TR2-02 Public Sector Accounting Standards Go XBRL

Presenter: Frans van Schaik

As adoption of IFRS in the private sector is gaining momentum, the public sector is following closely with the introduction of International Public Sector Accounting Standards (IPSAS). Countries like Australia, have implemented IPSAS already.

The use of XBRL for public sector reporting gains from IPSAS for reasons of standardization and harmonization of data elements. For this reason the Dutch SBR programme commissioned the development of a public sector reporting framework based on IPSAS.

The taxonomy provides a widely applicable digital dictionary enabling a standardized communication by government agencies, replacing a variety of reporting formats currently used. The taxonomy will thus serve as a catalyst in harmonizing financial reporting thoughout the public sector in the Netherlands.