ArmInfo.In Armenia, responsibility for monitoring the accounting process and preparation of financial statements by public sector organizations will be carried out by the RA Ministry of Finance.
At the plenary session on February 11, the RA National Assembly introduced amendments to the law "On accounting of public sector organizations" in the first reading. According to the RA Deputy Minister of Finance Arman Poghosyan, with the amendments, the Ministry of Finance of the country will assume a number of powers. In particular, these powers include the determination of the timing and methodology for the revaluation of land and buildings, the minimum value of tangible assets as property, plant and equipment, and the assessment of possible losses on accounts receivable of organizations.
At the same time, the project provides for a clear definition of the responsibility of the Ministry of Finance for monitoring the process of accounting and preparation of financial statements by public sector organizations and providing methodological instructions if necessary. The project also envisages changing the terms of financial statements, including interim consolidated financial statements, and preparing financial statements of the Republic of Armenia as a whole.
The Ministry of Finance is currently monitoring the financial statements of selected public sector entities with a view to improving the quality of these reports and preparing consolidated financial statements. In addition, the Ministry of Finance has developed a methodology for preparing interim consolidated financial reports at the ministry level and a methodological component of the terms of reference for the consolidation of a computer program, the practical effectiveness of which will be assessed within the framework of the Information System of State Financial Management.
