11/30/2022
As part of the Strengthening Fiscal and Financial Stability project, a consulting team has been developing draft of the mid-term roadmap toward implementation of accrual based International Public Sector Accounting Standards (IPSAS), economic classification and chart of accounts for public sector accounting and reporting.
THE MID-TERM ROADMAP TOWARD IMPLEMENTATION OF ACCRUAL BASED IPSAS FOR THE PUBLIC SECTOR ACCOUNTING
The Accounting Policy Department of the Ministry of Finance has developed a draft of the mid-term roadmap with the following 2 main groups for the smooth implementation of accrual based IPSAS in three phases in a partially manageable way for the public sector accounting.
1. PHASES TOWARD TRANSITION TO ACCRUAL BASED ACCOUNTING
The full implementation of accrual based IPSAS is important for improving the quality of financial statements of public sector organizations, allocating organizational resources properly, ensuring transparency, and increasing accountability. A strategic plan and roadmap for the simultaneous introduction of accrual based IPSAS in Mongolia at all levels in 2022-2028 in three phases has been developed.
2. MANAGEMENT AND ORGANIZATION OF TRANSITION TO ACCRUAL BASED ACCOUNTING
Management and organization of the reform of the implementation of the accrual based IPSAS have been defined in the framework of four main issues: software, chart of accounts, capacity building, and project management which are relevant to all transition phases.
CHART OF ACCOUNTS
For the purpose of preparing reports of public sector organizations on an accrual basis, chart of accounts was improved and updated to fit the reporting requirements of the IPSAS and Government Financial Statistics (GFS) 2014.
The chart of accounts to be used for budget expenditure planning, execution and reporting has been improved and updated by taking the economic classification of budget income and expenditure into account and in accordance with the chart of reference accounts of the GFS 2014 and the IPSAS. Preparation of government financial statements on the accrual basis makes it possible to prepare government financial statistics reports
Currently the drafts are in the process of discussion and consultation with MOF and other relevant stakeholders to receive their comments and suggestions.
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WORLD BANK WORKING GROUP MET WITH PIU AND IMPLEMENTING ORGANIZATIONS REGARDING THE COMPLETION REPORT OF THE STRENGTHENING GOVERNANCE IN MONGOLIA PROJECT
4/3/2023
Concerning the Strengthening Governance in Mongolia project, which was completed on February 28, 2023, the World Bank working group to develop the project completion report had an official meeting with Project Implementation Unit (PIU) and implementing organizations on March 30, 2023. The purpose of the working group meeting is to review the implementation of the project, the results achieved, and the fulfillment of the project indicators. |
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PERFORMANCE BASED FINANCING: INSPIRING NEW APPROACHES TO PUBLIC FINANCIAL MANAGEMENT IN HEALTH AND EDUCATION
3/23/2023
Performance based financing (PBF) links funds or payments to service providers to results achieved and gives them considerable autonomy in the use of these funds. The strategic approach is appealing to many individuals and organizations as it motivates them to perform better and channels resources directly to the frontlines. This in turn fosters greater accountability. Using this approach has been popular in different sectors with some promising results emerging. |
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AN INTEGRATED SYSTEM FOR RESULTS-BASED MEDIUM-TERM BUDGET PLANNING: IN ACHIEVING THE GOALS OF IMPROVING BUDGET PLANNING, BUDGET EFFICIENCY AND PROGRAM OUTCOME.
3/7/2023
Under the scope of improving public financial management, Mongolia is aiming to introduce result-oriented medium-term budgeting, transitioning from the traditional input-based budgeting. This goal is aligned with development policy of Mongolia to shift from medium-term fiscal framework (MTFF) to medium-term expenditure framework (MTEF). |
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The MOF is entering the new phase of PFM Reform Action Plan
2/28/2023
Within the framework of the European Union financed, World Bank managed “Strengthening Governance in Mongolia” project, the Ministry of Finance, in compliance with the “Sustainable Development Vision 2030” and the “Action Program of the Government of Mongolia for 2016-2020”, has approved and implemented the Public Financial Management (PFM) Reform Strategy and the Action Plan for 2018-2022. The overarching objective of the strategy was to improve governance and achieve effective resource allocation and efficient public service delivery. The implementation status of the PFM Action Plan is indicated as “Certain results have been achieved” at the rate of 85 percent. |
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LAUNCHED BETA VERSION OF THE REDEVELOPED GLASS ACCOUNT PORTAL
1/20/2023
The Ministry of Finance Mongolia has developed and successfully launched the new version of the Glass Account Portal in 2023 within the framework of the Strengthening Governance in Mongolia Project jointly implemented by the EU and the World bank. |
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New systems and services are added in the Intermediate service platform for fiscal and financial systems
1/11/2023
The Ministry of Finance Mongolia has developed and successfully launched the Intermediate Service Platform (ISP) in 2022 within the framework of the Strengthening Governance in Mongolia Project. The main purpose of the system is to provide a possibility of information /web services/ exchange between the independent systems of the Ministry of Finance and other organizations in a easy and flexible way. In addition, it is solving the issues of overlapping connections and development between many information systems and organizations, transferring them to a unified standard, making it has no complexity, and more secure. |
