zilif lufi deputy director treasury of republic of kosova republika e kosovës - republika kosova -...

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ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova - Government of Kosova Ministria e Ekonomisë dhe Financave - Ministarstvo za Privredu i Finansije - Ministry of Economy and Finance

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Page 1: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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

Page 2: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

IPSAS Receipt/Payment Recognition Financial Statements Requirements

(IPSAS – Cash Based) Consolidated Statement Treasury Single Account Revenue Identification (UNIREF)

February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

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Page 3: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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

3February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 4: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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.

4February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 5: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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

5February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 6: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

6

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

February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 7: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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

7February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 8: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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

8February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 9: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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.

9February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 10: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

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.

10February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 11: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

11February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

Page 12: ZILIF LUFI Deputy Director Treasury of Republic of Kosova Republika e Kosovës - Republika Kosova - Republic of Kosova Qeveria e Kosovës - Vlada Kosova

12February 2008 - Polat Renaissance Hotel, Istanbul, Turkey