ArmInfo. The Eurasian Fund for Stabilization and Development (EFSD) will provide Armenia with a $2 million grant to implement a program to improve the quality of financial reporting of public sector organizations. At a meeting on July 18, the RA Government approved a draft decree of the RA President approving an agreement with the fund.
As noted in the justification of the draft decision, the funds will be used to improve the quality of public financial management, the formation of a universal methodology for consolidating the financial statements of public sector organizations, introducing the practice of consolidating financial statements of the RA Ministry of Health and its subordinate organizations, improving the quality of employees of public organizations in matters of reporting consolidation.
Within the framework of the program, it is planned to carry out an examination of the methodology with the introduction of appropriate additions to it, if necessary, to develop and implement software for consolidating reporting, and to train employees of public organizations in preparing consolidated reporting and working with the software. It is also envisaged to provide assistance to the Government of the Republic of Armenia in the development of regulations and/or/ preparation of proposals for the introduction of new methodology and accounting approaches.
