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The sustainability of public
finance-
supporting Resilient Response
and Recovery in the Public finance
C2A-KSA
03
Phase I & II
02
Cash to
Accrual (C2A)
Project
01
Opening Remarks
05
Covid-19
04
Phase III
CONTENT
 Converting to accrual basis is one of the most important tools for enhancing and ensuring the sustainability of
public finance.
 The conversion itself is an initial step in a journey to have a wholistic structural financial system based on solid
foundation (unified standards, policies, and procedures)
 Today unique challenges are facing us, with Covid-19 changing the dynamics of the way we do business, should
it stop us? Or should we take it as an opportunity to push for a more sustainable public finance (accrual
accounting)?
Opening Remarks
C2A - KSA
Cash to Accrual (C2A) project
CASHTOACCRUAL (C2A)
Project Objectives:
 Accurate information & financial
reports for Decision-making.
 Optimal resource allocation.
 Promote Comparison &
improve financial planning.
 Transparency & accountability.
 Management of assets &
liabilities.
Project Governance:
Financial Committeeat the
RoyalCourt
SteeringCommittee
Monthly report
Technical
Committee
Executive Committee
Decision/SupportQuarterlyreport
Decision/Support
C2A - KSA
PROJECTCOMMITTEES
Develop the general framework,
governance, controls, standards and
procedures related to counting and
valuation of assets and liabilities.
Central Committee for
counting and valuation of
assets and liabilities
Contribute to the change
management cycle and support the
transformation to accrual
accounting
Financial Managers
Committee
Review the accounting policies and
guidelines in the public sector and
ensuring their completeness,
suitability , formulation, and
applicability.
Focus Group
Study, evaluate and approve the
materials related to the training of
human resources working in
financial in public sector.
Training Committee
Study of the International public
sector accounting standards,
policies, and procedures (IPSAS)
Technical Committee
Plan and supervise the project in
order to achieve its objectives.
Steering Committee
Believe, Commitment, value
added
C2A - KSA
2019 - 2020 2021 - 2022
Preparation with
the Government
entities
Execution and
bookkeeping based on
the Accrual basis
Preparation of
the opening
account balance
and establishing
the consolidated
financial
statements
After 2022July 2017 – December 2018
Completed Completed Current Stage
Phase II Phase III Phase IVPhase I Financial Position
Study of the current
status and gap
analysis
Designing and
Planning of the
transformation to
accrual basis
PROJECT PHASES
IPSAS Implementation & Covid-19
Phases I & II
10 workshops over 4
weeks
Global Comparison
Organize visits to
similar project
The study of the National
Transition Program
Initiatives
Phase One: Study of the current situation and gap analysis1
Prepare Questionnaire1.2Planning & Preparation1.1
Communicate with
the Governmental Sectors
1.4 Asses Current Situation1.3
Phase
Deliverables
Success factors
PHASE ONE: ASSESSMENT OFTHE CURRENT SITUATION
IPSAS Implementation & Covid-19
Case Study
FieldVisits
Technology Operational Model C2A Conversion Experience1 2 3
1 France
2 Austria
3 UK
4 UAE
5 Finland 1
2
China
6 Estonia 1
3
South
Korea
7 Turkey 1
4
India
8 Singapor
e
1
5
Siri Lanka
9 Australia 1
6
Jordan
1
0
Brazil 1
7
Egypt
INTERNATIONAL BENCHMARK
C2A - KSA
Adopting a unified chart of accounts
Accurately identify the requirements of the transformation
Development & training of human resources
Focus on the Technical requirements of the Financial System
Effective change management
Lessons
learned
1
2
3
5
6
complete adoption of IPSAS standards7
Establishment of the support center (C2A Center) within MOF4
Mostly were learned from the previous international experiences & the world bank recommendations
SIGNIFICANT LESSONS LEARNED
C2A - KSA
Technical and business functional
requirements of the financial
systems
Initiatives & RFPs for the accrual
accounting implementation.
Recommended amendments to the
current legislation & regulation
Count and valuation of the assets
and liability guideline
Conceptual framework and public sector
Accounting Standards manual
Current situation and gap analysis study
Unified charts of accounts
Policy and procedure Manual
Operational Model and Organizational
structure of the public financial affairs
Strategy and methodology of
the accrual accounting
implementation
Follow up mechanism of the public
sectors accounting standards
guideline
Consolidated financial statements
guideline
Best Practice
Adopt the
International
Organizations
Recommendations
Governance &
quality
assurance
PHASETWO: DESIGNING - SUCCESS FACTORS
C2A - KSA
Methodologyfull adoption of IPSAS
gradual transformation of
Governments entities
Dependence of transformation by
entities, supported by ministry of
finance
Transformation
requirements
4. Communication and
support center
(C2A center)
2. Effective Change
Management Plan
6. Unified Government
Resources Planning
(UGRP)
8. Partnership with Vision
Realization Offices
3. Training Programs
7. Integration of
decentralized public
entities within the UGRP
Implementing Accrual
accounting on the entities
within the budget
Transformation
requirements
5. Direct Adoption of
IPSAS
• Pilot execution ( four Governmental entities)
• (Phase3)
• (Phase4)
Comprehensive transformation plan
Transformation Strategy &
methodology
9. Partnership with
General Auditing Bureau
10. Forming the
accounting standards
committee
1. High authority
support
PHASETWO : STRATEGYAND METHODOLOGY OF EXECUTING
C2A - KSA
PHASETOW: STRATEGYAND METHODOLOGY OF EXECUTING
Timeframe
Research the required timeframe in accordance with the analysis of the current situation
and gaps, the experience of other countries, and the recommendations of the World Bank
Reliance and Correlation
Study the reliance and correlation between C2A project and other related initiatives.
Comprehensive Roadmap
Roadmap should be aligned with the UGRP and Change Management initiatives to
facilitate implementation
Establishing Roles and Responsibility
Establishing roles and responsibility, governance and challenges.
• Pilot execution (
four
Governmental
entities)
Comprehensi
ve
transformatio
n plan
Transformati
on Strategy &
methodology
C2A - KSA
20232022202120202019
Phase 3
Execution
1
Roll out – government entities
2
Change management, training and development
C2A
Stages of
GFMIF
Change
management,
training and
development
Roll-out of GFMIS
Setting up the GFMIS
Implementation and gradually handling the book keeping on accrual base
Pilot - 4 entities (Simulation)
Coordinate with governmental entities to prepare and
implement C2A project
GFMIS Pilot
Comprehensive Roadmap...
PHASETOW : STRATEGY AND METHODOLOGY OF EXECUTING
Cont.
• Pilot execution (
four
Governmental
entities)
Comprehensi
ve
transformatio
n plan
Transformati
on Strategy &
methodology
C2A - KSA
Phase III
PHASETHREE : Preparation with the Government entities-
Simulation of the conversion
1
3
4 2
Change Management
assets and liabilities – based
on available information
Apply the complete
accounting cycle
Objectives
Build the experience-/challenges
• Pilot execution (
four
Governmental
entities)
Comprehensi
ve
transformatio
n plan
Transformati
on Strategy
&
methodology
DetailedRoadMapand
Costing Exercise
Theobjective of
this exerciseis to
havea complete
roadmap for each
entity and an
estimatedcostfor
theoverall
conversion.
DetailedActivitiesand initiatives:objectives,responsibilities,KPIs,expected durationforachievement …etc.
The methodologyforidentifyingentitieswithingroupsbasedonthethreestream:accounting,fixed assetsand
technology,andclarifiesamethodologyfor distributinggroupswithinthe timeperiodtill 2023.
The potentialrisksthathave beendefinedthat would impactthe roadmapand themitigationplan.
Estimated costby entity andby stream.
Main Risks
Detailedconversion initiativeswithaprecise timeline
Methodologyforentitiesgrouping – Rollouttimelist
Costing
PHASETHREE : Detailed Road map and an estimated cost
• Pilot execution (
four
Governmental
entities)
Comprehensi
ve
transformatio
n plan
Transformati
on Strategy
&
methodology
COVID-19
COVID-19
 Priority to the existing operations
 Central Payment system
 Existing Investment in IT infrastructure
 Partnerships -Increase number of licenses
 Clear mandates and procedures
 Remote access
lockdown & social distancing
C2A - KSA
Review of the
roadmap- yet
overall delivery
date is fixed
Opportunity to
conduct
workshops with a
large number of
attendees
Reviewing of
Existing Manuals
Effective
communication
Working remotely
C2A & COVID-19
C2A - KSA
Thank you
Questions and discussion

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The Sustainability of Public Finances - Kingdom of Saudi Arabia Perspective

  • 1. The sustainability of public finance- supporting Resilient Response and Recovery in the Public finance C2A-KSA
  • 2. 03 Phase I & II 02 Cash to Accrual (C2A) Project 01 Opening Remarks 05 Covid-19 04 Phase III CONTENT
  • 3.  Converting to accrual basis is one of the most important tools for enhancing and ensuring the sustainability of public finance.  The conversion itself is an initial step in a journey to have a wholistic structural financial system based on solid foundation (unified standards, policies, and procedures)  Today unique challenges are facing us, with Covid-19 changing the dynamics of the way we do business, should it stop us? Or should we take it as an opportunity to push for a more sustainable public finance (accrual accounting)? Opening Remarks C2A - KSA
  • 4. Cash to Accrual (C2A) project
  • 5. CASHTOACCRUAL (C2A) Project Objectives:  Accurate information & financial reports for Decision-making.  Optimal resource allocation.  Promote Comparison & improve financial planning.  Transparency & accountability.  Management of assets & liabilities. Project Governance: Financial Committeeat the RoyalCourt SteeringCommittee Monthly report Technical Committee Executive Committee Decision/SupportQuarterlyreport Decision/Support C2A - KSA
  • 6. PROJECTCOMMITTEES Develop the general framework, governance, controls, standards and procedures related to counting and valuation of assets and liabilities. Central Committee for counting and valuation of assets and liabilities Contribute to the change management cycle and support the transformation to accrual accounting Financial Managers Committee Review the accounting policies and guidelines in the public sector and ensuring their completeness, suitability , formulation, and applicability. Focus Group Study, evaluate and approve the materials related to the training of human resources working in financial in public sector. Training Committee Study of the International public sector accounting standards, policies, and procedures (IPSAS) Technical Committee Plan and supervise the project in order to achieve its objectives. Steering Committee Believe, Commitment, value added C2A - KSA
  • 7. 2019 - 2020 2021 - 2022 Preparation with the Government entities Execution and bookkeeping based on the Accrual basis Preparation of the opening account balance and establishing the consolidated financial statements After 2022July 2017 – December 2018 Completed Completed Current Stage Phase II Phase III Phase IVPhase I Financial Position Study of the current status and gap analysis Designing and Planning of the transformation to accrual basis PROJECT PHASES IPSAS Implementation & Covid-19
  • 9. 10 workshops over 4 weeks Global Comparison Organize visits to similar project The study of the National Transition Program Initiatives Phase One: Study of the current situation and gap analysis1 Prepare Questionnaire1.2Planning & Preparation1.1 Communicate with the Governmental Sectors 1.4 Asses Current Situation1.3 Phase Deliverables Success factors PHASE ONE: ASSESSMENT OFTHE CURRENT SITUATION IPSAS Implementation & Covid-19
  • 10. Case Study FieldVisits Technology Operational Model C2A Conversion Experience1 2 3 1 France 2 Austria 3 UK 4 UAE 5 Finland 1 2 China 6 Estonia 1 3 South Korea 7 Turkey 1 4 India 8 Singapor e 1 5 Siri Lanka 9 Australia 1 6 Jordan 1 0 Brazil 1 7 Egypt INTERNATIONAL BENCHMARK C2A - KSA
  • 11. Adopting a unified chart of accounts Accurately identify the requirements of the transformation Development & training of human resources Focus on the Technical requirements of the Financial System Effective change management Lessons learned 1 2 3 5 6 complete adoption of IPSAS standards7 Establishment of the support center (C2A Center) within MOF4 Mostly were learned from the previous international experiences & the world bank recommendations SIGNIFICANT LESSONS LEARNED C2A - KSA
  • 12. Technical and business functional requirements of the financial systems Initiatives & RFPs for the accrual accounting implementation. Recommended amendments to the current legislation & regulation Count and valuation of the assets and liability guideline Conceptual framework and public sector Accounting Standards manual Current situation and gap analysis study Unified charts of accounts Policy and procedure Manual Operational Model and Organizational structure of the public financial affairs Strategy and methodology of the accrual accounting implementation Follow up mechanism of the public sectors accounting standards guideline Consolidated financial statements guideline Best Practice Adopt the International Organizations Recommendations Governance & quality assurance PHASETWO: DESIGNING - SUCCESS FACTORS C2A - KSA
  • 13. Methodologyfull adoption of IPSAS gradual transformation of Governments entities Dependence of transformation by entities, supported by ministry of finance Transformation requirements 4. Communication and support center (C2A center) 2. Effective Change Management Plan 6. Unified Government Resources Planning (UGRP) 8. Partnership with Vision Realization Offices 3. Training Programs 7. Integration of decentralized public entities within the UGRP Implementing Accrual accounting on the entities within the budget Transformation requirements 5. Direct Adoption of IPSAS • Pilot execution ( four Governmental entities) • (Phase3) • (Phase4) Comprehensive transformation plan Transformation Strategy & methodology 9. Partnership with General Auditing Bureau 10. Forming the accounting standards committee 1. High authority support PHASETWO : STRATEGYAND METHODOLOGY OF EXECUTING C2A - KSA
  • 14. PHASETOW: STRATEGYAND METHODOLOGY OF EXECUTING Timeframe Research the required timeframe in accordance with the analysis of the current situation and gaps, the experience of other countries, and the recommendations of the World Bank Reliance and Correlation Study the reliance and correlation between C2A project and other related initiatives. Comprehensive Roadmap Roadmap should be aligned with the UGRP and Change Management initiatives to facilitate implementation Establishing Roles and Responsibility Establishing roles and responsibility, governance and challenges. • Pilot execution ( four Governmental entities) Comprehensi ve transformatio n plan Transformati on Strategy & methodology C2A - KSA
  • 15. 20232022202120202019 Phase 3 Execution 1 Roll out – government entities 2 Change management, training and development C2A Stages of GFMIF Change management, training and development Roll-out of GFMIS Setting up the GFMIS Implementation and gradually handling the book keeping on accrual base Pilot - 4 entities (Simulation) Coordinate with governmental entities to prepare and implement C2A project GFMIS Pilot Comprehensive Roadmap... PHASETOW : STRATEGY AND METHODOLOGY OF EXECUTING Cont. • Pilot execution ( four Governmental entities) Comprehensi ve transformatio n plan Transformati on Strategy & methodology C2A - KSA
  • 17. PHASETHREE : Preparation with the Government entities- Simulation of the conversion 1 3 4 2 Change Management assets and liabilities – based on available information Apply the complete accounting cycle Objectives Build the experience-/challenges • Pilot execution ( four Governmental entities) Comprehensi ve transformatio n plan Transformati on Strategy & methodology
  • 18. DetailedRoadMapand Costing Exercise Theobjective of this exerciseis to havea complete roadmap for each entity and an estimatedcostfor theoverall conversion. DetailedActivitiesand initiatives:objectives,responsibilities,KPIs,expected durationforachievement …etc. The methodologyforidentifyingentitieswithingroupsbasedonthethreestream:accounting,fixed assetsand technology,andclarifiesamethodologyfor distributinggroupswithinthe timeperiodtill 2023. The potentialrisksthathave beendefinedthat would impactthe roadmapand themitigationplan. Estimated costby entity andby stream. Main Risks Detailedconversion initiativeswithaprecise timeline Methodologyforentitiesgrouping – Rollouttimelist Costing PHASETHREE : Detailed Road map and an estimated cost • Pilot execution ( four Governmental entities) Comprehensi ve transformatio n plan Transformati on Strategy & methodology
  • 20. COVID-19  Priority to the existing operations  Central Payment system  Existing Investment in IT infrastructure  Partnerships -Increase number of licenses  Clear mandates and procedures  Remote access lockdown & social distancing C2A - KSA
  • 21. Review of the roadmap- yet overall delivery date is fixed Opportunity to conduct workshops with a large number of attendees Reviewing of Existing Manuals Effective communication Working remotely C2A & COVID-19 C2A - KSA