Algeria to implement new accountancy system in 2009

Algeria’s government attributed large prerogatives to inspect and assess how much technical and public financial standards are implemented.

• According to an executive decree issued in the last number of the Official Journal, the new inspection department can carry out sudden inspections upon an order from the General Manager of control budget.
• The inspectors are also in charge of keeping watch on any file asked by the General Manager. General inspector who supervises the department with 8 other inspectors is also in charge of preparing a detailed report in this regard.
• The decree indicated new measures meant to develop standards and assist financial bulletins preparation as well as making regular comparison of financial information.
• Among those measures, the decree stipulates the implementation of a new accountancy system starting from 2009.  Algerian experts criticised this system and say that the national economy is not ready for those very developed standards.
• Experts told Echorouk the government dashed for implementing the new system due to come into force next year. “The climate is not prepared for this complicated system which needed 5 years to be completely implemented in the European Union in 2007.”
• According to a source from Algerian Finance Ministry, many very important institutions were asked for consultation regarding the preparation of the new system including tax and accountancy departments.
• “The measures brought by the government are premature,” said the same source.