Treasury of the Republic of Cyprus


The Accounting and Financial Services Directorate (AFSD) of the Treasury is responsible for the smooth and effective operation of the Government Accounting System, the effective financial management and control of national funds as well as of the Public Debt, and the monitoring of the Budget implementation.

Goals
o The establishment of a reliable accounting system to ensure a rational financial and fiscal management.
o The timely and accurate payment of all obligations of the Republic.
o The provision of prompt and reliable financial and management information to decision makers, the public and other stakeholders.
o The maintenance and continuous improvement of the internal control and public financial management system.


Roles and responsibilities
o The preparation of the Financial Report, which provides for the recognition, measurement and presentation of the financial transactions according to the Cash Basis of accounting and its submission for approval to the House of Representatives within three months after the end of the financial year, according to the Constitution.
o Preparation of the Consolidated Financial Statements of the General Government
o The supervision of the functioning of the Integrated Financial Information and Management Accounting System (FIMAS) which is used by the Ministries/ Departments/ Services for the accounting of the Government transactions and the monitoring of the Budget implementation.
o The processing of the receipts, payments, deposits and advances, as a well as the preparation and reconciliation of the monthly statements of the Government General Account.
o The provision of financial information at a central and general government level on a regular basis and also upon request to the different stakeholders (e.g. Ministries/ Departments/ Services, House of Representatives, Media)
o The provision of alternative means, as the use of electronic means, to the citizens, in order to facilitate the receipt of public revenues.
o The perpetrating of all the necessary actions for the implementation of an Enterprise Resource Planning System (ERP System) for the Cyprus Government.
o The participation in Working Groups for the acquisition and implementation of off-the-shelf application systems which concern the following:
- Provision of financial and management information,
- Costing of goods and services provided by the Government,
- Public Debt management etc.
o The participation in Tender Evaluation Committees for the award of public contracts for the procurement, implementation and maintenance of off-the-shelf information systems as described above.
o Preparation of reviews and recommendations for the introduction or improvement of existing Government information systems (and the procedures involved for their proper functioning), with the objective of assuring that they contain the security controls which guarantee the accurate, smooth functioning and effective receipt of revenues, payment of expenditure, asset management and settlement of public obligations.
o Making recommendations for the introduction of new forms or modifications to existing ones concerning the receipt of public revenues, as well as their possible processing (preparation and issue) by information systems.
o Issue of new or review of existing regulations/ instructions/ procedures in relation with the financial management and control (e.g. Financial and Accounting Instructions etc.)
o Participation in Working Groups and seminars concerning the subjects of improving Public Internal Financial Control and Management and accounting practice in the public sector.
o Provision of education, training and support to Public Officers who have responsibilities relative to the financial management and control.
o Monitoring and accounting for the Public Debt (Internal and External) and the guarantees granted by the Government.
o Management of the Technical Committee for the write-off of uncollectible public money, investments and equipment.
o Management of the Technical Committee for the determination and revision of fees and licences.