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Developing Federal Accounting Standards for Public Sector Organizations

Developing Federal Accounting Standards for Public Sector Organizations. Апрель 2018. PFM REFORM – GOALS. ALIGNG METHODOLOGY WITH INTERNATIONAL PRACTICE ( IPSAS ) ESTABLISH CONDITIONS TO ALLOW THE USE OF ACCRUAL RESOURCE DATA FOR BUDGET EXECUTION (DEVELOPMENT) DECISIONS

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Developing Federal Accounting Standards for Public Sector Organizations

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  1. Developing Federal Accounting Standards for Public Sector Organizations Апрель 2018

  2. PFM REFORM – GOALS • ALIGNG METHODOLOGY WITH INTERNATIONAL PRACTICE (IPSAS) • ESTABLISH CONDITIONS TO ALLOW THE USE OF ACCRUAL RESOURCE DATA FOR BUDGET EXECUTION (DEVELOPMENT) DECISIONS • MORE EFFICIENT ACCOUNTING, INCLUDING REPORTS PREPARATION AND SUBMISSION • ALIGN REPORTING AND ACCOUNTING WITH GFSM 2014 AND SNA REQUIREMENTS

  3. ALIGN METHODOLOGY WITH INTERNATIONAL PRACTICE (IPSAS) • DEVELOPMENT AND IMPLEMENTATION OF IPSAS-BASED FEDERAL STANDARDS. • CONCEPTUAL FRAMEWORK. • EXPANDING CONSOLIDATIONS TO THE PUBLIC SECTOR OUTER PERIMETER.

  4. MORE EFFICIENT ACCOUNTING, INCLUDING REPORTS PREPARATION AND SUBMISSION • MIGRATION TO E-WORKFLOW BASED ON SINGLE-ENTRY AND UNIFORM REFERENCE BOOKS • ESTABLISH CONDITIONS TO ALLOW THE USE OF ACCRUAL RESOURCE DATA FOR BUDGET EXECUTION (DEVELOPMENT) DECISIONS • ESTABLISH EXCELLENCE CENTERS AT FINANCIAL BODY (CENTRALIZATION OF ACCOUNTING) • EX-ANTE CONTROL TO REDUCE ERROR LIFE TIME

  5. ALIGN REPORTING AND ACCOUNTING WITH GFSM 2014 AND SNA REQUIREMENTS • A NEW CLASSIFICATION ALIGNED WITH GFSM 2014 AND SNA HAS BEEN APPROVED • METHODOLOGY FOR GENERATING GOVERNMENT FINANCE STATISTICS REPORTS IN LINE WITH INTERNATIONAL REQUIREMENTS HAS BEEN DEVELOPED

  6. TRANSITION TO STANDARDS: IMPORTANT MILESTONES • DEVELOPMENT PROGRAM APPROVAL • DRAFT STANDARD DESIGN (DISCUSSION, EXPERTS) • STANDARD APPROVAL • PUBLICLY AVAILABLE ON WEB PORTAL: • PRESENTATUIONS, LIST OF RELEVANT ISSUES, • GUIDELINES, TRAINING MATERIALS • TRANSITION TABLES, REFERENCE RECOMMENDATIONS

  7. Official website of the RF Ministry of Finance

  8. TRANSITION TO STANDARDS: IMPORTANT MILESTONES • IMPLEMENTATION SUPPORT!!! • OFFSITE MEETINGS • DEVELOP SCENARIOS OF REPORTING DATA USES • USING ACCOUNTING (REPORTING) DATA IN DEVELOPING REGULAR BUDGET CYCLE

  9. A Program to Develop Federal Accounting Standards for Public Sector Organizations • 28 FAS • «Non-Produced Assets» (34н), • «Biological Assets», • «Inventories» (63н), • «Provisions, Contingent Liabilities and Contingent Assets» (276н), • «Revenues» (32н), • «Intangible Assets», • «Employee Benefits», • «Effects of Changes in Foreign Exchange Rates», • «Borrowing Costs», • «Financial Instruments», • «Cash Flow Statement» (278н), • «Accounting Policies, Changes in Accountingh Estimates and Errors» (274н), • «Events After the Reporting Date» (275н), • «Segment Reporting», • «Информация о связанных сторонах» (277н), • «Consolidated Accounting (Financial) Statements», • «Participation Interest», • «Joint Ventures», • «Budget Information in Accounting (Financial) Statements» (37н), • «Accounting (Financial) Statements in Inflationary Economies» (62н), • «Approaches to Generate Government Accounting (Financial) Statements and Government Finance Statistics», • «Long-Term Contracts», • «Concessions», • «Conceptual Framework for Accounting and Reporting of Public Sector Organizations» (256н), • «Property, Plant and Equipment» (257н), • «Leases» (258н), • «Impairment od Assets» (259н), • «Presentation of Accounting (Financial) Statements» (260н).

  10. A Program to Develop Federal Accounting Standards for Public Sector Organizations for 2016-2018 As per the Program to Develop Federal Accounting Standards for Public Sector Organizations approved by RF MoF Ordinance №64нdated April 10, 2015(№218нdated November25, 2016,as amended) (became invalid), the following federal accounting standards for public sector organizations have been developed: Effectiveness Federal Standard Approval • Conceptual Framework for Accounting and Reporting of Public Sector Organizations 01.01.2018 01.01.2018 • Fixed Assets Approved by MoF Ordinances (№№ 256н, 257н, 258н, 259н, 260н dated 31.12.2016) 01.01.2018 • Lease 01.01.2018 • Impairment of Assets 01.01.2018 • Presentation of Accounting (Financial) Statements

  11. THANK YOU! Svetlana.Sivets@minfin.ru

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