PMCG together with Michael Parry Consulting (UK) is implementing project at the Ministry of Finance
Start Date: July 2009
End Date: December 2009
Country: Georgia
Client: The Ministry of Finance of Georgia
Development Partner: The World Bank
Description of the Project
Dr. Michael Parry, project team leader, is one of the world”??s experienced and recognized consultants in the public finance. He will assist the Treasury Service of the Ministry of Finance of Georgia to conduct a study on Georgian accounting system with respect the implementation of the International Accounting Standards for Public Sector. PMCG will provide accounting expertise and support to fulfill the assignment.
The Ministry of Finance of Georgia has approved the “??Accounting Reform strategy”? which provides the basic dimensions of the reform and describes the transition towards International Public Sector Accounting Standards (IPSASs). The application of IPSAS will have several benefits including, most notably, transparency, understandability and easy public access to information on public sector finances. Thus, the introduction of IPSAS would lead to the production and analysis of robust financial statements on the basis of which discussions on resource allocation, economy, efficiency and effectiveness could take place. It would also help to identify areas in which better financial practices could be adopted and would increase the utility of the Government”??s financial statements by, for example, supporting and reflecting management”??s need for detailed information for decision-making purposes.
The reports and outputs expected from the assessment are listed below:
a. Study of the value-added of IPSASs
“?¢ Review of existing accounting system and respective regulations;
“?¢ The set of accounting policies including draft regulations, sample reporting forms, prototype chart of accounts and proposed resolutions for specific issues listed above;
b. The draft action plan for implementation of International Public sector accounting standards;
c. The final detail action plan for implementation of International Public sector accounting standards.
