Reference: | B21/CS/034 |
Client: | Ministry of Finance |
Category: | Consultancy Service |
Advertised: | 2022.09.06 |
Deadline: | 2022.09.20 15:00:00 |
A. BACKGROUND OF THE PROJECT AND THE ASSIGNMENT
Mongolia has been implementing the Strengthening Fiscal and Financial Stability (SFFS) Project with a credit financing from the International Development Association (IDA). The objective of the SFFS Project has been to contribute to the Government of Mongolia’s efforts to strengthen fiscal and financial stability and improve the quality of expenditure. The project has been designed into five components: (i) Strengthening Macroeconomic and Fiscal Management; (ii) Improving the Efficiency of Public Financial Management; (iii) Enhancing Financial Sector Stability; (iv) Strengthening the Social Protection System; (v) Project Management and Monitoring. The objectives are to strengthen fiscal responsibility and implement relevant policy measures, improve fiscal discipline, strengthen the resiliency of the banking system, improve public expenditure quality in social protection, provide support for Project implementation, coordination, monitoring, and evaluation, including, inter alia, audit arrangements, reporting requirements, procurement, and financial management activities respectively. For more details, please refer to the Project Appraisal Document Report No. PAD2269 .
Subcomponent B2 of the SFFS project aims to increase budget comprehensiveness and transparency through better control, reporting and expansion of the government’s integrated financial management information capabilities. Under the subcomponent, the Accounting Policy Department (APD) and the Treasury Department of the Ministry of Finance (MOF) have been undertaking an agenda towards improving public sector accounting and reporting.
Good accounting and financial reporting practices, which meet international standards, can serve as the basis for good governance and the provision of high-quality financial information to users of financial statements (government, citizens, development partners, international investors, etc.). Mongolia has been working for the last 20 years with the support from international donor organizations to achieve compliance with the international accounting and auditing standards since the requirements were legalized in 1993. The most recent amendments to the Law on Accounting in 2015, as well as the approval of the Law on Integrated Budget in 2011, reinforced the requirement to comply with the international standards.
Even though efforts to improve accounting and reporting for public sector entities have been successful in certain areas, the following issues still remain: (i) the government’s accounting basis is not yet full accrual, (ii) IPSASs are not fully implemented, and (iii) the quality and importance of the Government’s consolidated financial statements are undermined because SOEs with less than 51% ownership, but are material to the financial statements, are not consolidated into the Government’s consolidated financial statements in accordance with the IPSASs.
One of the challenges that must be resolved for transitioning to full accrual based accounting and financial reporting in accordance with the IPSAS and IFRS is the development of the legal environment which enable assets to be measured and reported at fair and reasonable value in accordance with requirement of the IPSAS and IFRS. After the Law on Valuation was first approved in 2010, the new revision of the Law on Valuation was approved by the Parliament of Mongolia in 2022 which was an important event in accelerating the development of the sector. In connection with the latest approval of the amendment of the Law on Valuation, as a next step towards addressing legal environment-related challenges, APD plans to develop and update relevant regulations and methodologies on the valuation, its organization, and quality control matters for the further development of the valuation service and ensuring the implementation of the law.
Particularly, the MOF recognizes the need to i) develop a draft regulation and methodology on the valuation of moveable property as there has not been any regulations with this regard in Mongolia; and ii) improve the regulation in organizing examination to certify appraisers as the existing document has not been revised since 2010.
B. OBJECTIVE OF THE ASSIGNMENT
The objective of this assignment is to provide support to the MOF’s efforts in i) developing a draft regulation and methodology on the valuation of moveable property; and ii) improving the regulation in organizing examination to certify appraisers to ensure the implementation of the latest amendment of the Law on Valuation and the compliance with the International Valuation Standard (IVS) and International Public Sector Accounting Standards (IPSAS).
C. SCOPE OF THE WORK
The consultant will undertake tasks including, but not limited to, the following in close cooperation with the officials of the MOF and the other national consultants:
Task #1: Develop a draft regulation and methodology on the valuation of moveable property in accordance with the IVS to ensure the implementation of the provision 7.2.5 of the latest amendment of the Law on Valuation and implement Mongolia’s accounting policies regarding asset valuation.
Task # 2: Improve and update the regulation in organizing examination to certify appraisers which was previously approved by the Ministerial order no.112 on May 13, 2010, to ensure the implementation of the provision 14.1 of the latest amendment of the Law on Valuation.
D. DELIVERABLES
Based on the contracted assignment and detailed contract implementation plan approved by the client, the consultant’s deliverables will be as follows:
Under task # 1:
Under task # 2:
The Consultant will receive formal feedback and comments on each deliverable within 2 weeks after submission from the APD.
E. CONSULTANT’S QUALIFICATIONS/SELECTION CRITERIA
Education and Knowledge:
Experience:
Language skills:
Other skills:
F. INSTITUTIONAL ARRANGEMENTS
The MOF will provide an office space and equipment for the consultant as deemed necessary. The Consultant will have access to all the necessary data/information that the MOF could provide for this assignment. The Consultant will work in close cooperation and coordination of the APD, MOF.
The Client will appoint officials to monitor the contract implementation. Appointed MOF officials will be responsible for the coordination of activities under the Contract, for reviewing and accepting Deliverables to be submitted by the Consultant.
G. SUPERVISION AND REPORTING
The Consultant will report to the Director-General of the APD of MOF and will work on a daily basis with officials appointed by the APD and, as required, with officials from the MOF on technical matters relevant to the assignment.
H. CONTRACT DURATION
The consultant’s assignment is expected to commence in September 2022. The assignment’s expected input is 5 months on a full-time basis.
If you possess the above qualifications, please submit the following documents via email to procurement_sgm@sffs.mn:
1. Cover letter indicating why she/he considers her/himself suitable for the position.
2. Detailed CV highlighting relevant skills/experience.
3. Copy of diplomas or certificates; and,
4. Two (2) reference letters from previous last two employers no later than 15:00 PM, September 20, 2022.
The consultant will be selected in accordance with the World Bank’s Procurement Regulations for IPF Borrowers (July 2016).
The submitted documents will not be returned to the applicants. Please be noted that incomplete applications would not be considered for evaluation. Only selected candidate will be contacted.Address for submission of Expression of Interest: Attention to Ms.Oyunyam.M, Procurement Specialist, Strengthening Fiscal and Financial Stability Project, Address: Room #205, Negdsen undestnii 8/2, 4th khoroo, Chingeltei District, Ulaanbaatar, Mongolia. Tel: 70120582 or via email to: procurement_sgm@sffs.mn
70120582