On the path toward accrual accounting governments have a free choice to decide on a usage of International Public Sector Accounting Standards (IPSAS). Many global studies and researches speak in favor of IPSAS adoption or their influence on designing the national accounting rules. Training will introduce how IPSAS is linked to accrual accounting and how it contributes to a better transparency, accountability and efficiency of a government. Selected accounting standards, relevant for regional environment, will be in focus of the training course. This learning initiative is part of certification training project delivered in Montenegro for the third generation of public sector accountants (PACT).
How will you benefit?
Training will combine theory with practice, international with regional and local aspect, giving participants insight into international practice, recommendations from the regional success stories and overview of challenges and opportunities in the local environment. At the end of the training, participants will be awarded IPSAS certificate by The Charted Institute of Public Finance and Accountancy (CIPFA).
By the end of the training participants will:
- Learn what are the requirements and benefits of accrual-based accounting
- Better understand usage and impact of specific international accounting standards, that refer to:
- Segment reporting, financial statements and their consolidation
- Property, plant and equipment
- Provision, contingent liabilities and contingent assets
- Revenue from non-exchange transactions
- Be familiar with examples of good practices of IPSAS application from the international and regional environment
- Participate in a discussion on challenges and opportunities of the accounting reform in Montenegro
- Address specific IPSAS through practical work in a group
What will you learn?
Sessions delivered by CIPFA expert will focus on knowledge and expertise and they will be interactive. Trainer will explain the objectives, requirements and application of the IPSAS with examples, case studies and quizzes.
Participants will have the opportunity to hear successful stories of various regional countries, which will showcase approaches of moving toward accrual-based accounting and application of IPSAS. Montenegrin Treasury will present the status of accounting reform in Montenegro and discussion among panelists will evolve to address the most relevant issues of the reform process and to offer recommendations from practice. Participants will have the opportunity to question the experts.
On the last day of the training participants will work with their peer-colleagues in smaller groups to address selected IPSAS and discuss challenges, boundaries and opportunities of their application in the regional and local environment. Working groups with participants from Montenegro will be facilitated by five Montenegrin experts, who delivered in-class trainings within certification program for public sector accountants in Montenegro (PACT). Working groups with participants from other countries will be facilitated by Croatian expert on the topic Property, Plant and Equipment.
Training materials and simultaneous translation (English-Montenegrin-English) will be provided. Training will be highly participatory and participants will be encouraged to share their experience and country practices.
Who should attend?
The learning initiative will bring together selected PACT certified accountants in public sector of Montenegro and will give the opportunity for participation to a limited number of representatives from ministries of finance and line ministries from CEF constituency.
Svetomir Aković, Reviko d.o.o., Montenegro
Svetomir Aković is currently employed as the authorized auditor in company for Auditing and Consulting “Reviko” doo in Podgorica, Montenegro. As a Secretary for Finance of the Municipality of Berane between 2014 and 2017 he has performed the most responsible tasks in the financial sector of the public administration. In the period 2009 – 2014 he was appointed for Executive Director of the Company for management of pension fund “Market Invest” ad in Bijelo Polje, Montenegro. During that period he actively participated in affirmation of the third pillar of the pension system in Montenegro, and continuation of the pension reform process. Since 2014, he is a member of the Steering Committee of professional association of the Institute of Certified Accountants of Montenegro, where he also holds lectures at courses for auxiliary accounting affairs. As a court expert, he preformed analysis and opinion in more than 300 civil and criminal cases in Montenegrin courts since 2012.
Milica Daković Tadić, PhD, University Donja Gorica
Dr Milica Dakovic- Tadić is a professor in a field of accounting, audit and financial reporting. She has been professionally engaged in analysis and improvement of business activities of the companies in Montenegro as well as in international projects for reinforcement of administrative procedures, education and development of financial reporting processes in the public sector and local self - governments in Montenegro – projects for UN organizations, OECD and European Committee.
Ms. Dakovic -Tadic holds a PhD degree in accounting- link between business and national accounting, Master’s degree in auditing, and is a certified International tutor for Internal Auditors and Accountants in public sector by The Charted Institute of Public Finance & Accountancy (CIPFA).
Since 2012 she has been engaged as a tutor/lecturer in the program for education and international certification of internal auditors in the public sector. Since 2015 she is also tutor/lecturer in the program for education and international certification for public sector accountants – Projects of the Ministry of Finance of Montenegro, Center of Excellence in Finance (CEF) Slovenia, The Charted Institute of Public Finance Accounting (CIPFA). Since 2016 onwards she has been engaged in the projects for improvement and education in the field of accounting standards in the financial sector.
Peter Ivánek, Ministry of Finance of Slovakia
Peter Ivánek works for the Ministry of Finance since 2005. He has experience in the compiling financial statement with new public sector accounting standards and in 2007, as a Head of the consolidation department and project team member, he contributed to the accounting reform. He has experiences on public sector accounting, reporting, preparing strategic documents and financial reports. Currently he is working on the position of Director of the Overall State Reporting Department.
Lucia Kašiarová , Ministry of Finance of Slovakia
Lucia Kašiarova is a Project Coordinator at Ministry of Finance of the Slovak Republic. She started working at the Slovak Ministry of Finance in 2006 and has been involved in the implementation of accrual accounting in public sector in Slovakia. Lucia had been previously working as an auditor at KPMG. Recently she has been also involved in the United Nations Development Programme (UNDP) as a Consultant and has been working with the Ministry of Finance of Montenegro to strengthen their capacities in accrual accounting and reporting.
Stewart Macleod, CIPFA
Dr Stewart Macleod is a member of the UK Chartered Institute of Public Finance and Accountancy (CIPFA), and has over 20 years’ experience in public finance training and consultancy. He has worked on a number of international projects, funded by EU, World Bank, UK DFID and other institutions, and was a member of the CIPFA team who introduced the PACT education program in the South East Europe.
Experience in the region includes work in Slovenia, Serbia, Kosovo and Albania. He has also recently worked with the World Bank and DFID providing technical assistance on the introduction of IPSAS to states in Nigeria.
Vladan Martić, Docent at the Mediterranean University
Dr Vladan Martić is a docent at the Mediterranean University, department for accounting and audit. He defended his doctorate thesis on 3rd July 2017, under mentorships of prof dr Slobodan Malinić.
Since 2015, he has been teaching at the accounting subjects at the Faculty for Business and Tourism, Budva. In addition, since 2015, he has been engaged as lecturer on Management Accounting module, within training for public accountants, as per CIPFA program. He is an active participant of numerous scientific and professional events, organised on topics of accounting and audit, enterprise value estimation, corporate management, etc.
Igor Pavićević, Secretary General of the Institute of Certified Accountants of Montenegro
Igor Pavićević is Secretary General of the Institute of Certified Accountants of Montenegro (ISRCG), Certified Auditor, Internal auditor, Forensic accountant and Authorized assessor. He has extensive experience in auditing, analysis, forensics, and enterprise value estimation. He is lecturer on professional education for Accountants and Auditors, according to the ACCA/CAT program, as well as a tutor and lecturer at PACT program for introducing accrual bases in public sector accounting for the last three years. Igor is a member of several audit committees of Montenegrin companies, councils and working bodies founded by the Government of Montenegro. Author of numerous scientific and professional papers in relevant scientific journals in the country and abroad.
Gorana Roje, Ministry of State Assets — Division for strategic planning and project management, Croatia
Gorana Roje is senior Croatian expert with University degree in Economics and Business. In 2006 she earned her MSc degree (with the thesis titled ‘The impact of accounting basis application on financial management in public sector’). She is currently pursuing her doctoral studies with research focused on the role of the use of accounting information in enhancing public sector assets management.
She has more than 10 years of valuable working experience within the area of public sector accounting and public sector financial management. Her research is focused on international and comparative public sector accounting (PSA) and financial reporting, international public sector accounting standards setting, and public sector financial management, with a particular focus on the public sector asset management (PSAM) reforms worldwide. Her work has been presented at various international conferences and published in scientific journals.
She worked as a Research Assistant at the Institute of Economics, Zagreb, in the Department of microeconomics, organization and management. She also worked for the State Office for State Asset Management (Croatia) as a Head of Division for state asset management strategy and planning, and central state asset registry development. Currently she holds a position of being a Head of a Division for strategic planning and project management at the Ministry of State Assets, Croatia, focusing on preparing long and mid- term asset management strategic policy documents. From 2014 up to 2018 she has been actively involved in the development of data model for Central State Asset Registry upgrade (National Reform Program measure). She is the co-editor and the co-author of the book titled Public Sector Accounting, Auditing and Control in South Eastern Europe, published by Palgrave MacMillan (2019).
Duško Šnjegota, Professor at the Faculty of Economics, University of Banja Luka
Duško Šnjegota works at the Faculty of Economics at the University of Banja Luka as a full time professor at the Department of Accounting and Business Finance. Apart from other study programs, the Faculty also organizes a special study program devoted to accounting, auditing and public sector funding. In the period from 2008 to 2012, he worked as an Assistant Minister at the Ministry of Finance of Republika Srpska in the Office of Accounting and Auditing, in the process of applying accrual accounting in the budget accounting. Prior to that, from the end of 2012 to the end of 2017, he was the chief auditor at the head of the Public Sector Audit Service of Republika Srpska. In recent years, he has participated in scientific work in the work of the Congress of Accountants and Auditors organized by the Institute of Certified Accountants of Montenegro. For a number of years, he has been actively involved in conducting continuous professional education for accountants and auditors engaged in private and public sector in Republika Srpska.
Marija Uljarević, Ministry of Finance of Montenegro — State Treasury
Marija Uljarević is employed at the Ministry of Finance since 2007 as the head of the Directorate for Budgetary Accounting and Reporting. She has CIPFA certificates for an internal auditor and for a public accountant. Marija has been engaged as a lecturer at the Institute for Strategic Studies and Forecasts on the IPSAS Standard, Internal Auditor Training on the Financial Accounting module, and accounting training on the National Module. She is directly involved in drafting legislation in the area of accounting and financial reporting in the public sector, and has participated in numerous professional training in accounting and finance in Montenegro and abroad. In the period of 2015-2019, Marija was a member of the executive board of the PEMPAL Community of Practice for Treasury, organized by the World Bank, and since 2017, a member of the FINCOP Community Practice within the PULSAR World Bank Network.
Mladen Vlahović, Ministry of Finance of Montenegro — Directorate for Central Harmonization
Mladen Vlahović is a head of the Directorate for Audit Oversight at the Directorate for Central Harmonization of the Ministry of Finance of Montenegro. He is responsible for oversight of work of certified auditors and audit companies in Montenegro. He is also a member of the Working Group for Chapter 6 of Negotiations with the EU - Company Law, secretary of the Audit Council of Montenegro and member of several working groups for amending legislation in the area of accounting and auditing. Mladen is an authorized accountant and author of a large number of mauals and articles in the area of accounting and auditing in Montenegro.
This learning initiative is financially supported by the Ministry of Finance of the Slovak Republic, and the Slovene Ministry of Foreign Affairs through Slovenia's International Development Cooperation. The Ministry of Finance of Montenegro and the CEF will provide in-kind support to the project.