zilif lufi deputy director treasury of republic of kosova republika e kosovës - republika kosova -...
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ZILIF LUFIDeputy Director
Treasury of Republic of Kosova
Republika e Kosovës - Republika Kosova - Republic of Kosova
Qeveria e Kosovës - Vlada Kosova - Government of KosovaMinistria e Ekonomisë dhe Financave - Ministarstvo za Privredu i Finansije - Ministry of Economy and Finance
IPSAS Receipt/Payment Recognition Financial Statements Requirements
(IPSAS – Cash Based) Consolidated Statement Treasury Single Account Revenue Identification (UNIREF)
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The International Federation of Accountants (IFAC) developed IPSAS through its International Public Sector Accounting Standards Board (IPSASB)
Two Methods Accrual Cash
To be compliant with IPSAS all organizations must choose one method
Kosova has elected to choose the CASH BASED METHOD
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Under Cash Accounting Methodology:
Receipts (Revenues) are recognized once they come under the control of the Government.
Payments (Expenditures) are recognized when they are paid from the Kosova Consolidated Fund bank account.
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Mandatory Consolidated Statement of Cash Receipts and
Payments Statement of Comparison of Budget and actual
amounts Notes to Financial Statements
Voluntary Statement of Cash Assets and Fund Balances (LPFMA) Notes Statement of Outstanding Invoices (Liabilities) Statement of Unjustified Advances and Loans Non-financial assets disclosure notes according to
Administrative Instruction 2005/11 Statement of Contingent Liabilities
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Controlled by Kosovo
Government
Payments By 3rd Parties
Controlled by Kosovo
Government
Payments By 3rd Parties
Notes € '000 € '000 € '000 € '000
RECEIPTSTaxationOwn Source RevenuesGrants and AidCapital Receipts
Total Receipts
PAYMENTSOperations
Wages and SalariesGoods and Services
TransfersTransfers and Subsidies
Capital ExpendituresProperty, Plant and Equipment
Other Payments
Total Payments
Increase/(Decrease) in Cash - - - -
Cash at Beginning of Year
Cash at End of Year
Sample Financial Statement
Consolidated Statement of Cash Receipts and Payments for the Government of Kosova
For the Year Ended 31 December 20XX
2006 2005
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2005
Original Budget
(Appropriation)Final Budget
(Appropriation) Actual
Difference Between Original
Budget and Actual Actual
A B C D=C-A
Notes € '000 € '000 € '000 € '000 € '000CASH INFLOWS
TaxationOwn Source RevenuesGrants and AidCapital ReceiptsPrivatisation FundOther
Total Receipts - - - - -
CASH OUTFLOWSWages and SalariesGoods and ServicesTransfers and SubsidiesCapital ExpendituresOther
Total Payments - - - - -
NET CASH FLOWS - - - - -
(Classification of Payments By Economic Class)
2006
Sample Financial Statement
Consolidated Statement of Comparison of Budget and Actual Amounts for the Government of Kosova
For the Year Ended 31 December 20XXBudget Approved on a Cash Basis
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2006 2005
Controlled by Kosovo
Government
Controlled by Kosovo
GovernmentNotes € '000 € '000
Financial Assets
Bank AccountsCash in TransitCash on Hand
Total Cash Assets - -
Fund Balances
Specific PurposeDesignated DonorOther
Undistributed - -
Total Balance of Funds - -
Sample Financial Statement
Consolidated Statement of Cash Assets and Fund Balances for the Government of KosovaFor the Year Ended 31 December 20XX
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The Government manages expenditures and revenues of all budget organizations through the central Treasury Single Account (TSA)
TSA is a banking arrangement to support cash flow control, cash management and investment planning.
Treasury controls the opening and closing of all bank accounts on behalf of the Kosovo Government.
Sub-accounts are used by Budget Organizations primarily for revenue collections.
Treasury operates sub-accounts for expenditures, trust funds and other deposits.
Revenue sub-account balances are regularly swept to the Treasury main bank account.
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UNIFIED STANDARD FOR REFERENCE NUMBERS FOR THE COLLECTION OF PUBLIC REVENUES
Every invoice for collection of public revenues must have this reference number supported by
barcodes. The reference number shall facilitate the
identification of revenue type under program and budget organization. This identification shall facilitate a more accurate and timely classification and registration in the Kosova Financial Management Information System.
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