Advancing Quality Public Services in Crisis and Insecurity Challenges
Role of public services in promoting peace, preventing conflicts, and building resilience in the face of crisis and insecurity. Learn about the different types of crises, including natural disasters, human-made conflicts, and economic challenges. Understand the impact of refugee flows, forced displacement, and internally displaced persons on global security and stability."
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Presentation Transcript
IMPROVING BUDGET ACCOUNTING AND FINANCIAL REPORTING IN THE REPUBLIC OF UZBEKISTAN
Ongoing measures to reform and improve budget accounting and reporting 1. A Strategy for Improving Public Finance System was approved ( 506 of August 24, 2020, section 5 Strengthening financial discipline and enhancing parliamentary and public control over the budget process via harmonization of budget accounting standards, improvement of internal control and audit systems ); 2. Between 2016 and 2019, twelve Budget Accounting Standards as per the International Public Sector Accounting Standards (IPSAS) were approved (BAS 1. Accounting Policy. BAS 2. Unified Chart of Accounts; BAS 3. Financial Reporting; BAS 4. The Effects of Changes in Foreign Exchange Rates; BAS 5. Agriculture; BAS 6. Leases; BAS 7. Inventory; BAS 8. Property, Plant and Equipment; BAS 9. Intangibles; BAS 10. Revenue from Exchange Transactions; BAS 11. Loan Expenses; BAS 12. Construction Contracts); 3. An Action Plan ( Road Map ) to implement IPSAS via gradual migration to the accrual-based method and further develop budget accounting in the Republic Uzbekistan has been produced, a Task Force on budget accounting harmonization in line with IPSAS with participation of relevant ministries has been established; 4. Terms of Reference ( OR) have been developed to transform the Unified Chart of Accounts in the UzASBO software system together with the Computer Center of the RoUz MOF, and TOR to transform UCoA and budget reporting in the FMIS software system.
Further steps to reform budget accounting and reporting 1. In 2021, automated budget accounting system in UzASBO is to be piloted, with the UCoA and new financial reporting forms; 2. A Standard on Consolidated Financial Reporting is to be approved, along with the Cash Flow Statement, in line with IPSAS; 3. Continued active collaboration with international experts (World Bank., Asian Development Bank. IMF, French Development Agency, UNDP)
Measures taken to mitigate negative impacts of the COVID-19 pandemic: 1. As per Decree of the President of the Republic of Uzbekistan ( -5969 of 3/19/2020, ON PRIORITY MEASURES TO MITIGATE NEGATIVE IMPACT OF CORONAVIRUS PANDEMIC AND GLOBAL CRISES ON SECTORS OF ECONOMY ) an Anti-Crisis Fund under the Ministry of Finance of the Republic 0f Uzbekistan was established; its resources are primarily used to: ) finance measures intended to counter the spread of the coronavirus infection; b) support entrepreneurship and employment; c) expand social support, including provision of additional resources; d) ensure sustainable operation of sectors of economy. 2. Proceeds of the Anti-Crisis Fund come from: the state budget of the Republic of Uzbekistan, (including from expenditure optimization), soft loans provided by IFIs and other sources. 3. Expenditures of the Anti-Crisis Fund have been made via a single account opened with the Treasury Single Account (TSA) (with respective accounts in budget organizations), with all transactions automatically reflected in FMIS. 4. The Fund revenues and expenditures data were published on the Ministry s website and covered by the media.
