This chapter deals with financial reporting in the public sector, taking
IPSAS as reference. Some examples of the reporting components of specific
countries are presented. Finally, issues relating to the reliability of the
information included in financial reports are also addressed. Regarding
the latter, the chapter particularly refers to the role of financial reporting
in promoting transparency and accountability in the public sector, and the
importance of auditing to ensure fair presentation and regularity of the
public sector accounts, ultimately impacting on citizens’ trust in public
sector managers and politicians.