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- Ελληνικά
The implementation of the System of Consolidation and Preparation of Financial Statements will establish Cyprus as a country of best practices in financial reporting in the public sector
In the context of the implementation of the necessary actions for the transition to accrual accounting, the Accountant General of the Republic Mr. Andreas Antoniades signed on Tuesday, June 25, 2024 a contract for the implementation of a Financial Statements Consolidation and Preparation System with the consortium PricewaterhouseCoopers Ltd and Talent Team Consulting T.T. Ltd, represented by Mr. Basil Vrahimi.
The Contract has a total value of approximately €3.3 million and is a key step towards the implementation of the Republic of Cyprus' transition project to the accrual basis, i.e. the recognition of revenues when they are incurred and expenses when they are incurred, regardless of the movement of the cash flows that relate to them.
The Consolidated Financial Statements will provide, to internal and external stakeholders, comprehensive and reliable financial information for the public and wider public sector. Through the consolidated financial statements, synergies between the various entities of the public sector will be highlighted, enabling both decision-makers and citizens to draw accurate conclusions regarding the sound management of public resources.
Mr. Antoniades, expressing his satisfaction for the signing of the contract, stressed that the General Accounting Office of the Republic, as a modern and innovative organization, seeks to adopt best practices and implement innovative and automated solutions that bring substantial benefits to both the public and the private sector, with the primary concern of better serving the public interest and the citizen. "The close cooperation between the GAO and the Contractor, the prompt resolution of any issues that arise, and the flexibility and honesty in the implementation of the System will allow the successful completion of the contract."
Mr. Vrahimis, on behalf of the Contractor, expressed the commitment of the consortium to implement the Contract in the best possible way and the confidence that the project will be completed on time, in a way that enhances the capabilities of users to use modern technologies, fully meeting their expectations.
The new system is expected to be fully operational in 2026, making a significant contribution to the modernisation of public resource management, both in the public and the wider public sector.
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