IPSAS REFORM IN THE PUBLIC SECTOR AND ITS POSITIVE ASPECTS

Abstract

Today, there is no industrially developed country in the world that has not implemented an electronic public financial management system, such as the State Treasury. The state treasury is developed in the United States, Germany, England, France, Austria, Sweden, Israel, Azerbaijan and others. Historically, the treasury, as a means and lever for the accumulation of the country's financial resources and other property in the hands of the state and the exercise of state control over their spending, arose and functioned in the distant past in the states of Egypt, Babylon, Ancient Greece, and Ancient Rome. It became widespread in medieval Europe, but acquired its functions and purpose from the end of the 18th and beginning of the 19th centuries. 

From the date of its establishment to the current period, a number of reforms have been implemented in the Treasury of Georgia. Starting from multiple bank accounts and ending with a single treasury account. Since April 2, 2007, the Treasury Service has been involved in the Real-Time Settlement (RTGS) system of the National Bank of Georgia. Thus, the electronic service system of the Treasury Service has taken on the form that is characteristic of the electronic service of the treasury of a modern civilized country. Today, the State Treasury of the Republic of Georgia includes the entire public sector, the state budget, municipal bodies of local self-government, republican budgets of the Autonomous Republic, LEPLs and A(A)IPs established under them. And finally, state-owned enterprises (SOE) are serviced by the Treasury.    

Keywords: Public finance, accrual method, financial management, reforms