Jose Romero, Accountant General, Government of Honduras. Angel Moncada, Deputy Accountant General, Government of Honduras

1. General Accounting of the Republic PRESENTATION ON THE PREPARATION FOR THE IMPLEMENTATION OF ACCOUNTING INTERNATIONAL STANDARDS FOR THE PUBLIC SECTOR IN HONDURAS Honduras ICGFM Winter Conference December 6, 2010

3. Technically advice all entities of the Public Sector on the implementation of the standards and methodology established.

4. Handle the General Accounting of the Centralized Public Administration consolidating data of the different entities, developing the adjustment and closing operations end develop the Financial Statements.

5. Keep updated the recording of the permanent inventory values of movable and non movable assets.

8. Identify the controlled entities by applying the indicators of power and benefit of the 6 IPSAS and divide them into categories (budget entities, extra budgetary entities and Government Business Enterprises).

10. Our law provides that government accounting should be in accordance with international standards and it is literally reflected in article 96 paragraph 1. It mentions that the Government Accounting subsystem will be in harmony with GAAP and accounting standards applicable to the public sector (IPSAS).

12. Current revenues and expenditures statement.

13. Currently not developed .

14. Currently not developed.

15. Settlement of the General Budget of Revenues and Expenditures of the Republic.

16. Report on the consolidated financial situation.

18. Statement of Financial Performance for the public sector.

19. Changes in the Net Assets/Net Heritage.

20. Cash Flow Statement.

21. Budget to Actual Comparative Statement.

22. Consolidated financial statements for the public sector.

24. The budgetary and non-budgetary entities are an intermediate step towards consolidation to help collect cash or goods received which had not been processed through the budgetary entities for reporting to the Ministry of Finance. Public state enterprises are classified according to the standards and within its analysis, they have met the features listed by the standard, although some have limited obligations of community service and provide their services at reduced rates/prices.

26. The General Accounting will prepare training sessions for accountants, auditors and administrative managers of the institutions because they are responsible for the registration and the applicable control in their respective sector.

28. Subsequently, a Cash Flow Statement will be developed based on the accrued.

29. Brindar las capacitaciones a las instituciones sobre NICSP para elaboración del estado de flujo de efectivo aportando el conocimiento obtenido en el EFE del gobierno central.

31. Apply Part 1 for preparing the Statement of Cash Flows for each controlled entity based on IPSAS 2 instead of the Statements of Cash Receipts and Payments as of December 31, 2010.

32. Prepare Comparative Statements of the Budget to Actual Amounts for each budgetary entity by IPSAS 24 and reconcile to the Cash Flow Statement as of December 31.

34. Detailed Lists 7. List of grants specifically identifying those with restrictions and conditions (IPSAS 23). 8. List of Long Term Liabilities specifically identifying the public debt and the defined benefit plans (IPSAS 25). 9. List of Provisions, Contingent Liabilities and Contingent Assets (IPSAS 19) specifically including un liquidated obligations in the footnotes. 10. List of Agricultural Assets (IPSAS 27). 11. List of Intangible Assets (IPSAS 31). 12. List of Associates and Joint Ventures (IPSAS 7 and 8). 13. List of Service Concession Arrangements (future IPSAS). 14. The footnotes relevant for IPSAS 1-31.

36. Implementation of a new subsystem of national assets in the SIAFI (Integrated Financial Management System) area by January 2011.

37. Present the short-term benefits and future benefits to the relevant institutions, as well as collective agreements to be recognized and recorded in accounting by the accrual method.

40. Prepare Initial Statements of Financial Position for January 1, 2014 for each of the controlled entities, in compliance with IPSAS 1, using the information collected for the Lists of Assets and Liabilities mentioned above.

41. Reconciling the Initial Statements of Financial Position with the Closing Balance Sheets for each of the controlled entities and identify the differences.

42. Prepare a set of General Purpose Financial Statements (GPFS) to December 31, 2014 for each of the controlled entities in accordance with IPSAS 1 based on recognition and measurement criteria in IPSAS 1-31.

44. Consolidating the financial statements based on the 31 IPSAS.

45. To have this information in one accounting system.