Brussels, 17/03/2005 (Agence Europe) - On Wednesday, the European Commission took note of the latest report on the modernisation of its accounting system. After the new system, in line with the accrual accounting method (the recording of accounting events when they occur, and not only when cash is received or paid, or at the year end only) entered into force on 10 January 2005, the “European taxpayer can be assured that his or her funds are managed by the Commission under high standards of control”, according to the press release, which adds that the financial state of the Communities now fulfil the most exacting accounting standards, which put the Commission in the vanguard of European public administrations”.
In a note to her colleagues, the Commissioner for the Budget and Financial Programming, Dalia Grybauskaité, points out that the Commission has achieved this objective within two years, “which is significantly less than it has taken other European public administrations, sticking to a deadline with was considered highly ambitious by its consultants and external auditors”. The Commission recognises that January 2005 “does not mark the end of the accounting reform”. The IT systems at central and local level are still to be improved, and new accounting procedures integrated.