The introduction of the new accounting system in public sector organizations has begun since January 1, 2016, in accordance with the defined schedule: 16 new ministries, agencies and their subordinate NCSOs have transitioned to the new system from January 1, 2016. Since January 1, 2017, 24 more public government bodies and their subordinate NCSOs have passed to the new public sector accounting system.
During 2017, the Ministry of Finance monitored the financial reports and the submitted accounting information of 16 organizations that had transitioned to the new public sector accounting system since January 1, 2016. In order to provide professional public awareness on the results of the monitoring, the publication of the journal “Professional Directory” was undertaken which includes information about the amendments to the legislation regulating public sector accounting and about legislative drafts, as well as information about separate inaccuracies and mistakes found out as a result of monitoring of the accounting and financial reporting processes in public sector organizations and about practical proposals for their correction with the aim of providing practical assistance to public sector organizations.
Power ministries and structures, as well as regional administrations and communities have been transitioning to the new system since 2018.
During 2017-2018, the RA Ministry of Finance also adopted a new policy in the field of accounting and auditing of the private sector which is reflected in the concept of accounting and auditing reforms. The core idea of the concept is to introduce a new model of regulation and control - "professional structure - public control" - as a result of which a number of functions currently being undertaken by the state will be directed to the newly created specialized institution - chamber of accountants and auditors. The concept of accounting and auditing reforms was completed after more than one year public debates and was approved by the Government of Armenia in December, 2017.
The next step to ensure the continuity of the reforms was the development of a legislative package based on the concept. This package, consisting of 6 draft laws, was submitted to the discussion of interested state bodies in April of the current year.