Subject The article examines the issues of horizontal harmonization of International Public Sector Accounting Standards (IPSAS) with the Government Finance Statistics Manual 2014 (GFSM 2014), International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) as of 1 January 2016. Objectives The aim is to consider the current issues of IPSAS harmonization in comparison with the system of national accounts (SNA), the GFSM 2014 and IAS/IFRS. The harmonization emphasizes the modernization nature of the statistics. Methods The study employs a comparative analysis to reveal the main features of the said documents, trace the cause-and-effect relationships between them, and assess the potential and possibilities of the harmonization. Results The paper presents the results of general comparative characteristics of SNA, GFSM, IAS/IFRS and IPSAS according to certain parameters, like issuing body, evolution of versions, general formalized characteristics, and others. IPSAS and GFSM are compared based on eight parameters, i.e. objective, terminology, coverage/reporting unit, reporting method, valuation method, time-series data, reporting and consolidation of information. Differences between IPSAS and IAS/IFRS are arranged in three main blocks: system, general, and specific differences. Conclusions The offered comparative systematization of major characteristics of International Financial Reporting Standards intends to improve the quality of education in the field of statistics (statistical literacy, statistical knowledge and understanding, and statistical thinking).
Keywords: IPSAS, international harmonization, government finance statistics, financial statements
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