International GASB Advisory Firm

Scope as published

REQUEST FOR EXPRESSIONS OF INTEREST (CONSULTING SERVICES) Republic of the Marshall Islands Strengthening Public Financial Management II Loan No. /Credit No. / Grant No.: IDA - E5100 Assignment Title International US GASB Advisory Firm Reference No . ( as per procurement plan) : MH-PFM PMO-576102-CS-CQS The Government of the Republic of the Marshall Islands (RMI) faces structural and institutional capacity constraints in sustaining effective public financial management and service delivery. Strengthening accounting, financial reporting, and audit readiness remains a national priority to improve fiscal transparency and accountability. With financial support from the World Bank, the Government of RMI is implementing the Strengthening Public Financial Management II (PFM II) Project. The Project Development Objective is to strengthen the reliability, quality, and timeliness of public financial reporting, supported by modernized systems and sustained institutional capacity. Under Component 1: Improving PFM Practices in Budget Execution and Financial Reporting, Sub-component 1.1 focuses on developing sustainable in-house capability within the Ministry of Finance, Banking & Postal Services (MOFBPS), Budgetary Central Units (BCUs), and selected Component Units (CUs) to prepare Annual Financial Statements (AFS) compliant with U.S. Generally Accepted Accounting Principles (GAAP) accounting standards. MOFBPS has made progress in strengthening its financial reporting capacity and has engaged an embedded GASB Specialist and accounting personnel to progressively support strengthening of financial management and reporting practices. Additional specialized advisory support is required to assist the Ministry during the annual financial statement preparation cycle, address complex accounting and consolidation matters, enhance the current Chart of Accounts (CoA) to a unified CoA covering all government budget entities, strengthen Component Unit financial reporting and its integration with the Government FMIS to support consolidated reporting and audit readiness, and provide technical quality assurance. RMI has implemented the BISAN Financial Management Information System (FMIS) as the primary platform for budget execution, accounting, and financial reporting. RMI is also in the process of enhancing the FMIS with additional functionalities that will include budget planning, FMIS interface with external systems, and improvements in financial reporting. While the FMIS is operational, preparation of the Annual Financial Statements continues to require manual processes and adjustments outside the system. MOFBPS intends to progressively strengthen and automate the generation of GASB-compliant financial statements and supporting reports directly from the FMIS. Scope of Services Under the general guidance of the PFM II Project Manager and in close coordination with MOFBPS, the Firm shall provide specialized technical assistance in the following areas: 3.1 Annual Financial Statement Preparation and Technical Support The Firm shall lead and provide hands on technical support to MOFBPS for the timely preparation and completion of the GASB compliant Annual Financial Statements for the Primary Government and agreed material Component Units, including: • Compilation and preparation of the government wide and fund financial statements, notes, disclosures, supporting schedules, reconciliations, consolidation adjustments and elimination entries for Fiscal Year 2026; • Assist the RMI to develop a detailed year end close and financial statement preparation calendar, including identification of milestones, roles and responsibilities, and required adjusting and conversion entries; • Technical advice and quality assurance on complex accounting treatments, adjustments, applicable GASB requirements, prior-period matters, and accounting-related audit findings; • Review and strengthening of year-end close procedures, financial statement templates, work…

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