What is it about?
This chapter describes the system of public sector accounting and auditing, considering the two tiers of government existing in Portugal.
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Why is it important?
It shows what in happening in one country of the EU concerning international harmonizaion efforts in public sector accounting, which can be folloed by other jurisdictions.
Perspectives
Given that a new accounting and reporting system is being currently developed, expected to be implemented within three years, the description will focus the system presently in practice, at the same time pointing to the main changes to be brought by the new one, which approaches the international standards. As in other Continental-European countries, the current system of public sector accounting and reporting in Portugal, as the future one will, combines financial accrual-based accounting with budgetary traditional cash-based accounting. The new system is expected to overcome existing problems, namely too much fragmentation, difficulties in preparing consolidated accounts and lack of guidance to account for certain operations.
Dr Susana Jorge
University of Coimbra
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This page is a summary of: Public Sector Accounting and Auditing in Portugal, Nature,
DOI: 10.1057/9781137461346.0016.
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