ASIAN DEVELOPMENT BANK

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1 ASIAN DEVELOPMENT BANK TAR: TAJ TECHNICAL ASSISTANCE (Financed by the Japan Special Fund) TO THE REPUBLIC OF TAJIKISTAN FOR IMPROVING THE ACCOUNTING AND FINANCIAL MANAGEMENT SYSTEM OF THE SUBSIDIARIES OF BARKI TAJIK December 2003

2 CURRENCY EQUIVALENTS (as of 1 October 2003) Currency Unit somoni (TJS) TJS 1.00 = $0.324 $1.00 = TJS 3.08 ABBREVIATIONS ADB Asian Development Bank EA executing agency IFRS International Financial Reporting Standards TA technical assistance NOTE In this report, $ refers to US dollars. This report was prepared by S. Hasnie

3 I. INTRODUCTION 1. At the request of the Government of Tajikistan (the Government), technical assistance (TA) for Improving the Accounting and Financial Management System of the Subsidiaries of Barki Tajik was included in the 2003 TA program of the Asian Development Bank (ADB). The TA 1 will provide hands-on assistance for improving procedures in line with international financial reporting standards (IFRS), and improve accounting and computer skills of the staff of Barki Tajik and its subsidiaries. The Fact-Finding Mission in March 2003 concluded an understanding with the Government on the goals, purpose, scope, approach, cost estimates, implementation arrangements, and terms of reference of the TA. The TA framework is in Appendix 1. II. ISSUES 2. Barki Tajik is the state-owned utility responsible for generation, transmission, and distribution of electricity in Tajikistan. Prior to the country s independence, Barki Tajik was a Government agency, and it became a state joint stock holding company in Although it is fully owned by the Government, Barki Tajik has an autonomous status according to its charter. Barki Tajik comprises 10 subsidiary power generation companies, 11 subsidiary distribution companies, and 7 supporting companies. The chairperson, who has overall responsibility for operations, is appointed by the Government and reports directly to the Prime Minister. Over the last 2 years, the financial accounting systems went through a major transformation in response to changes in the business environment, the need to meet commitments made to international financial institutions, and the demand for immediate investment to improve the electricity network. Barki Tajik must maintain the momentum of transformation and lead its subsidiaries towards a high-quality financial reporting framework. Improved financial disclosure standards in terms of relevance, reliability, materiality, comparability, understability and timeliness are necessary for efficient financial allocation of resources. 3. Different accounting traditions have developed around the world in response to varying needs of users investors, business operators, and regulators of financial information. While the international accounting system has been developed by the International Accounting Standards Board (IASB) to meet the needs of participants in the capital markets, in Tajikistan, like other ex-soviet republics, the accounting standards were developed primarily by the needs of central planners when state agencies were the only users of financial information. In the centrally planned economy, the prime function of accounting was to monitor and control the use of financial resources to meet planned targets. This system of accounting differed from the IFRS in the treatment of matching costs to revenues, valuation of assets, and (iii) computation of the cost of production and distribution. Since the Soviet accounting system was not based on a double entry accrual accounting system, it failed to correctly record depreciation, pension liability provisions, accounts receivable, and valuation of inventories. Since enterprises were wholly state-owned and their creditors were also other state-owned agencies, the need for independent financial accounting and reporting was never appreciated. The financial reporting systems of Barki Tajik s subsidiaries are therefore inappropriate to the needs of a market economy and must be reformulated to a double entry accrual accounting system compliant with IFRS to provide prospective investors and creditors a transparent disclosure of the financial condition of the entries. 4. Tajikistan is lagging behind other countries in Central Asia in modernizing its financial reporting standards and accounting system. The existing national system is largely based on 1 The TA first appeared in ADB Business Opportunities (Internet edition) on 6 February 2003.

4 2 the old Soviet accounting system. The banking sector is one exception, where the IFRS has been introduced with TA from the World Bank. The Ministry of Finance is also considering revising the country s accounting standards in line with the IFRS. The International Monetary Fund (IMF) and the World Bank are encouraging economically significant enterprises (e.g., dealing with aluminium, cotton, power, telecom, aviation) to implement the IFRS directly and not to wait for the development of new national standards based on the IFRS. 5. The Government plans to unbundle Barki Tajik and create an enabling environment for private sector investment in the power sector. Investors will need comparable, transparent, and reliable information for evaluation and monitoring of investment options. Dependable financial reports are essential for efficient functioning of a market economy as decisions about the allocation of capital relies on credible and understandable financial information. The quality of accounting standards usually based on a set of neutral principles applied in a consistent, comparable way is critical to the development of a high quality financial reporting structure. If accounting standards are to satisfy the objective of having similar transactions and events accounted for in similar ways, these standards must be applied in a way that is consistent to both the requirements and intent of the standards, and auditors and regulators must insist on rigorous interpretation and application of those standards. Otherwise, the comparability and transparency will be compromised. Sole use of an acceptable accounting standard, however, could not ensure high quality financial information. Effective financial reporting depends on the ability of the company's management, which is responsible for implementing and properly interpreting and applying generally accepted accounting standards. Thus, effort for improving financial reports needs to be supplemented with capacity building of technical staff on practical day-to-day accounting principles, auditing, and business management. 6. Most of the assets operated by Barki Tajik are close to the end of their economic life and significant investments are immediately required to rehabilitate and modernize existing infrastructure. The Government needs to attract foreign investments in new infrastructure and for modernization of existing energy infrastructure. Annual financial and business reports of Barki Tajik s operations are inadequate to support growing investment requirements. This has prompted Barki Tajik to introduce the IFRS at its corporate head office with the support of ADBfunded TA. 2 Supported by computer systems, accounting procedures were fully automated for financial planning and budgeting. As a result, Barki Tajik produced its first IFRS-based annual financial report for 2000 and 2001, and used the same basis for preparing the financial projections for Currently, Barki Tajik is preparing financial statements using both IFRS (at the head office) and Tajik standards (at the subsidiaries). The skill gap between head office and employees of the subsidiaries mostly running a basic manual accounting system is widening, making introduction of the IFRS to the 28 subsidiaries an immediate priority. At each subsidiary level, data is regularly captured in manual form and is later summarized and submitted in nonelectronic form mostly in letters and facsimiles to the head office. Poor quality of reporting makes it difficult to verify compliance. Data received from Barki Tajik s subsidiaries are unreliable as a result of inconsistent application of current accounting principles, loose interpretation of existing guidelines, and lack of accounting skills. Without proper treatment of depreciation, accrual of accounts, accounts receivable, and bad debts across the entire subsidiaries, a true picture of Barki Tajik s financial performance, profitability, or asset quality cannot be established. The poor quality of financial report demands that the financial management system bookkeeping, chart of accounts, systems, processes, and employee skills needs a complete reorganization. Also, this is vital for meeting the key loan covenant on 2 ADB Technical Assistance to Republic of Tajikistan for Introducing International Accounting Standards in Barki Tajik Project. Manila.

5 accounts receivable which should not be more than three month of gross billing from 31 December 2004 and onwards. 8. Barki Tajik will have to lead the process of establishing and improving accounting standards to be used by its subsidiaries. Barki Tajik s head office team will also act like the regulator in interpreting and enforcing consistent application of accounting standards. This is possible by extending its efforts at the subsidiary level to achieve greater investor interest and confidence. Barki Tajik has a strategic opportunity to reshape its entire operation: reshape and reengineer internal management reporting systems; evaluate internal performance measures; (iii) improve external communications with investors and other users of financial information; (iv) increase understanding of a company's position; and (v) better integrate pricing, financial reporting, earnings analysis, forecasting, and risk management. This initiative will assist future accounting separation of the subsidiaries, leading to eventual restructuring of Barki Tajik. 3 III. THE TECHNICAL ASSISTANCE A. Purpose and Output 9. The TA s objective is to help Barki Tajik improve the standards of transparency in financial disclosure of its 28 subsidiaries to complement achievements in the holding company under ADB s earlier TA (footnote 2). The TA s scope includes establishing a training center for educating the staff of Barki Tajik and its subsidiaries in conversion of their financial statements into the IFRS; implementing a computerized and automated system for financial reporting based on the IFRS; and (iii) based on and, improving Barki Tajik subsidiaries systems for monitoring working capital to reduce accounts receivables and inventories to optimal levels to improve overall financial performance by the IFRS. 10. The TA will review and assess the accounting and financial systems and processes in the subsidiaries; design and develop an accounting and financial management system for the subsidiaries following the IFRS and in line with the system being used in Barki Tajik holding company under the earlier TA; (iii) identify and design a financial management system covering areas of cost control, accounts receivable management, budgeting and administration, and financial planning; (iv) recommend and install appropriate hardware and software for timely reporting; and (v) provide reports and training to subsidiary staff. B. Methodology and Key Activities 11. The TA will replicate the work of the previous TA in a consistent way ensuring that all software and training are fully compatible with the previous work. The TA will: (iii) conduct an initial workshop on the difference between the two accounting systems and to review existing accounting system and design systems compatible with those at Barki Tajik; identify and implement the IFRS in three pilot tests, and establish the TA management infrastructure with a steering committee and working groups; organize study tour to the Kyrgyz Republic to see the implementation of the IFRS at Kyrgyzenergo and learn from their experience on restructuring and unbundling of the energy sector, and implement the IFRS in subsidiaries led by each pilot team;

6 4 (iv) (v) (vi) finalize the IFRS financial reports for 2003 and the 5-year budget, establish templates for reporting, and develop practical networking and communications solutions; identify and equip a suitable training facility in Dushanbe and establish the accounting resources center for training of staff from subsidiaries other than the three pilot ones; and develop an action plan that will correctly reflect accounts receivables, including treatment of long-term accounts receivables, amounts of bad debt to be considered for loss provision/write-off for each customer class, and a mechanism for monthly reporting of accounts receivable. C. Cost and Financing 12. The total cost of the TA is $500,000 equivalent, including foreign exchange of $341,000 and local currency of $159,000 equivalent. The Government has requested ADB to finance $400,000 equivalent to cover the entire foreign exchange cost and $59,000 equivalent of the local currency cost. The TA will be financed on a grant basis by the Japan Special Fund, funded by the Government of Japan. The detailed cost estimate is in Appendix 2. D. Implementation Arrangements 13. The TA will require 48 person-months of consulting services: 12 person-months from three individual international consultants and 36 person-months from six individual domestic consultants. The consulting team will comprise experts in accounting and financial planning, financial reporting, budgeting and training in accounting and computer systems. One international consultant will be the team leader and will be responsible for coordinating the work of international and local consultants. The consultants will be engaged by ADB in accordance with its Guidelines on the Use of Consultants and other arrangements satisfactory to ADB for engaging domestic consultants. The consultants will be responsible for purchasing computers, library books, and other equipment as per ADB s Guidelines for Procurement. The outline terms of reference is given in Appendix Barki Tajik will be the Executing Agency for the Project. It will assign a project leader and counterpart staff to work with the consultant and will closely monitor the domestic consultants work in close coordination with ADB on a regular basis. The TA will be implemented over 12 months starting in March 2004 and ending in February IV. THE PRESIDENT S DECISION 15. The President, acting under the authority delegated by the Board, has approved the provision of technical assistance not exceeding the equivalent of $400,000 on a grant basis to the Government of the Republic of Tajikistan for Improving the Accounting and Financial Management System of the Subsidiaries of Barki Tajik, and hereby reports this action to the Board.

7 Appendix 1 5 TECHNICAL ASSISTANCE FRAMEWORK Design Summary Performance Targets Monitoring Mechanism Assumptions and Risks Goals Promote economic development and poverty reduction by satisfying electricity demand at least-cost. Improve adequacy and reliability of power supply in the most cost effective way. Energy institutions annual reports. Purpose Improve operational efficiency. Improve the standards of transparency in financial disclosure of Bark Tajik s 28 subsidiaries to complement what was under taken in the holding company under earlier technical assistance (TA) from the Asian Development Bank (ADB). Ensure sustainability of TA effort by training employees in basic accounting and budgeting, and basic use of computers for accounting and word processing. Compilation and consolidation of end-of-year financial data and preliminary budget for the following year from 28 subsidiaries by March Key accounting staff at all subsidiaries able to produce basic office documents letters, memos, and spreadsheets independently. Consultant s reports, review missions. Periodic reports to ADB. Review missions, progress reports. Subsidiary staff s willingness and ability to learn. Conflict and confusion between the international financial reporting standards (IFRS) and local accounting standards. Poor performance by consultants. Outputs Automated accounting financial reporting systems and processes for Barki Tajik subsidiaries. Barki Tajik s increased ability to develop budget and financial plan for subs idiaries. Action plan for reduction of accounts receivable. Establishment of a training center, hands -on basic training for accounting and business use of computers. Accounts receivable reduced to 3 months by December End-of-year accounts of all subsidiaries for 2003 finalized by September 2004 and budget finalized by December Training center established by March Monthly report. Review missions, progress reports, and periodic reports by consultants. Government commitment and support. Weak counterpart support. Poor consultant performance. Employee s ability and commitment to ongoing learning. Establishment of an English language and accounting library. Activities Initial workshop, systems design, and action plan for reduction of accounts receivable. Establishment of accounting resources center. Establish pilots; develop IFRS reports, establish training infrastructure, organize study tour to the Kyrgyz Republic and implement IFRS in other subsidiaries led by pilot team. Inputs 12 person-months of international consulting and 36 person-months of domestic consulting services. 30 computers; 30 printers 1 each for 28 subsidiaries and 2 for Antimonopoly Commission. Accounting center fully resourced under TA (with 10 computers) Review missions, progress reports, and consultants reports. Delay in consultant recruitment. Delay in obtaining relevant data and information. IFRS financial reports for 2003 and 5-year budget Final report.

8 6 Appendix 2 COST ESTIMATES AND FINANCING PLAN ($) Item Foreign Exchange Local Currency Total Cost A. Japan Special Fund Financing 1. Consultants a. Remuneration and Per Diem i. International Consultants 205, ,000 ii. Domestic Consultants 0 30,000 30,000 b. Reports and Communications 6, , Travel a. International 16, ,000 b. Domestic 3. Equipment a. Computers for 28 subsidiaries 44, ,000 b. Computer for training center in Dushanbe 10, ,000 c. Softwares 5, , Training, Seminars and Conferences a. Initial Accounting Training Workshop 0 12,000 12,000 (3 locations) a b. English Language Training (Local University) b 0 3,000 3,000 c. Final Workshop and Study Tour to Kyrgyz 0 6,000 6,000 Republic c d. English Language and Accounting Library 9, , Representative for Contract Negotiations 2, , Contingencies 44,000 8,000 52,000 Subtotal (A) 341,000 59, ,000 B. Government Financing (In-Kind Contribution) 1. Office Accommodation 0 20,000 20, Remuneration and Per Diem of Counterpart Staff 0 35,000 35, Local Travel and Transport 0 5,000 5, Secretarial Support and Office Services 0 20,000 20, Office Equipment 0 10,000 10, Contingencies 0 10,000 10,000 Subtotal (B) 0 100, ,000 a Total 341, , ,000 Twenty-five participants for each of the three locations. b Two weeks. c Final workshop, Dushanbe, 1 day, 45 participants; study tour: 10 participants for 5 days. Source: Asian Development Bank estimates.

9 Appendix 3 7 OUTLINE TERMS OF REFERENCE FOR CONSULTANTS 1. The output of the technical assistance (TA) will be spread over five phases. The international team will comprise one team leader, accountant (recruited in phase 1 for 6 person-months); one systems expert (recruited in phase 2 for 3 person-months); and (iii) one accounting expert (recruited in phase 3 for 3 person-months). The domestic team will comprise 6 accounting experts (three will be recruited in phase 3 for 8 person-months and 3 in phase 4 for 4 person-months each). A. Phase 1: Design New System and Develop an Action Plan (Mar Jun 2004) 2. The consultants will (iii) (iv) (v) (vi) conduct an initial workshop on the difference between the two accounting systems; review the existing accounting system and design systems compatible with those at Barki Tajik; collect up-to-date accounts receivable data for large customers from Barki Tajik; discuss Barki Tajik s internal plan for accounts receivable with key stakeholders to develop time-bound quarterly milestones for each customer group and quantify possible recovery amounts in 3, 7, and 9 months by each customer category; develop an action plan with regard to bad debts (i. e., decide on the amount of outstanding debt to be written off as bad debt in December 2003 for each category of customers or implement innovative restructuring of the balance sheet, which may include, for example, options for debt-equity swap from the government of large customers); develop quarterly account receivable forecasts until December 2004, showing possible compliance to earlier covenant 3 months revenue equivalent; and develop monthly reporting template consistent to Asian Development Bank (ADB) requirements. B. Phase 2: Establish a Training Center and Conduct Initial Training (Jul Sep 2004) 3. The consultants will (iii) (iv) design requirements of the training center after consultation with Barki Tajik and training plan for 60 staff from three regions; equip the training center with computers, software, and training manuals; deliver books and other materials for the accounting resources center; and conduct the first training workshop at the training center in Dushanbe for the staff from central and southern regions; conduct second training workshop at Khujand for the northern region; and (v) submit a progress report to ADB and Barki Tajik (progress report 1).

10 8 Appendix 3 C. Phase 3: Implement the International Financial Reporting Standards (IFRS) in Three Subsidiaries as Pilot Test (Jul Sep 2004) 4. The consultants will (iii) (iv) (v) (vi) (vii) select three pilot subsidiaries (at least one in generation and one in distribution); help establish a steering committee with members from each pilot subsidiary plus two representatives from Barki Tajik for close coordination and consistency; finalize an implementation strategy for all subsidiaries: each pilot test will be replicated in a set of subsidiaries and will be lead by the relevant pilot teams, and each subsidiary set will include at least 5 and at most 10 subsidiaries; establish three working groups one for each set of subsidiaries responsible for the broader implementation, with at least two local consultants and two subsidiary staff in each working group; finalize accounting templates based on common spreadsheets applicable to all subsidiaries including a set of management report templates; establish procedures for computerization of financial accounts and bookkeeping and train staff on basic computer skills; implement electronic delivery of financial data from each pilot test, to Barki Tajik for management reporting; and submit a progress report to ADB and Barki Tajik (progress report 2). D. Phase 4: Expansion of Pilot Tests to All Subsidiaries (Oct Dec 2004) 5. The consultants will (iii) (iv) conduct a 1-day presentation on result of the pilot tests; conduct a study tour to the Kyrgyz Republic for the steering committee and two members from each working group; arrange for the steering committee to endorse the schedule of the working group to broaden implementation of the pilot test; and attend the tripartite meeting with ADB and Barki Tajik. E. Phase 5: Production of IFRS Financial Report and Budget for All Subsidiaries (Jan Feb 2005) 6. The consultants will finalize templates reports as per ADB s financial management guidelines, finalize IFRS reports for 2003 for Barki Tajik and all subsidiaries; and develop a 5-year budget for all subsidiaries.

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