Institute for Financial and Economic Monitoring
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Development of federal accounting and reporting standards in public sector on the basis of IPSAS

Title Development of federal accounting and reporting standards in public sector on the basis of IPSAS
Client Ministry of Finance of the Russian Federation
Participants The International Bank of Reconstruction and Development (IBRD)
Brief description

The main goals of the project :

  • Development of strategy and practical aspects for drafting and adopting national budgetary accounting and budgetary reporting standards in public sector organisations in accordance with the International Public Sector Accounting Standards (IPSAS).
  • Preparation of five government information documents (draft standards) of accounting and reporting in public sector organisations selecterd by the Ministry of Finance of the Russian Federation on the bases of Recomendations on quantity, structure and content of standards of aqccounting and reporting in public sector organisations in the Russian Federation.  
Results
  1. Comparative analysis was conducted that illustrates the most typical differences between the current national system of budgetary accounting and budgetary reporting and IPSAS.

  2. The Conceptual base for development and ratification of the national standards for accounting and reporting of the Russian Federation in the public sector was developed.

  3. Five draft federal standards of accounting and reporting in the public sector were prepared ( Draft standard "The Conceptual base for accounting and reporting in the public sector"; Draft standard " Accounting (financial) reporting"; Draft standard "Capital assets"; Draft standard " Rent"; Draft standard "Impairment of assets").

  4. Organisation of debate over the draft federal standards of accounting and reporting and the Conceptual base with benifitiary federal executive bodies, organisations and professional associations, on the bases of which editing and corrections were made. The final drafts of the federal standards of accounting and reporting in the public sector were published.

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