Bosnia and Herzegovina and suggests a few possible guidelines for its further
development. The similarities relate to accounting and financial reporting solutions being transitional, mostly
administrated and regulated by the Ministry of Finance. Also, in all three countries there has been a movement
towards the implementation of accruals in national public sector accounting systems, which additionally sets
various questions regarding further governmental accounting information system development. Our results show
that the dynamics of government accounting systems’ transformation in transition countries depends upon several
specific factors which have to be taken into account when evaluating the achievement made and when making
comparison between government accounting system reforms in transition and developed countries (e.g., the
process of entering the European integrations and the fact that government accounting systems have been by large
integrated in the political and economic environment of budgeting processes that have fostered the fact that the
degree of financial information system development is much influenced and constrained by economic and
political base).
Starting from the concept that IPSASs introduction in Slovenia, Croatia and Bosnia and Herzegovina has
been overviewed in the contexts of EU accession, the encouragement for fully complying with IPSASs has been
to enhance better understanding of public expenditures of transition countries at the international level. However,

14
 Accounting regulation and IPSAS implementation: Efforts of transition countries toward IPSAS compliance

there are risks with switching from cash to accrual accounting, and even though such a change is mostly regarded
a priority, the costs and benefits of the change are not necessarily well understood in the transition countries. The
point is that the standard setting process is dynamic and even existing standards will be subject to review. They
are also prepared in English and whilst they may be translated into other languages this is not an easy task and
technical accounting terminology can easily be lost in translation. Thus, a significant technical capacity will be
required not only to understand the standards in the first place, but also to interpret them in the context of the
country to which they are being applied. In addition there is the technical need to develop the underpinning
accounting policies to support the application of the standards. Unfortunately for the majority of governments the
accounting change is greatly regarded as a technical change rather than a managerial change and therefore one
that concerns only the accountants and the Ministry of Finance (Hepworth, 2002). Little regard is placed to the
quality of accounting information. The change to accruals and IPSAS adoption is of no benefit if no use is then
made of that information.

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(Edited by Linda and Mary)

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