Memo: New accounting system: Better control over European taxpayer’s money

The European Commission considered its transition from a cash-based to an accrual-based accounting system as successful, 28 January 2005, claiming that with the modernised system European taxpayers could be assured that their money was managed with the highest standard of control. The new system was expected to give the European Commission greater day-to-day control over its assets and liabilities, and provide better financial information thus strengthening the Commission's drive to minimise any risk of error and irregularity.