Public Sector Financial Accounting in the Kyrgyz Republic

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Presentation transcript:

Public Sector Financial Accounting in the Kyrgyz Republic Key Goal Enhance PFM efficiency, effectiveness, accountability and transparency

Challenges in the Current Accounting and Reporting System Accounting and reporting methodology is not aligned with international standards, hence poor and incomplete financial reports in public sector; No university programs teaching IPSAS basics, thus lack of professionals with knowledge and skills needed to generate financial reports based on IPSAS; inadequate level of automation in public sector accounting

Key implementation areas 1. Introduction of International Public Sector Accounting Standards (IPSAS) 2. Capacity building for public sector accounting professionals 3. Introducing single accounting software under the FMIS

Key areas of PSAS implementation in the public sector PSAS development - 2018 - 2023 2018 – 2019: - development of 13 PSAS 2020- 2023: - development of 14 PSAS Training in PSAS - 2018 - 2024 2018 - 2022: - design and approval of curricula; - TOT; - training of accountants at spending units, auditors; - awareness-building workshops targeted to top officials and managers. 2019 - 2023: - training of accountants at budget users. 2020 - 2024: - training of acou8ntants and local governments. Establishing an effective professional development system. Introduction of PSAS into curricula of higher and secondary education institutions of the Kyrgyz Republic Application of PSAS - 2019 - 2025 2019 - 2023: - Application of PSAS by spending units. 2020 - 2024: - Application of PSAS by budget users. 2021 - 2025: - Application of PSAS by local governments. 2018 - 2025: - Monitoring of PSAS application 2023-2025: - Audit of financial reports for compliance with PSAS

Thank you!

Public Sector Accounting Standards PSAS «Concepts and General Principles» PSAS «Presentation of Financial Statements» PSAS «Cash Flow Statements» PSAS «Accounting Policies, Changes in Accounting Estimates and Errors» PSAS «Effects of Changes in Foreign Exchange Rates» PSAS «Revenues from Non-Exchange Transactions» PSAS «Inventories» PSAS «Events After the Reporting Date» PSAS «Provisions, Contingent Liabilities and Contingent Assets» PSAS «Presentation of Budget Information in Financial Statements»