According to the recent study conducted by the International Federation of Accountants (IFAC) and the Organization for Economic Co-operation and Development (OECD), Accrual Practices and Reform Experiences in OECD Countries, nearly three-quarters of OECD countries have adopted accrual accounting for their year-end financial reports and more than a quarter now prepare their annual budgets on an accrual basis.
The research has concluded that out of the 34 OECD countries with advanced economies, 25 countries (73%) base their annual financial reports on accrual accounting, and another three countries, (9%), are transitioning to accrual accounting now. Only six countries currently use cash accounting.
As noted on the OECD publications section:
„This study reviews and compares accounting and budgeting practices at the national government level in OECD countries. It also discusses both the challenges and benefits of accruals reforms. Finally, it looks at some steps countries are taking to make better use of accrual information in the future.”
A digital version of the report can be viewed or purchased on the OECD website.
About Romania’s relationship with the OECD
Although it is not yet a member of the organization as a whole, Romania has been involved through its governmental experts in programs developed by OECD bodies. Romania is represented at the reunions of 19 OECD working groups. Experts from approximately 14 ministries and government agencies take part in these reunions. The Ministry of Foreign Affairs has a coordinating role on Romania’s relationship with the OECD.
