, Volume 19, Issue 1, pp 79-81
Date: 21 Nov 2012

Belgian Public Accounting: Evolution and Compliance with IPSAS

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The Belgian public accounting system is continuously evolving, but efforts must still be made to comply with international standards. Public accounting has been modified several times since the law of 15 May 1846 on state accounting. At first, public accounting only consisted of budgetary accounting, but it then evolved and now consists of two parts: budgetary accounting and double-entry general accounting based on transactions and inspired by the one used by the private sector. So, the law of 15th March 1991 on the reform of accrual state accounting and the provincial accounting (Loi du 15 mars 1991 portant réforme de la comptabilité générale de l’Etat et de la comptabilité provinciale, M.B. 22 mai 1991) as well as the law of 22nd May 2003 on the organization of the budget and the accounting of the federal state (Loi du 22 mai 2003 portant organisation du budget et de la comptabilité de l’Etat fédéral, M.B. 3 juillet 2003) made it possible to introduce such an accounting system. This