LOAN-4134 GEO: Livable Cities Investment Project for Balanced Development - LCIP/C/QCBS/12-2026 Development of Fixed Assets Accounting Policies, Internal Control Procedures and Implementation of a Physical Inventory of TUDA Assets (E-053118-001)

1. Project objective

Objective and Purpose of the Assignment

The objective of this assignment is to assist the Tbilisi Transport and Urban Development Agency

(TUDA) in strengthening its fixed asset management, accounting and internal control framework

through the development of a comprehensive Fixed Assets Accounting Policy and Internal Control

Manual, as well as the establishment and physical implementation of robust procedures for the

physical inventory, verification, and reconciliation of infrastructure and operational assets under

its ownership.

The assignment shall ensure the completeness, accuracy, and reliability of TUDA’s fixed asset

records through the direct participation of the Consultant in the developments of fixed asset

accounting policies, establishment of internal control procedures, planning and implementation of

the physical inventory process, verification and reconciliation of inventory results, and

preparation of recommendations for asset recognition, reclassification, impairment, disposal, and

write-off.

The assignment shall further strengthen compliance with International Public Sector Accounting

Standards (IPSAS) and good international practices in public asset management.

In particular, the Consultant shall:

- Develop a comprehensive Fixed Assets Accounting Policy and Internal Control Manual establishing

principles, procedures, responsibilities, and controls for the recognition, measurement,

classification, depreciation, impairment, transfer, disposal, and reporting of fixed assets;

- Review the Agency’s existing accounting treatment of fixed assets and provide recommendations to

strengthen compliance with applicable IPSAS requirements, including, but not limited to: IPSAS 45

– Property, Plant and Equipment.

IPSAS 21 – Impairment of Non-Cash-Generating Assets;

IPSAS 26 –

Impairment of Cash-Generating Assets (where applicable);

IPSAS 3 – Accounting Policies, Estimates

and Errors and other relevant IPSAS standards applicable to fixed asset accounting;

- Develop a practical and risk-based inventory methodology and supporting procedures for the

identification, classification, verification, documentation, and reconciliation of infrastructure

and operational assets, including but not limited to traffic lights, bus stops, passenger shelters,

road signs, information boards, traffic management equipment, office inventory, furniture, and

equipment;

- Undertake and supervise the physical inventory of infrastructure and operational assets jointly

with TUDA personnel, including field verification accuracy, consistency, and reliability of

inventory data;

and

- Reconcile the results of the physical inventory with existing accounting records and asset

registers, identify discrepancies, and provide recommendations for asset recognition,

reclassification, impairment, disposal, write-off, and improvements to the Agency’s asset

management system.

Expertise or Positions Needed

International

Team Leadership from International Experts

Expertise or Position Minimum inputs in PM Primary Place of Assignment

1 Team Leader / Fixed Asset Accounting Specialist 7 Search and Select: Place of Assignment

2 Asset Inventory Specialist 5.5 Search and Select: Place of Assignment

3 GIS / Data Management Specialist 5.5 Search and Select: Place of Assignment

National

Team Leadership from National Experts

Expertise or Position Minimum inputs in PM Primary Place of Assignment

1 Asset Inventory Specialist 7 Search and Select: Place of Assignment

2 National IPSAS / Fixed Asset Accounting Specialist 6 Search and Select: Place of Assignment

3 Quality Assurance Specialist 6 Search and Select: Place of Assignment

TOR Attachments

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