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Timorese Government approves reform of the country's accounting system
The Council of Ministers of the Government of Timor-Leste today approved a draft resolution to carry out a reform of the country's accounting system, to "promote transparency" and "boost economic development".
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Mundo Timor-Leste
"This reform aims to guarantee the reliability and modernization in the registration, classification and record of revenues and expenses, in order to promote transparency in public and private finances and boost economic development", refers the Council of Ministers' statement.
The reform, according to the statement, foresees the creation, within 12 months, of a "new accounting standard and chart of accounts" applied to the public and private sectors, "aligned with international standards".
An "integrated system that includes and ensures the relation between budget accounting, based on budget classifiers, and financial accounting, based on the chart of accounts" will also be implemented.
The draft resolution also determines that the system should be "simple, easy to use and adequate to the needs, capacity and resources of the national public and private sectors".
The Timorese Government also intends to create, within two years, a National Accounting Board to issue "standards and recommendations" and a certification scheme to "guarantee the quality of accounting professionals and an association of accounting and auditing professionals".
Read Also: Timor-Leste asks Portugal to reinforce its commitment to the Portuguese language (Portuguese version)
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