New Financial Reporting Model Services

The Vendor is required to provide to engage the services of a reputable firm with proven track record to implement the conceptual framework for financial reporting in the public sector and PS 1202 financial statement presentation (new financial reporting model) as per the terms & conditions.
- Responsible for the development and presentation of the public accounts and uses infor FM 4.0 as the main financial system and case ware for financial reporting.
- Identify any revisions to Government accounting policies, choices made in respect of presentation and identification of transitional adjustments necessary to align with the new financial reporting model.
- Measurement under the new financial reporting model.
- Identify first-time accounting, financial reporting and budgeting issues and the potential “surprises” consequent to adoption of the new financial reporting model.
- Benchmark applicable budgeting and accounting policies against those of other territorial and provincial governments.
- Identify exemptions available under the conceptual framework and accounting standard, analyze their impact and recommend suitable options.
- Assist in developing the work for the government’s it providers for the new financial reporting model.
- Based on the results of the gap analysis and impact assessment, prepare a position paper outlining changes in policy, it system, processes and, if applicable, legislation/regulation.
- Develop a process flow chart for the government implementation and prepare a report with a roadmap (including it system related changes, timelines and milestones) and incorporate any changes provided by the government into the report.
- Implementing the new financial reporting model and evaluating any exemptions and other aspects applicable to the government.
- Adopting approved process changes, first time adoption exemptions or options which address approach to address implications of their adoption.
- Developing or revising methodology documents / standard operating procedures (sops) tailored to the government needs, covering each applicable areas in the new financial reporting model.
- This includes specific templates for departments and government departments to provide inputs for the non-consolidated and consolidated financial statement preparation with illustrative notes.
- Data source analyses to assess data quality issues, suggest data updates and confirm data requirements for relevant computation such as non-financial liabilities.
- System testing and certification of application/process accuracy.
- Modifications/changes in the existing accounting system/chart of accounts/grouping of account codes in the budget and accounting systems.
- Dry-run of IT system and end-to-end reporting process before the actual conversion.
- User Acceptance Testing (UAT) and deployment to the production environment to test and validate accuracy and compliance data and reports generated from the system across all areas.
- Ensure adherence to the guidelines (including incremental) and timelines stipulated with respect to preparation and reporting of non-consolidated and consolidated financial statements on monthly/quarterly/annual basis.
- Provide guidance and support in developing supporting documentation for any opening adjustments and/or reclassifications resulting from analysis.
- Analyzes how the new standards affect financial reporting accuracy, compliance, internal processes, and decision-making. It should identify strengths, challenges, and areas for improvement, supported by data and qualitative insights.

- Contract Period/Term: 1 year
- Questions/Inquires Deadline: August 19, 2025