DILI, 15 may 2024 (TATOLI) – The government of Timor-Leste, through the Council of Ministers, approved a draft resolution on reforming the accounting system.
The draft resolution was presented by the Minister of Finance, Santina Cardoso at the meeting of the Council of Ministers, on wednesday.
This reform aims to guarantee reliability and modernisation in the recording, classification, and registration of income and expenditure, promote transparency in public and private finances, and boost economic development.
The main objectives include the establishment, within 12 months of a new accounting standard and chart of accounts, applicable to the public and private sectors, in line with international standards, and the implementation of an integrated system that includes and ensures the relationship between budgetary accounting, based on budget classifiers, and financial accounting, based on the chart of accounts. It should also be simple, user-friendly, and suited to the national public and private sectors’ needs, capacity, and resources.
A National Accounting Council will also be established within 24 months to issue standards and recommendations. In the medium term, a certification scheme and a professional association for accounting and auditing professionals will be established to guarantee the quality of accounting professionals.
Journalist: Jose Belarmino de Sa
Editor: Filomeno Martins
