Мinistry of finance of the kyrgyz republic meeting of the pempal TCOP working group on public sector accounting мinsk, Belarus, October 03-05, 2016

PRECONDITIONS The PFM reform and budget process improvements in the Kyrgyz Republic started in 2009. One PFM reform area in the Kyrgyz Republic is the development of public sector accounting and reporting system with the introduction of IPSAS. The key goals of the accounting and reporting system reform are to improve government financial statements, ensure financial accountability of the government, boost PFM quality.

A strategy to introduce ipsas IPSAS will be introduced in stages. Each stage will tentatively span three to five years.

PROGRESS TO DATE A set of regulations and methodological documents has been developed at the initial stage: Law on Accounting has been amended with IPSAS recognized as the methodological basis for developing public sector financial statements Chart of Accounts based on GFS 2001 budget classification has been introduced; guidelines on accounting in public sector organizations. Accounting policy, guidelines on public sector statements development and Unified Chart of Accounts have been designed.

KEY CHALLENGES AND OBSTACLES Low capacity of public sector accountants; - Limited financial and human resources allocated to support the reform implementation; - Lack of a unified automated accounting system.

solutions Adopt an IPSAS implementation strategy and respective implementation plan. Enhance public sector accountants’ capacity. Building a status for accountants; their certification and motivation Design and implement an automated accounting system. Building awareness regarding the reform objectives and importance of financial reporting.

THANK YOU !!!