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IMPLEMENTATION STATUS
OF
SPFMP COMPONENT-II
January 2013
NPSAS unit, FCGO
Outline of Presentation
Nepal Public Sector Accounting Standard (NPSAS)
Introduction of Project Component II Component Financing Programs and Status Implementation Challenges Way forward
NPSAS The Accounting Standards Board of Nepal has
developed Nepal Public Sector Accounting Standards (NPSAS) for public sector entities in Nepal
Government of Nepal (GoN) has approved NPSAS on September 15, 2009 (B.S.2066.5.30)
This Standard comprises two parts Part 1 is mandatory and part 2 is not mandatory.
NPSAS are incompliance with the Cash Basis International Public Sector Accounting Standards (IPSAS), developed by IFAC (Internal Federation of Accounts).
Introduction of Project
GoN has received a grant of Nepal public Financial Management (PFM) Multi Donor Trust fund (MDTF).
Which is amounted to US$ 4.3 Million for Strengthening Public Financial Management System (Treasury System, Financial Reporting and PFM Capacity Building).
Contribution of GoN is amounted to US$ 1.4 Million
Component II Component II (i.e. Strengthening accounting and
reporting practices in public and private sector) includes,• to strengthening financial accounting and
reporting of budgetary entities and State Own Enterprises (SOEs).
• to convergence Nepal Accounting Standards (NASs with IFRS)
• introduce Commitment Accounting to capture and report the commitment information.
• pilot consolidated financial reporting in accordance with part 1 of cash basis IPSAS (NPSAS)
Financing for Component II
Component and /or activity Project Cost (US $ in million)
MDTF GoN
Component 2. Strengthening accounting and reporting practices in public and private sector
1.00
0.75
0.25
Activities1. Support convergence to IFRS 0.30 0.17 0.13
2. Introduce Commitment Accounting 0.10 0.08 0.02
3. Pilot consolidated Financial reporting in accordance with cash basis IPSAS
0.60 0.50 0.10
The detail financing plan for component II is as follows:
S.N. Component (2) Project Cost Expenditure Remaining
Total MDTF GoN Total MDTF GoN Total MDTF GoN
1 Sub component 2.1 Support convergence to IFRS
300000 170000 130000 5232517.44%
29650 22675 24767582.56%
140350 107325
2 Sub component 2.2Introduce Commitment Accounting
100000 80000 20000 0 0 0 100000100%
80000 20000
3 Sub component 2.3Pilot consolidated Financial reporting in accordance with cash basis IPSAS
600000 500000 100000 158722.65%
13227 2645 58412897.35 %
486773 97355
• Purchase of furniture• Purchase of Machinery
and Equipment• Translation of NPSAS in
Nepali Version• Operating expenses
Total 1000000 750000 250000 681976.82 %
42877 25320 93180393.18 %
707123 224680
Financing Status of Comp.2
Amt in USD Exchange Rate : 1 US $ = Rs 86
Program and Budged of Last FY 2011/12
S.N. ProgramApproved budgetNRs in '000'
Expenditure % of Exp.
Remarks
Capital Exp.1 Purchase of furniture 300 293 982 Purchase of Machinery 500 225 45
Recurrent Program Exp.
1 Translation of NPSAS in Nepali version 300 222 74
2 Orientation of NPSAS at Piloting ministries 300 0 0
3 Convergence to IFRS/IAS 4500 4500 100
4 Operating Expenses 1000 625 62.5
Total 6900 5865 85
Progress of Last FY 2011/12
S.N. Program Progress Remarks
Capital Exp.
1 Purchase of furniture Procurement of Furniture and other
Completed
2 Purchase of Machinery Procurement of Digital
Camera, Laptop and Multi Media
Completed
Progress of Last FY 2011/12S.N. Program Activities and Progress Remar
ks
Recurrent (Program) Exp.
1
Translation of NPSAS in Nepali version
• Approval of ToR and Cost for Translation on February 14, 2012• Agreement Signed with Consultant on
May 23, 2012• Draft Translation Report Submission
June 29, 2012 • Seminar cum Training and Submission of
Draft Final report on July 9, 2012
Progress of Last FY 2011/12S.N. Program Activities and Progress Remarks
Recurrent (Program) Exp.
2
Orientation of NPSAS at Piloting ministries
• Two ministries have been selected for PilotingoMinistry of Physical Planning,
Works and Transport Management (i.e. Large Ministry)
oMinistry of Woman, Child and Social Welfare (i.e. Small Ministry)
Progress of Last FY 2011/12S.N. Program Activities and Progress Remarks
Recurrent (Program) Exp.
3 Convergence to IFRS/IAS
• A MoU has been signed on March 19, 2012 between ASB and PEFAo Conduct capacity building
activitieso Awareness Program and
Trainingso Seminars, workshops,
study tours etc.o Draft NASs submissiono Procurement of
consulting services
Total Amount (US$0.3 Million)
Program and Budged of Current FY 2012/13S.N. Program Approved
budget Status
Capital Exp. NRs in '000'
1 Purchase of furniture 400•Procurement plan has been approved.
2 Purchase of Machinery equipment 1000
Recurrent Program Exp.
1 Publication of NPSAS in Nepali version 300•A technical committee has been formed on July 29, 2012 for final editing and tuning.
•Part-1( i.e. mandatory) is completed and ready to publish.
To be completed by March ,2013.
2 Conduct NPSAS ToT 400 •To be completed by June,20013•ToR is prepared for Hiring a consultant
To be completed by May,200133 Revision and redesign of accounting formats as per NPSAS 500
4 Orientation of NPSAS at Piloting ministries 300 •Proposed training plan is prepared.
To be completed by April 2013.
5 Convergence to IFRS/IAS 500 •Activities are being monitored.
6 Operating Expenses 500Total 3900
Program and Budged of Current FY (Additional Proposed)
S.N. Program Proposed Budget Remarks
Recurrent Program Exp. NRs in '000'
1 Conduct NPSAS ToT 600
2 Revision and redesign of accounting formats as per NPSAS 500
3 Orientation of NPSAS at Piloting ministries 200
4 Baseline Survey of Commitment Accounting 300
5 Introduce Computerized Government Accounting System (CGAS) 1200
6 Convergence to IFRS/IAS 9500
7 Preparation of Accounting Manual of GoN 2500
Total 14800
Challenges
• Institutional Memory
• Technical capacity of personnel
• Coordination among stakeholders
• Change resist management
• To improve and enhance the overall PFM
System
Way forward
• Piloting and Implementation of NPSAS
• Introduce Computerized Government
Accounting (CGAS)
• To develop guidelines as per NPSAS with
appropriate examples
• Introduce Commitment Accounting to
capture and report the commitments
information.
• Convergence of NAS to IFRS
• Development of Accounting Manual of
GoN.
Thanking You