Why the PIFRA Launched Financial Reporting

-

PROJECT FOR IMPROVEMENT OF FINANCIAL

REPORTING AND AUDIT

Why the PIFRA Launched:

The Donor Agencies like World Bank (WB) and International Monitory Fund (IMF) wishes to know that whether the loans given in any country has been utilized properly or not and that whether they will bring fruits as it was expected. Due to the old and manual system of accounting 1994 the Government of Pakistan (GOP) failed to provide the correct accounts to the Donor Agencies which was noticed by them and required to improve the system of Accounting Audit and Financial Reporting.

On the instructions of the Donors the Government of Pakistan is bringing many reforms such as Judicial Reforms and Financial Reforms. PIFRA is a part of the Financial Reforms.

BACKGROUND

· This Project was Launched in 1996 with the collocation of IDA Assistance (World Bank) for the Improvement of Core Financial Information Systems in the GOP.

· Its total Funding US$ 37.174 million (IDA US$ 28.8 Million) and the rest Rs. (37.174-28.800 = 8.374 Million) is being contributed by Government of Pakistan (GOP).

COMPONENTS PIFRA

The main components of PIFRA Project are as under:-

· Government Accounting and Financial Reporting (GAFR)

· Change management & Human Resource

· Training

· Auditing

· Administration

· Other Policy Support

OBJECTIVES OF PIFRA

Following are the main objectives of PIFRA: -

· Adopt and implement best business practices

· Modernize Government Audit procedures

· Adoption of Internationally accepted Accounting and Auditing standards

· Improved Financial Accounting and Information systems

· Tighter internal controls

· Build staff capabilities

COURSE APPLICABLE TO

· Centralized Accounting Entities

· Self Accounting Entities

· Exempt Accounting Entities

(a) Centralized Accounting Entities

A centralized accounting entity is any accounting entity for whom the Accountant General has primary responsibility for the transaction processing, recording and reporting functions of that entity. At no stage does this arrangement absolve the Principal Accounting Officer of his/her responsibilities for financial management.

(b) Self Accounting Entities

A self-accounting entity is any accounting entity for whom the Principal Accounting Officer has primary responsibility for the accounting and reporting functions.

(C) Exempt Accounting Entities

These include independent entities and commercial undertakings and entities established under a state resolution or a notification of the Government or under Companies Ordinance, but placed administratively under a Ministry of Division for the purpose of accountability.

Popular posts from this blog

History of Labor Day

-
Casting a glance back on Labor Day history is essentially about commemorating and celebrating the American Labor Movement. It is all about knowing the share that the American laborers had in building up the nation with its richness and its many achievements. The Labor Day, usually held on the first Monday in September, inspires this sense of the togetherness that workers need to feel and share in respecting their own contribution to the history of America . Labor Day is an annual recognition of all those dedicated American workers whose achievements, both socially and economically, deserve to be honored. On every Labor Day, Americans pay their tributes to those workers of strength and perseverance whose selfless efforts have added to the growth and prosperity of the American nation. Even after a century-long celebration, there is no one consistent theory about the Labor Day history. The prominent amongst these attributes the Labor Day to one Peter J. McGuire. He is the one who is cr...
Read more

Relationships Ruined by the Internet

-
10 Relationships Ruined by the Internet The wife who found pictures of her husband's wedding to another woman at Facebook Lynn France, a wife who suspected her husband was having an affair, found he was actually married to another woman through a simple Facebook search. All she had to do was type in the name of the woman she believed her husband, John, was seeing. The pair had been married at Disney World , no less, with France's husband dressed as Prince Charming , and his new bride as Sleeping Beauty . There was like an album of 200 pictures there. Their whole wedding. She had grown suspicious when her husband began taking frequent business trips, even leaving the day the couple's newborn son came home from the hospital. Once, she found his passport at home when he was supposed to be in China for business. She once caught her husband with another woman in a hotel so a girlfriend recommended checking the woman's Facebook page, where France...
Read more