Ts.Erdenetuya, CPA, Senior specialist, Social Insurance General Office

It was my pleasure to represent the social insurance fund, which is one of the major representatives of the financial sector, in the workshop organized by the Accounting Policy Department of the Ministry of Finance to introduce a draft midterm roadmap toward implementation of accrual based IPSAS, a revised economic classification and unified chart of accounts for the public sector accounting and reporting.

Even though Social Insurance General Office has been implementing IPSAS since 2006, accounting of social insurance premiums paid and to be paid by each insuree, payables and receivables related to pensions, allowances, payments and expenses provided and granted  as well as financial support provided by the state budget have not fully comply with the international standards. One of the reasons for the incompliance with the international standards is related to the fact that the accounting regulations and guidelines followed in budget entities that are currently in force do not meet the with the latest IPSASs and do not reflect the specifics of the sector’s accounting. 

These draft documents, developed under the consulting services of the project Strengthening Fiscal and Financial Stability, made it possible to solve the issues on accounting faced by not only the social insurance fund, but also the all budget entities. Furthermore, the participation of the representatives of the chief accountants and budget specialists of the general budget governors involved in the consolidation of the government’s financial statements in addition to the  participants from the National Audit Office, Budget Policy and Planning Department and Treasury Department of the Ministry of Finance, World Bank, Asian Development Bank, Mongolian Institute of Certified Public Accountants, and universities in the discussion is important for the parties involved in financial activities such as financial and budget planning, reporting, statistical reporting, and monitoring to reach the common understanding and it was a business meeting which provide opportunity for the participants to express their comments, suggestions, and opinions into the draft documents.  

As a representative of the social insurance fund, I personally supported the draft documents and expressed my agreement that these are the important and timely activities to be implemented. At the same time, I expressed my request to discuss in more detail for some issues on the accounting of the organization in the presented draft documents.    

As the result of the workshop, the organizing party expressed that it will hold partial and joint meetings with the stakeholders again for the further improvements and it was a fruitful discussion held in which the participants reached a common understanding about the necessity of incorporating relevant changes in legal acts and strengthening the capacity of financial employees to ensure the implementation of the midterm roadmap toward implementation of accrual based IPSAS, a revised economic classification and unified chart of accounts for the public sector accounting and reporting. Thank you very much!  

Strengthening Fiscal and Financial Stability Project, Room 205 United Nations Street 8/2 4th khoroo Chingeltei district Ulaanbaatar-15160 Mongolia
+976-70120582
training@sffs.mn