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ORGANIZED A TRAINING TO DISSEMINATE KNOWLEDGE OF THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS FOR THE ACCOUNTING PROFESSIONALS OF BUDGET ENTITIES

3/3/2021

"Increasing budget comprehensiveness and transparency through better control, reporting, and expansion of the Government Financial Management Information System capabilities" is one of the main objectives of the Strengthening Fiscal and Financial Stability project, jointly implemented by the Ministry of Finance of Mongolia and the World Bank.

In pursuit of this objective, it is essential that the Government's consolidated financial statements are to be prepared on an accrual basis in full compliance with International Public Sector Accounting Standards (IPSASs). As a result of the full transition to accrual-basis IPSAS, the Government financial statements provide comprehensive and accurate information of assets, liabilities, revenues, and expenditures, providing the key users of Government financial information such as citizens, public, professional researchers, as well as international donors and investors with the access to comprehensive and comparable information for public sector financial management.           

The process of reforming the application of IPSASs in public sector accounting in Mongolia has been implemented through the coherent phases as follows: (i) disseminate knowledge and skills of IPSAS to the accounting professional of budget entities and (ii) publish handbook of international public sector accounting pronouncements in Mongolian language. 


The Ministry of Finance has successfully organized theoretical and practical training activities on around 25 revised standards of IPSASs for more than 2,600 accounting professional of budget entities in the capital city, districts, and 21 provinces in 2019-2020 within the following content:
  1. IPSAS 1 – Presentation of Financial Statements;
  2. IPSAS 2 – Cash Flow Statements;
  3. IPSAS 3 – Accounting Policies, Changes in Accounting Estimates and Errors;
  4. IPSAS 5 – Borrowing Costs;
  5. IPSAS 9 – Revenue from Exchange Transactions;
  6. IPSAS 12 – Inventories;
  7. IPSAS 13 – Leases;
  8. IPSAS 14 – Events after the Reporting Date;
  9. IPSAS 16 – Investment Property;
  10. IPSAS 17 – Property, Plant, and Equipment;
  11. IPSAS 19 – Provisions, Contingent Liabilities and Contingent Assets;
  12. IPSAS 21 – Impairment of Non-Cash-Generating  Assets;
  13. IPSAS 23 – Revenue from Non-Exchange Transactions (Taxes and Transfers)
  14. IPSAS 24 – Presentation of Budget Information in Financial Statements;
  15. IPSAS 26 – Impairment of Cash – Generating Assets;
  16. IPSAS 15, 28, 29, 30 – Financial Instruments: Disclosures and Presentation; Recognition and Measurement;
  17. IPSAS 31 – Intangible Assets;
  18. IPSAS 32 – Service Concession Arrangements;
  19. IPSAS 39 – Employee Benefits; and
  20. IPSAS 42 – Social Benefits.
The training was conducted by 9 trainers authorized by the Ministry of Finance using programs and training materials developed by an international consultant

Publishing the Handbook of International Public Sector Accounting Pronouncements 2018 in Mongolian language on the website of the Ministry of Finance provided the public sector accounting professionals with an opportunity to use the standards in their native language on a daily basis. 

NEWS
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.

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. 
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).

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.
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.

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.

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