This paper offers a UK perspective on the proposal to develop European Public Sector Accounting Standards (EPSAS). It offers the fundamentals of the UK government’s system of budgeting and accounting, which is the responsibility of the UK Treasury, being one part of its responsibilities for the UK’s fiscal and monetary policies. In the light of this, the EPSAS proposal remains a puzzle and a peripheral one at that. The paper ponders on the forces underlying the EPSAS proposal and notes that for the government practitioner in an EU member state, rules emanating from the EU would naturally have a macro-level focus. Consequently, any potential advantages of an accrual accounting system at micro-level may not be fully appreciated.