DIGITAL PUBLIC FINANCIAL MANAGEMENT SYSTEM AND BLOCKCHAIN TECHNOLOGY

Recently, information technology has created significant discoveries that may go beyond providing digitalization of a double entry bookkeeping system. Among these discoveries, both the implementing and regulatory authorities and academicians are discussing two vital hot topics; the first one is integrated public financial management information system (IFMIS) and the second is blockchain technology. IFMIS refers to the use of information and communication technology in financial transactions to support management and budget decisions, assurance responsibilities and the preparation of financial reports and statements. IFMIS refers more specifically to the digitalization of public financial management processes, from budget preparation and execution to accounting and reporting, with the help of an integrated system for financial management of line ministries, spending agencies and other public sector operations. The blockchain based accounting is a software that allows instant monitoring and recording of the transfer of financial assets and other digital documents between two or more people. Cryptographically protected transaction blocks provide access to financial statement elements at any time easily. Accordingly, this study includes the re-evaluation of the Integrated Public Financial Management Information System Project in Turkey, which entered into force with the Prime Ministry Circular No. 2017/7, in the context of block-chain technology