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Budget Classification and Chart of Accounts in the Budget Sector. Legal and Regulatory Framework. ► Law on Accounting # 113-XVI, of April 27, 2007 ► Budget Classification (Order of the MoF # 208, of December 24, 2015)
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Budget Classification andChart of Accounts in the Budget Sector
Legal and Regulatory Framework ►Law on Accounting # 113-XVI, of April 27, 2007 ► Budget Classification (Order of the MoF # 208, of December 24, 2015) ► Chart of Accounts in the budget sector and Methodological Accounting and Financial Reporting Standards in the budget sector (Order of the MoF # 216, of December 28, 2015) ► Matrix of public finance reforms policies (A financial agreement between the Government of the Republic of Moldova and the European Commission)
Budget Classification Order of the MoF on the Budget Classification # 208 , of 24.12.2015 • Organizational classification • Functional classification • Program classification • Economic classification • Classification of sources
PS in the context of the reform : Chart of Accounts for cash execution of public national budget funds by means of the treasury system (Order # 98, of 28.11.2005) Chart of Accounts in budget entities (Order # 93, of 19.07.2010) Integrated PS (Order # 216, of 28.12.2015) Chart of Accounts for mayor’s offices in villages (communities), cities,(Order # 94, of 19.07.2010) Chart of Accounts for execution of the budget of a district, municipality in financial departments (Order # 51, of 16.08.2004)
Integration of the Chart of Accounts with the Economic Classification Chart of Accounts integrated with the Budget Classification Type 9 Chart of Accounts classes 6,7,8 Economic classification Type / class 1,2,3,4,5
Economic Chart of classification Accounts 1 1 2 2 3 3 4 4 5 5 6 7 8 9 1 Revenues 2 Expenditures 3 Non-financial assets 4 Financial assets 5 Liabilities 6 Funds transferred and received between accounts 7 Results 8 Off-balance accounts 9 Changes in cash balances.
Structure of the Economic Classification and Chart of Accounts
Stages of the accounting reform in the budgetary sector (1) • Elaboration of requirements and rules for PFIMS2006-2007 • Development of the Chart of Accounts in the budgetary sector 2007-2013 • Development of the new financial reporting system in the budgetary sector 2013-2015 • Elaboration of Methodological Accounting and Financial Reporting Standards for the budgetary sector 2013-2015 • Changes in the legal framework 2014-2015
Stages of the accounting reform in the budgetary sector (2) • Updating the accounting system 1С 2015 • Testing and training the personnel for use of the Chart of Accounts in the budgetary sector and Methodological Accounting and Financial Reporting Standards in the budgetary sector 2013-2015 • Application of the Chart of Accounts in the budgetary sector and of Methodological Accounting and Financial Reporting Standards in the budgetary sector from 2016
Stages of the accounting reform in the budgetary sector (3) • Development of Accounting Standards for the public sector 2015-2020 • Integration of 1С with PFMIS by 2020 • Implementation of Accounting Standards for the public sector from 2017 • Further development of PFMIS on-going • Training of personnel on-going
Budget Execution Methodology THANK YOU FOR ATTENTION! General Directorate of the State Treasury Department of Methodology eleonora.bercaru@mf.gov.md lilia.zaharcu@ mf.gov.md