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ZILIF LUFI Deputy Director Treasury of Republic of Kosova

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

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ZILIF LUFI Deputy Director Treasury of Republic of Kosova

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  1. 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 ZILIF LUFI Deputy DirectorTreasury of Republic of Kosova

  2. IPSAS Receipt/Payment Recognition Financial Statements Requirements (IPSAS – Cash Based) Consolidated Statement Treasury Single Account Revenue Identification (UNIREF) Content

  3. 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 IPSAS

  4. 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. Receipt / Payment Recognition

  5. 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 Financial Statements Requirements (IPSAS – Cash Basis)

  6. February 2008 - Polat Renaissance Hotel, Istanbul, Turkey

  7. 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. Treasury Single Account

  8. UNIFIED STANDARD FOR REFERENCE NUMBERS FOR THE COLLECTION OF PUBLIC REVENUESEvery 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. Revenue Identification (UNIREF)

  9. Revenue Identification (UNIREF) – cont’d Bank Statement

  10. Questions ?

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