ArmInfo. The reporting procedure for public sector organizations in Armenia will be streamlined. The National Assembly of the Republic of Armenia will discuss amendments to the law "On Accounting of Public Sector Organizations" in the first reading at its plenary session on October 28.
As Hamlet Sahakyan, Deputy Minister of Finance of the Republic of Armenia, noted in his speech, the presented document is aimed at eliminating certain gaps and is intended to streamline the powers of the authorized body, bringing the current law into line with regulatory legal acts. Overall, the document addresses three main objectives, the first of which concerns the procedure for writing off depreciated property of public sector organizations. Currently, this process is regulated by an order of the Minister of Finance, which was issued back in 2007. At the same time, no similar procedure has been established for community organizations. Moreover, the order of the Minister of Finance is often based on a government decision. S The approval of the bill will make it possible to resolve the existing problem, which, in turn, will enable the modernization of assets.
The document also establishes the accounting procedures for accountants working in public sector organizations. Currently, the issue of professional development for accountants in this sector is also regulated by a 2015 order of the Minister of Finance. However, this process also does not comply with regulatory requirements. The bill establishes a clear accounting procedure for accountants.
The third amendment clarifies the reporting procedure, which is also brought into line with regulatory legal acts.
