Institute for Financial and Economic Monitoring
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Budgetary Accounting, Reporting and Audit

Title Budgetary Accounting, Reporting and Audit
Client Ministry of Finance of the Russian Federation
Participants

International Bank for Reconstruction and Development (IBRD)

Subjects of the Russian Federation:

  • the Chuvash Republic
  • the Vologda Region
  • the Chelyabinsk Region
Brief description

The purpose of the Assignment is to develop proposals and recommendations for consideration by the RF Ministry of Finance, IMWG, regional and local administrations of the Selected Regions, and to assist in trial implementation, for reforms that:

  • will stimulate the development of public sector accounting and reporting systems, and provide a possibility to generate reporting data based on the requirements of the Government Financial Statistics Manual
  • will facilitate preparation of subnational public sector financial statements in accordance with requirements of international accounting standards (as represented by IPSAS).

The purpose was also to develop proposals on the consistency of procedures to be performed in the framework of movement of national accounting and reporting standards in the public sector towards IPSAS.

Results
  1. Analysis of current accounting and reporting practice in the public sector. Comparison with international standards in the indicated areas. Investigation of the current problems.
  2. Development of solutions to the current problems including recommendations on changes in current legislative framework. Trial implementation of proposed measures.
  3. Development of recommendations for the process of harmonisation of accounting and financial reporting system in the subnational general government sector with IPSAS and preparation of the respective implementation plan and time schedule.
  4. Development of the Normative Framework of the Subject of the Russian Federation, Municipal Entity for the Purpose of Auditing the Public Finances.
  5. Development of standard training programs which would facilitate adoption of IPSAS and GFS, training of regional authorities, provision of seminars addressing the current public sector accounting problems and needs of subnational authorities.

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