Many European countries have been carried out a modernization projects in public sector financial reporting since the last two decades. Consequence of a stronger demand for complex, reliable and relevant economic information on government is governments´ efforts towards better accountability. IPSAS standards, a full accrual national financial reporting standards closed to, or national standards with clear reference to IPSAS, are often considered as the best tool for that. This article aims to

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... entify key challenges and milestones – four key aspects of these public sector financial reporting modernization projects. It offers a comparison amongst several European countries comparing the ways these countries decided to deal with those challenges and milestones.