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Implementation Status of SPFMP Component-II

Implementation Status of SPFMP Component-II. January 2013 NPSAS unit, FCGO. Nepal Public Sector Accounting Standard (NPSAS) Introduction of Project Component II Component Financing Programs and Status Implementation Challenges Way forward.

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Implementation Status of SPFMP Component-II

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  1. Implementation Status of SPFMP Component-II January 2013 NPSAS unit, FCGO

  2. Nepal Public Sector Accounting Standard (NPSAS) • Introduction of Project • Component II • Component Financing • Programs and Status • Implementation Challenges • Way forward

  3. 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).

  4. 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

  5. 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)

  6. The detail financing plan for component II is as follows:

  7. Amt in USD Exchange Rate : 1 US $ = Rs 86

  8. Institutional Memory • Technical capacity of personnel • Coordination among stakeholders • Change resist management • To improve and enhance the overall PFM System

  9. 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.

  10. Thanking You

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