Introducing International Public Sector Accounting Standards to the Ministry of Education and Science of Georgia
We recently started working on a new project entitled “Development of Accounting Policy and Related Forms for the Ministry of Education and Science of Georgia and the Sub-Organizations Under its Control and Providing Training of Key Personnel of the Ministry of Education and Science of Georgia,” aimed at introducing the International Public Sector Accounting Standards (IPSAS) to the Ministry of Education and Science (MES) and contributing to better accountability and transparency of its public finance spending.
As Georgia’s public finance management (PFM) reform action plan intends to improve accrual-based financial accounting practice by introducing the IPSAS in all budgetary agencies, the MES needs to apply recently-adopted accounting rules and methods as well.
With this in mind, the project aims to develop accounting policy and related forms for the MES and the units under its control in accordance with the existing instructions approved by the Minister of Finance of Georgia, as well as conducting training of relevant personnel in the application of IPSAS, particularly the above-mentioned accounting policy.
“The development of accounting guidelines significantly determines the efficiency of accounting activities in the organization and the reliability of the accounting information produced. Therefore, the existence of a comprehensive accounting policy based on international accounting standards will help the Ministry of Education and Science of Georgia to prepare reliable, accurate, and timely financial statements,”noted Zurab Tolordava, Project Consultant/Trainer.
In the course of the project, our team will develop an analytical report on the regulatory framework and current practice of accounting and reporting in the MES, and provide recommendations for improvements accordingly. We will also develop an accounting policy document for the central apparatus of the MES and training materials for the Ministry and its sub-organizations, as well as delivering a methodological video training module on the introduction and application of the new accounting policy.
Finally, the project team will conduct training sessions and workshops for stakeholders. Trainings will include several remote workshops on the newly-developed accounting policy, using case studies, template forms, and simplified provisions with the participation of the respective staff of the MES and its sub-organizations.
The project is being implemented under the “Innovation, Inclusion and Quality Project (I2Q)” financed by the World Bank, which aims to expand access to preschool education and to improve the quality of education and learning environments.