ETHIOPIA (MoFED) Regional Workshop On Financial Reporting - Moving Towards Accrual Basis. Arusha, Tanzania. April 11-14,2011

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1 ETHIOPIA (MoFED) Regional Workshop On Financial Reporting - Moving Towards Accrual Basis April 11-14,2011 Arusha, Tanzania 1

2 Overview on Basis of Accounting 2

3 BASIS OF ACCOUNTING Cash basis of accounting are applied except the following Revenue is recognized when: Aid in kind is received. Payroll is processed (income tax and employee fines) Salary advance is made to an employee (interest on salary advances) Withholding tax is deducted from the amount due to a supplier 3

4 Basis Cont Expenditure is recognized when: Payroll is processed (salary and pension expenses) Aid in kind is deliver Goods are received or services are rendered At the end of the year, a grace period payable is accounted for. 4

5 Basis Cont Intergovernmental transfers are recognized without actual cash movement 5

6 ACCOUNTING POLICIES REVENUE Revenues are recognized on receipt of amounts except as stated above. FINANCE COSTS Finance costs are recognized as an expense in the period in which they are paid. 6

7 Acct Cont TRANSLATION OF FOREIGN CURRENCIES Transactions denominated in foreign currencies are translated into Ethiopian Birr at the rates of exchange ruling at the date of the transaction. Cash and bank balances that are denominated in foreign currencies are translated at the rates of exchange ruling at the year end and the exchange gains/loss arising from such translation are recognized as revenue/expenditure respectively. 7

8 Some Fact Program Budget will be launched in 2004/2012 budget year. IBEX version 2 has been develop and launched soon IFMIS has been under implementation 8

9 Thank You አመሰግናለሁ 9

10 THE BASIS OF ACCOUNTING AND MAIN ACCOUNTING POLICIES USED BY KENYA A PAPER PRESENTED BY COUNTRY TEAM AT EAST AFRITAC REGIONAL WORKSHOP ON FINANCIAL REPORTING - MOVING TOWARDS THE ACCRUAL BASIS ARUSHA, TANZANIA, 10 TH TO 15 TH APRIL, 2011

11 1.0 Cash Basis of Accounting and Main Policies Kenya uses cash basis of accounting in its financial reporting framework where only receipts and payments and balances of the entity are compared with budgetary estimates. The variances between budgetary estimates and actual figures are reported in the appropriation accounts to obtain variances which are then explained in the footnotes to the accounts.

12 Pending bills and revenue receivable are disclosed in the notes to the accounts but are not accrued for. Contingent liabilities are not accounted for whether likelihood of occurrence is certain. Accounting reports are produced for audit at the end of 3 months (or by 30 th September) of the year of reporting.

13 The auditing accounts are consolidated and placed before Parliament within 6 months of the financial year end. Comparative information is disclosed in respect of the previous year s (period s) transactions (figures). Where comparative information requires narration to comprehensive provide a clear understanding of the statements,

14 the same is disclosed in the notes to the current period s financial statements. 1.1 Funds Including Trust Funds Kenya uses modified accrual basis of accounting to account for funds. Generally, the annual fund accounts and statements are prepared to show receipts, earnings and accruals of funds and monies expended for the purposes for which the funds were established.

15 This involves the preparation of the income and expenditure account and the balance sheet as at the close of the accounting period. Usually when preparing the annual fund accounts the accounting system is partly observed by incorporating non-cash adjustments such as reserves, provisions, accruals and prepayments.

16 A fixed asset such as Investments are accounted for at cost while others such as Equipment, vehicles and land and buildings and associated amortizations are reported at cost and not market value. Any officer administering a fund established under the Financial Management act shall prepare, sign and transmit to the Auditor General within three months after the close of the period to which they relate. The period of the account may be prescribed by the law establishing the fund and in the absence of such law the Treasury will prescribe.

17 Similarly, any officer administering any trust or other fund or account not provided for in Acts shall if so directed by the Treasury, prepare, sign and transmit to the Auditor General an account in such a form as the Treasury may form time to determine. 1.2 Foreign Currency Cash Receipts, Payments and Balances Cash receipts and payments in foreign currency are recorded in the Ministry or departmental reports at the

18 Exchange differences arising in reconciling items between opening and closing cash balances for the period are disclosed in the notes for the accounts. 2.0 Planned Changes Cash balances for foreign debts are reported using the closing rate of exchange. An accounting Standards Committee was appointed to assess the possibility of moving to accrual basis of accounting

19 The Committee is current working on planned change to modified and/or full accrual accounting bases. 2.1 Foreseeable Challenges (Issues yet to be resolved) It will be costly to completely compile, locate, reconcile and accurately value the detailed information on the fixed assets and liabilities.

20 It is expected that when Kenya Government first start to compile assets register, there may be insufficient information to determine ownership of some assets. It is noteworthy that complete information on assets and liabilities, including that relating to ownership and control, is a precursor to proper management of assets and liabilities. It will be difficult to determine the most efficient way of managing the assets, assessing the

21 contingent liabilities and reporting on their stewardship. How to measure values, the time and the costs thereof of assets such as roads, water masses, forests and amortize or re-value them for accounting purposes. The management of public assets requires sufficient records to identify the existence of assets and the costs of holding and operating these assets.

22 The recognition of assets in a Statements of Financial Position requires that government undergo a rigorous process of identifying all assets, verifying ownership and professionally placing a value on assets. While the adoption of accrual accounting is not a necessary prerequisite for this to occur, it is often the driving factor. Financial reporting deadlines require that this process be completed within a given timeframe and the review of this information by an external auditor provides assurance as to its reliability.

23 The Country should adopt full accrual for the National and Country Governments of Modified Accrual and full accrual for the national and county governments respectively.

24 Malawi Presentation

25 Cash Basis of Accounting. The current basis of accounting in Malawi is Cash based where transactions are recognised when cash is paid or received Characteristics Capital expenses are expensed when purchased. Commitments are not accounted for. No accounting for capital repayments of debt. No transfers between financial years for recurrent expenditures.

26 Authority The Accountant General has delegated authority from the Secretary to the Treasury to prepare Consolidated Annual Financial Statements. Bases for Preparation The basis for preparation are: the Constitution of the Republic of Malawi, the Public Finance Management Act, the Public Audit Act, Treasury Instructions, and the Malawi Growth and Development Strategy

27 Section 13(o) Public Trust and Governance states that the Government shall introduce measures which will guarantee accountability, transparency, personal integrity and financial probity and by virtue of their effectiveness and transparency will strengthen confidence in public. Section 184(1) and (2), states that there shall be an office of the Auditor General and he/she shall report on the public accounts of Malawi and shall submit reports at least once a year to the National Assembly, through the Ministry of Finance, not later than the first meeting of the National Assembly after the completion of the report.

28 Section 13 of the PFMA 2003 requires that all financial reports, associated information and accounting procedures be in accordance with Generally Accepted Accounting Principles (GAAP). GAAP is defined by the Act as: Standards and practices promulgated by the International Federation of Accountants as applicable to Governments and Statutory Bodies; or

29 If no standard or practice exists, then accounting principles or practices which have the authoritative support of the accounting profession in Malawi or in countries that maintain accounts and records and prepare financial statements similar to the Government of Malawi and its statutory bodies.

30 Treasury Instruction Part 9 provide for financial reporting of government accounts and therefore the financial reports need to provide sufficient information to: Assess the Government s overall financial position and condition. Evaluate the Government s performance and it s ongoing ability to deliver the existing level of services. Predict the timing and volume of cashflows and future cash and borrowing requirements. Assess the government s ability to meeting its short and long term financial obligations

31 Instituted the Asset Management Division. Issues: Assets classifications Valuations Identification of assets Asset Registers Capitalize or expense as usual Where to start, and what to include in the financial statements.

32 Accounting for Capital Repayment of Public Debt. Commitments to be brought as notes to the accounts. Adoption of Cash Basis IPSAS as a starting point.

33 Capacity Change management Technical know-how Implementation processes

34 THANK YOU

35 THE UNITED REPUBLIC OF TANZANIA MINISTRY OF FINANCE ACCOUNTANT GENERAL S DEPARTMENT East AFRITAC Regional Workshop Financial Reporting- Towards Accrual Accounting,Ngurdoto Arusha, Tanzania

36 TABLE OF CONTENTS INTRODUCTION/BACKGROUND INFORMATION BASIS OF ACCOUNTING MAIN ACCOUNTING POLICIES WAY FORWARD CONCLUSION 2

37 INTRODUCTION/BACKGROUND INFORMATION The Accountant General (ACGEN) Office in Tanzania is responsible for ensuring that entities in the public sector keep proper books of accounts that comply with general accepted accounting principles. In 2006, the International Public Sector Accounting Standards (IPSAS) were adopted to provide a record of the Government of United Republic of Tanzania s financial performance. 3

38 INTRODUCTION/BACKGROUND INFORMATION. The IPSASs are designed to apply to the general purpose financial statements of all public sector entities. Public sector entities include National Governments, regional Governments (for example, state, provincial, territorial), local governments (for example, city, town) and their component entities (for example, departments, agencies, commissions), unless otherwise stated. 4

39 INTRODUCTION/BACKGROUND INFORMATION. At the moment, the Central Government is using cash-basis accounting whereas the Local Government is using the accrual-basis of accounting. It is expected that the Central Government will move to accrual-basis of accounting in the near future 5

40 BASIS OF ACCOUNTING The Consolidated financial Statements have been prepared in accordance with Public Finance Act of 2001(revised 2004), and Comply with the requirements of Cash Basis International Public Sector Accounting Standards (IPSAS) Financial Reporting under the cash Basis of Accounting. 6

41 MAIN ACCOUNTING POLICIES These are the specific principles, bases, conventions, rules and practices adopted by the Government of United Republic of Tanzania in preparing and presenting the financial statements. These policies have been consistently applied to all years presented, unless other wise stated: 7

42 MAIN ACCOUNTING POLICIES.. a) Reporting Period b)reporting currency and translation of foreign currencies c)unspent cash balances d) Employee Benefits Employee Benefits include salaries, pensions and other related employment costs. Employee benefits are recognizes when paid. 8

43 MAIN ACCOUNTING POLICIES e) Revenue Revenue represents cash received by the entity during the financial year, and comprises tax, non-tax revenue, financing income and external assistance. Revenue not yet received is disclosed in the Consolidated Statement of Revenue in Arrears. 9

44 MAIN ACCOUNTING POLICIES Revenue comprises of Taxation, Non-Tax Revenue, Financing Income and External Assistance External assistance received by Government is in form of loans and grants. External assistance received by all Government entities is accounted for centrally by the Ministry responsible for finance which is the principal recipient on behalf of the Government. 10

45 MAIN ACCOUNTING POLICIES Grants are recognized as income when received. Where the accounting entity receives non monetary grants, a dummy exchequer is issued and the amount is recorded as Payment by third parties and disclosed on the face of the Statement of Cash Receipts and Payments, payment by function and notes to the financial statements 11

46 MAIN ACCOUNTING POLICIES f) Transfers These are funds received or transferred to or from the other Government entities, agencies or other third parties. g) Expenses In general, expenditure is recognized when cash is paid. 12

47 MAIN ACCOUNTING POLICIES h) Receivables Receivables are disclosed in the financial statements at original historical cost. Bad debts are written off with the approval of Parliament, when identified and are reflected in the Statement of Losses of Public Money, stores written off and claims abandoned. i) Inventories Consumable supplies are expensed in the period in which they are paid for. 13

48 MAIN ACCOUNTING POLICIES j) Property, Plant and Equipment Property, plant and equipment principally comprise land, buildings, plant, machinery, motor vehicles, furniture and fixtures, computer equipment, intangible assets, biological assets and other civil works. 14

49 MAIN ACCOUNTING POLICIES Property, plant and equipment purchased, are expensed fully in the year of purchase. However, a memorandum record is maintained in the Fixed Asset Registers at historical cost or valuation of non-current and intangible assets of the respective entity. Proceeds from disposal of property, plant and equipment are received by the Treasury. 15

50 MAIN ACCOUNTING POLICIES All items of property, plant and equipment are owned by the respective entities. k) Losses Losses are disclosed in the statement of Losses of Public Money, stores written off and claims abandoned 16

51 MAIN ACCOUNTING POLICIES j) Provisions Provisions are disclosed in the Statement of Liabilities when the Government has a present obligation (Legal or Constructive) as a result of past event, it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation and reliable estimates can be made of the amount of the obligation. Where Government expects some or all of a provision to be reimbursed, 17

52 MAIN ACCOUNTING POLICIES m) Project Expenditure Government Projects are series of undertakings by the entity with specific objectives and a defined period and could be either: o Fully funded by the Government; o Jointly funded by Government and development partner; or o Fully funded by development partner 18

53 MAIN ACCOUNTING POLICIES n) Contingencies Contingent liabilities are disclosed in the Consolidated Statement of Contingent, when contingency become evident. Contingent assets are neither recognized nor disclosed. o) Commitments p) Value Added Tax Expenses and liabilities are recognized at amount inclusive of Value Added Tax (VAT). Payables are stated with amounts of Value Added Tax. 19

54 REPORTING ENTITIES Reporting Entities in the national Financial Statement to date are 23 Ministries 9 Commission 25 Independent Department 21 Regional Administrative Secretary 32 Embassies 20

55 WAY FORWARD... ACGEN set up a task force/project comprising of exemplary Chief Accountants and/or deputies to provide support in driving the IPSAS agenda to the next level Develop work stream identifying critical & conventional paths Enabling key decision makers including the presidency, cabinet, PAC, RAC to support such an agenda Implementation of Asset Management Model 21

56 WAY FORWARD... Strengthening of standards & regulatory Training Needs Assessment & coming up with an effective training programme Recruit qualified accountant & intensify training. Development of IPSAS compliant accounting manual Learning from other countries: Countries such as Ghana, South Africa, Switzerland, New Zealand, have been successful in adoption of IPSAS & taping experience & lessons from these countries will be of help to Tanzania to fast track the adoption of IPSAS. 22

57 CONCLUSION The adoption & implementation of IPSAS in Tanzania will enhanced transparency; good governance and accountability in public sector; Goes extra mile in providing more relevant, sufficient and reliable information for policy and other decision making Involvement of all key stakeholders effectively 23

58 THANK YOU

59 Financial Reporting- Specific case of The Government of Uganda

60 Background Financial reporting for the Government has undergone significant improvements over the last 8 years Since 2003 Government moved from pure cash basis reporting to modified cash basis to better report on its operations The reporting templates are undergoing further review to be a report using the new budgeting basis Output Based Budgeting

61 Financial Reporting Policies Key GoU Accounting policies that impact on financial statement presentation include: Modified cash basis of accounting: Revenue recognised when cash is received/collected while expenditure is recognised when incurred (not necessarily when paid) Expenditure on property (inc. infrastructure), plant and equipment is fully expensed in period its incurred Liabilities are recognised when crystallised Contingent liabilities not recognised in financial statements but are disclosed

62 Reporting Entities Consolidated Government Ministries Government Agencies Statutory Commissions Uganda Missions Abroad Local Governments ( To the extent of Transfers) Tertiary Institutions ( To the extent of Disbursements)

63 Other Entities Not Consolidated The Government Business entities. These include both trading and statutory enterprises which are either fully Government owned or Government has a stake. These entities operate commercially and are not reliant on continuing Government funding to be a going concern. Government Business Entities are excluded from the consolidated Government Accounts. Dividends from these entities are treated as Non tax revenue.

64 Other Entities Not Consolidated Direct Donor Disbursements to projects is not included in consolidation. Development partner funded projects that disburse through Treasury are accounted for as inflows and fully expensed. In the short term as we proceed to develop guidelines for project accounting and reporting we intend to capture the bank balances in the statement of financial position and thereafter the net movement.

65 Other Entities Not Consolidated The above are not consolidated; Different accounting policies and reporting requirements (IFRSs) Donor have differing agreements and Reporting formats. Different calendars.

66 Financial Statements produced by Entities Annual accounts are prepared in accordance with the Third Schedule of the PFAA and include: Statement of Financial Performance Statement of Financial Position (Balance Sheet) Statement of Changes in Equity Cash flow Statement (Direct method) Statement of Appropriation by Nature and Service. Statement of losses of public moneys and stores written off Statement of outstanding commitments Statement of arrears of revenue Plus other notes and supplementary schedules

67 Financial Statements for Consolidation Statement of Outstanding Debt Statement of Outstanding Advances and loans issues by Government Statement of losses of public moneys and stores written off Statement of outstanding commitments Statement of arrears of revenue

68 Financial Assets and Liabilities Cash and Cash Equivalents are carried in the Statement of Financial Position at cost. This for purposes of cash flow comprise cash on hand, deposits held at call with banks, other short-term Highly liquid investments and bank overdrafts. In accordance with the requirement of the Public Finance and Accountability Act 2003, unspent cash balances at the end of the financial year are returned to the Consolidated Fund in the course of the following financial year. Receivables are carried at original historical cost. Outstanding letters of credit at period end are treated as deposits receivable and expensed in the following year when performance has been enhanced.

69 Financial Assets and Liabilities Investments: All purchases and sales of investments are recognized at the date when payments are effected or when proceeds are received. All investments in the balance sheet are carried at historical cost. For investments quoted in foreign currency, the historical cost is translated at the closing rate. Borrowings: Borrowings are initially recorded in the Statement of Financial Position [the balance sheet] at cost net of any transaction costs paid. Interest expense or income on borrowings is recognized in the Statement of Financial Performance only when paid or received. Payables Accrued expenditure at the end of Financial year at cost Liabilities Public Debt Arrears

70 Fixed Assets Property plant and equipment comprises land, buildings, plant, vehicles, equipments, highways, specialist military equipment and any other infrastructure assets but does not include regenerative natural resources such as forests and mineral resources. Purchase of the Fixed Assets are expensed fully in the year of purchase. Fixed asset register is kept at historical cost of non-current assets of government. No recognition of gains or losses from changes in values and disposal proceeds treated as Non Tax Revenue

71 Contingent Liabilities Contingent liabilities are recorded in the Statement of Contingent Liabilities (Memorandum Statement) Contingent liabilities are recorded in the Statement of Contingencies Liabilities when the contingency becomes evident. Contingent assets are neither recognised nor disclosed.

72 Current Situation The new format of accounts is more informative and comprehensive. Better tracking of payables and arrears say pensions which were previously maintained off-balance sheet Reduced incidence of excess expenditure. Improvement in accounting for assets thus setting the basis for updating of assets registers. Guidelines for accounts preparation Re-engineering current government processes (payment systems, payroll systems) Massive professional training, Restructuring.

73 Challenges The cost and timescale that should be allowed to achieve the necessary changes to the underlying accounting system cannot be underestimated. In the public sector the budget is the starting point for accounting and reporting and is often seen as the key document. The budget determines the allocation of resources, determines fiscal policy and the distribution of the taxation burden, allocates public resources between the different expenditure programmes and provides the legal authority for expenditure. It is therefore imperative that budgeting must also adopt accrual.

74 Challenges-Cont. Transitional arrangements are a big challenge (Asset Valuation) The differing reporting requirements of certain projects and Business agencies. Different Calendars for reporting purposes

75 Ongoing and future improvements Gradually moving towards full accrual accounting. This will necessitate joint effort to move towards accrual budgeting so that budgeting and reporting bases remain consistent. Testing of Donor funded projects solutions on IFMS so that projects can be consolidated in the national accounts is being undertaken. Reviewing of the PFAA to streamline reporting arrangements and consider having the Local Governments Accounts consolidated as well.

76 Conclusion Government s financial reporting has continued to steadly improve and this is evidenced by more timely production of financial statements as well as a reduction in queries and qualified audit opinions.

77 THANK YOU.

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