The accounting reform of public finance in the Czech Republic was an issue intensively discussed in political and academic spheres at the turn of the century. As a consequence of this discussion the Ministry of Finance initiated works on the implementation process of new principles which the reform includes. The main purpose of the reform is the convergence of accounting principles of public and private sector and the creation of consolidated final accounts of the whole Czech Republic. The consolidation should contribute to the comparability of the accounts of Czech Republic and other countries within the European Union. The research is focusing on the evaluation of the reform by the selected accounting entities, municipalities to be specific. The findings of the research are discussed with the outlines of the solutions.