Simultaneously with the globalization of economies, it was necessary the adoption and implementation of international accounting standards for the public sector also. In 1996 a set of accounting standards for public sector entities was developed, namely International Public Sector Accounting Standards (IPSAS). After 31st July 1998, 32 IPSAS standards, mostly inspired by IASs, centered on model and engagement-based accounting, were issued. IPSAS 1 – Presentation of financial statements relating to the place of intangible assets, inventories and personnel expenses in the content and format of the financial statements is applied to all general purpose financial statements realized under accrual accounting. The IPSAS 12 – Inventory objective is to state the stock accounting treatment. The IPSAS 25 objective – Employee benefits is to state the employee benefits from an accounting perspective.
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European Parliament & Council of the European Union. (2002). Regulation (EC) no. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of international accounting standards.
International Federation of Accountants (IFAC). (2013). Handbook of IPSAS norms. Vol.1, translated and republished by The Body of Accountants Experts and Authorized Accountants from Romania, Bucharest.
International Public Sector Accounting Standards (IPSAS). (2012). Changes of IAS 1 Presentation of financial statements. Commission Regulation (EU) no. 475/2012, Bruxelles: Official Journal of the European Union, no. 6 / 5 June 2012.
International Public Sector Accounting Standards Board. (2019). available at: https://www.ipsasb.org, accessed on 10 September 2019.
Morariu, A. (2012). IAS 2 Inventories, Convergences and divergences between IAS 2 and the National Norm (OMFP 3055/2009), Bucharest.
National Securities Commission. (2011). Regulation of the National Securities Commission no. 3 / 2011 on the Accounting Regulations in compliance with the VII Directive of the European Economic Communities applicable to the entities authorized, regulated and supervised by the National Securities Commission. Bucharest: Official Gazette, no. 156 / 3 March 2011.
Romanian Parliament. (1991). Law no. 82/1991 – Law on Accounting, republished. Bucharest: Official Gazette. no. 454 / 18 June 2008.