Public expenditure management (PEM) and modernization reforms allow governments to shift the budget process towards outcomes, linking expenditures to areas that make the greatest contribution to policy objectives.
Public financial management (PFM) reforms address all aspects of budget preparation, budget execution, accounting, procurement and audit. A solid financial management system is the cornerstone of reform.
FreeBalance Government Resource Planning (GRP) solutions for central government provide predictability and control over budget execution, sound public finances and greater fiscal stability through improved transparency and accountability.
FreeBalance Solution Highlights
- Common Repository
Aall government transactions across all sectors of the economy are managed in a common repository of fiscal data through a Treasury Single Account (TSA).
- Flexible Chart of Accounts (COA)
Provides fund, project, program and performance management.
- Web-based and Web-enabled Applications
Enables flexible system deployment based on unique customer requirements.
- Flexible Controls
Enables gradual move from cash to accrual accounting and outcome-oriented budgeting.
- Modular Implementation
Expandable configuration of modules and functionality within each module fits perfectly with the unique evolution of the government modernization process in different countries.
- Progressive Activation
Solutions can be gradually configured with more selected options as certain levels of capacity are reached.
The FreeBalance Accountability Suite supports good fiscal practice and internationally recognized standards such as:
- United Nations Common Functions of Government (COFOG)
Functional classification to report government statistics to the International Monetary Fund (IMF) and the United Nations
- The IMF Government Finance Statistics (GFS)
Provides a comprehensive conceptual and accounting framework suitable for analyzing and evaluating fiscal policy and performance of the general government sector and broader public sector of any country
- The IMF Code of Good Practices on Fiscal Transparency
Method to assess government fiscal transparency with practical advice
- Generally Accepted Accounting Principles(GAAP)
A collection of rules, procedures and conventions that define accepted accounting practices. This includes broad guidelines and detailed procedures applied to both the public and private sectors
- International Financial Reporting Standards (IFRS)
International Accounting Standards Board, International private and public sector reporting standards
- International Public Sector Accounting Standards(IPSAS)
Cash and accrual reporting requirements for government and public sector organizations. Compliance with the IPSAS standards guarantees that the financial reporting of public bodies conveys what is termed a true and fair view of the financial situation. IPSAS take account of the characteristic features of the
- Millennium Challenge Corporation (MCC)
Governance outcome measurements supported in performance objectives
- Medium Term Expenditure Frameworks(MTEF)
Multiple year rational planning and budget formulation processes enabling the government to establish credible and transparent criteria for allocating public resources to strategic priorities while ensuring overall fiscal discipline
- The World Bank Treasury Reference Model
A development tool for fiscal managers and system developers, intended to help implement good practices in fiscal accounting and expenditure control