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

2. 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

3. 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

4. Key areas of PSAS implementation in the public sector
PSAS development
2018 – 2019: - development of 13 PSAS : - development of 14 PSAS
Training in PSAS
: - design and approval of curricula; - TOT; - training of accountants at spending units, auditors; - awareness-building workshops targeted to top officials and managers : - training of accountants at budget users : - 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 :
- Application of PSAS by spending units. :
- Application of PSAS by budget users. :
- Application of PSAS by local governments. :
- Monitoring of PSAS application :
- Audit of financial reports for compliance with PSAS

5. Thank you!

6. 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»