Aspect

Summary

Translation and Roadmap

Greece translated IPSAS into Greek and developed a roadmap for implementation, outlining steps and timelines.

Financial Reporting

Greece shifted from cash-based accounting to accrual accounting, improving financial statement quality and transparency.

Disclosure requirements in financial reporting were enhanced, providing more detailed information.

Challenges

Challenges include strengthening internal controls, capacity-building, addressing cultural and institutional barriers.

Opportunities

Adoption of international accounting standards provides opportunities for improved decision-making and benchmarking.