Accounting Policy for the Ministry of Education and Science of Georgia and its Subordinated Organizations Developed

Public Finance Management reform in Georgia considers the development and implementation of accounting policies in budgetary organizations. The Ministry of Education and Science of Georgia encompasses numerous budgetary organizations (including GE, VET, HE, and scientific research institutions).

Under the I2Q Project, with the World Bank’s support Accounting Policy for the Ministry of Education and Science of Georgia and its subordinated organizations is developed. Consultant Company PMCD, selected via tender, worked on accounting policies in budgetary organizations for a year.

All stakeholders have been involved in the process. An internal accounting standard was introduced based on international accounting standards in the public sector. The document considers the specifics of the MES’s budgetary organizations and stipulations of the law. The devised internal accounting policy for these organizations ensures adherence to international standards in accounting, minimizes the risk of errors, and facilitates the preparation of individual balance units, financial statements, as well as consolidated statements for the MES.

Accounting and financial reporting follow international standards and imply the reasonable use of the budget program and the financial resources that provide maximum transparency. Training series on the theoretical aspects of accounting policy and their practical use, were conducted for the relevant representatives of all budgetary organizations under the MES.