ZILIF LUFI

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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 Director Treasury of Republic of Kosova

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Content

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

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IPSAS

• 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

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Receipt / Payment Recognition

• 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.

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Financial Statements Requirements (IPSAS Cash
Basis)

• 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

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February 2008 - Polat Renaissance Hotel,
Istanbul, Turkey
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Treasury Single Account

• 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.

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Revenue Identification (UNIREF)

• 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.

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Revenue Identification (UNIREF) contd
Bank Statement
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Questions ?