Aspect | Summary |
Financial Reporting | European countries have made progress in adopting accrual accounting, improving transparency and comparability. |
| Accrual accounting provides a comprehensive view of financial performance in the public sector. |
Disclosure Requirements | Variations exist in disclosure requirements, with some countries including non-financial information in reporting. |
| Some countries primarily focus on financial reporting and have not yet incorporated non-financial disclosures. |
Measurement Standards | Measurement standards vary based on national preferences, with differences in fair value and historical cost approaches. |
| Some countries emphasize fair value measurement for transparency, while others prioritize historical cost measurement. |
Consolidation Principles | Consolidation principles differ, with variations in the scope of entities and activities included in the consolidation. |
| Some countries adopt a broader scope, while others apply more restrictive criteria for consolidation. |
Harmonization Efforts | Harmonization efforts by the EU promote convergence, comparability, and transparency of financial information. |
| Harmonization simplifies reporting for entities operating in multiple countries. |