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International Public Sector Accounting Standards (IPSAS) to be Implemented in Georgia

Published: November 25, 2011 | 12:20 pm
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The COMMERCIAL TIMES

Ministry of Finance of Georgia and State Treasury of Georgia held a seminar regarding the implementation of International Public Sector Accounting Standards (IPSAS) in Georgia. The seminar, opened by the speech of Dimitri Gvindadze, Minister of Finance of Georgia, was held at Courtyard by Marriott Hotel on November 25. The reform, implemented with the support of the World Bank, is a new approach to the global State financial system and Georgia is one of the leading countries along with Australia, Great Britain, New Zealand and several Western European countries.

Wayne Bartlett, British expert, informed the representatives from over 50 budgetary organizations and financial managers about IPSAS standards.

International Public Sector Accounting Standards (IPSAS) is oriented at budget transparency and publicity.

“The main target of the seminar is to spread information on the reforms conducted by the State Treasury of the Ministry of Finance of Georgia and to set new goals for the further development of the services provided by the State Treasury,” declared the Minister.

According to him, the seminar will discuss the timeline of launching international accounting standards in Georgia. “The implementation of these international standards will further raise our transparency, which is important for fiscal sustainability as this is the primary focus for investors,” stated the Minister.

As he later noted, during the previous years a number of significant reforms were conducted within the State Treasury: unified treasury account was launched; also one of the best successful reforms included the implementation of e-filing, which has no analogue in post Soviet countries.

“We’re currently working on the Integrated State Financial System issue, which is directly linked to financial transparency and a better developed mechanism for budgetary planning process. One of the priorities for State Treasury is to launch a Unified Book, which will enable us to manage actives and passives in real time. This is a long-term process, which the Ministry of Finance of Georgia will implement together with donor organizations,” said the Minister.

 

 

 

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