FinMin bats for robust public sector accounting

0

Kathmandu, May 12

Finance Minister Yubaraj Khatiwada has said that he is committed to keeping discipline in public finance citing that public entities should be more transparent and create value for taxpayers’ money.

Addressing the Public Sector Financial Management (PSFM) Conference of the Asia-Pacific chartered accountants here today, the finance minister stressed spending reforms for optimum output from the government expenses in redistribution of growth. Khatiwada has been laying emphasis on efficient allocation of resources rather than distributing funds to piecemeal projects since he has taken charge as the finance minister.

“The medium-term expenditure framework (MTEF) is the major reform in expenditure sector, which has bound the government to frame its expenditure plans based on this framework,” said Khatiwada. He also shed light on how Treasury Single Account (TSA) is a major reform, as it provides actual daily status of government’s revenue and expenses.

“Nepal has made significant progress in the public finance reforms so far,” said the finance minister, adding, “However, we have a lot to do for transparent and effective utilisation of public funds.” Finance Minister Khatiwada also highlighted that the government’s balance sheet is also prepared as per the international accounting norms.

Since last year, the Nepal government has implemented Nepal Public Sector Accounting Standards (NEPSAS) after executing international accounting standards in private companies and public corporations, that is, Nepal Financial Reporting Standards (NFRS), which was designed and based on the International Financial Reporting Standards. Uniformity in accounting standards in both government and private sectors will promote transparency as investors of any country would be able to easily understand the balance sheets of the Nepali companies, according to the finance minister.

He further said that the government’s balance sheet can also be compared with the other economies that prepare their balance sheets as per the International Public Sector Accounting Standards. The Financial Comptroller General Office (FCGO) has implemented NEPSAS in every ministry and constitutional body since last fiscal 2016-17.

Stating that effective implementation of medium-term expenditure framework was affected by political instability, he said that the tool was a must for making the government and its functions accountable and transparent. He pointed out the lack of reforms and uniformity as key challenges to the public financial management system of the country.

“In order to make the public financial management system more effective, we have to develop and utilise information technology, make our banking system robust and develop capable human resources,” he added.

During his speech, Finance Minister Khatiwada also urged chartered accountants to become accountable and responsible towards their profession. “You must be ethical and maintain financial discipline, and transparency should be your top priority in your profession.”

The conference was organised jointly by the Institute of Chartered Accountants of Nepal (ICAN) and Public Expenditure and Financial Accountability (PEFA) Secretariat in association with Confederation of Asian and Pacific Accountants (CAPA). Over 250 accounting professionals, including 60 international delegates, participated in the conference from 18 different countries of Asia and Pacific.

Prakash Jung Thapa, president of ICAN, emphasised involvement of professionals in government organisations for strengthening public sector financial management.

Similarly, speaking at the conference, Auditor General of Nepal, Tanka Mani Sharma said that the effective implementation of public financial management system will help in making federalism a success in Nepal.

During the technical sessions of the conference, experts and stakeholders presented thematic papers on issues like integrated financial management system, public financial management governance and practices and country experiences, PSFM challenges and the way forward in the federal structure and strengthening audit functions in public sector.

The post FinMin bats for robust public sector accounting appeared first on The Himalayan Times.

Written by Nikki Hamal This news first appeared on https://thehimalayantimes.com/business/finmin-bats-for-robust-public-sector-accounting/ under the title “FinMin bats for robust public sector accounting”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

Real & Atletico warm up for European finals with Liga wins

0

Real Madrid’s Gareth Bale celebrates after scoring his side’s 2nd goal during a Spanish La Liga match between Real Madrid and Celta at the Santiago Bernabeu stadium, Madrid, Spain, on Saturday, May 12, 2018. Photo: Associated Press

BARCELONA: Real Madrid and Atletico Madrid warmed up for their European finals by winning in the Spanish league on Saturday.

Madrid didn’t need resting forward Cristiano Ronaldo to crush Celta Vigo 6-0 at home in its second-to-last match before the Champions League final against Liverpool.

Atletico also won at crosstown rival Getafe 1-0 just four days before it plays Marseille for the Europa League crown.

RONALDO RESTS IN ROUT

Manager Zinedine Zidane left Ronaldo off his squad a week after a right ankle injury caused Madrid’s star to be substituted last weekend at Liga champion Barcelona.

Gareth Bale led the way without him, scoring the opening two goals.

Francisco “Isco” Alarcon, little-used defender Achraf Hakimi, and Toni Kroos added on, along with an own goal by Celta’s Sergi Gomez, to ease to the big win.

Bale’s second goal was a beauty. The Wales winger raced almost half the pitch to reel in a long pass near the endline, where he used one touch to ditch a defender before curling in a strike from a tight angle.

Madrid plays Villarreal in the final round of the Liga before the Champions League final on May 26 in Kiev.

“This match was important to finish the season at home and prepare for what is to come,” Zidane said. “I am happy for (Bale’s) match and for his goals. It means that we are all ready for the final.”

OBLAK ENSURES WIN

At Getafe, Atletico coach Diego Simeone played what could likely be his starting 11 for the Europa League final in Lyon.

The only tweak to Simeone’s standard 4-4-2, was shifting Jorge “Koke” Resurreccion into a playmaking position behind Antoine Griezmann and Diego Costa.

Griezmann found Koke with a pass for the midfielder to fire in the game’s only goal in the eighth minute.

Goalkeeper Jan Olbak ensured the victory when he saved a penalty by Faycal Fajr in the 78th after Diego Godin fouled Angel Rodriguez in the area.

“We don’t know how to compete any other way,” Simeone said about his decision not to rest his top players. “We believed that the best thing to do was to continue down the path we have chosen. Going game to game, taking care of a difficult match against a competitive opponent.”

Atletico maintained its hold on second place in the league.

SEVILLA & VILLARREAL TO EUROPA

Villarreal and Sevilla clinched Europa League berths for next season.

Villarreal claimed one of the three spots after routing relegated Deportivo La Coruna 4-2 on the road.

Sevilla also earned a berth after drawing at Real Betis 2-2 and Getafe’s loss.

Betis already ensured a finish among the fifth-to-seventh placed teams needed to go to the Europa League.

ADIOS PRIETO

Real Sociedad beat Leganes 3-2 in the final home match for Xabi Prieto, who will retire this summer after playing all 15 seasons of his career with the Basque club.

Sociedad’s players wore shirts that included an image of Prieto in the center of the club’s badge to honor his 500-plus appearances.

“It has been amazing, I’d say a bit too much, but I am very grateful to the club for this detail,” Prieto said.

In other matches, Valencia won at Girona 1-0, Alaves beat Athletic Bilbao 3-1, and Eibar edged Las Palmas 1-0.

The post Real & Atletico warm up for European finals with Liga wins appeared first on The Himalayan Times.

Written by Siddhartha Pokharel This news first appeared on https://thehimalayantimes.com/sports/real-atletico-warm-up-for-european-finals-with-liga-wins/ under the title “
Real & Atletico warm up for European finals with Liga wins
“. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

Rai, Karki triumph

0

KATHMANDU: Gajendra Rai and Sanumaya Karki won gold medals in the fifth National Cross Country Championship held under the fifth Mountain Sports Festival.

Rai completed the 8km race in 25 minutes and 12 seconds to finish first, while Kalyan Baniya and Tikaraj Katwal came second and third respectively. In women’s section, Karki finished first in 27 minutes and 08 seconds, while Resu Basnet and Sarita Basi were second and third respectively. Top three athletes in both sections, all from Tribhuvan Army Club, received Rs 15,000, Rs 10,000 and Rs 5,000 respectively.

Likewise, Sujan Rai of Nepal Rastriya School bagged boys’ section 3km race finishing ahead of Manoj Mahat of Bidhya Bikash and Rohit Bishankhe of Bidhya Aarjan. In girls’ section, Sarita Karki of Bal Gitanjali won gold medal, while Pujan Pandey of Manakamana and Nisha Raut of Shikshyalaya Nepal were second and third respectively. Top three athletes in both categories earned Rs 8,000, Rs 4,000 and Rs 2,000 respectively. — HNS

The post Rai, Karki triumph appeared first on The Himalayan Times.

Written by Nikki Hamal This news first appeared on https://thehimalayantimes.com/sports/rai-karki-triumph/ under the title “Rai, Karki triumph”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

Outreach win title

0

LALITPUR: Outreach Nepal won the title of the Nepal Ice AAN Futsal Tournament here at the Side Futsal on Saturday.

Outreach Nepal defeated Media Basket 7-2 in the final match. Welcome Advertising finished second runners-up beating MARS in the third-place playoff match. Top three teams received Rs 75,000, Rs 50,000 and Rs 30,000 respectively. A total of 32 teams took part in the event organised by Advertising Association of Nepal under the sponsorship of Chaudhary Group.

President of AAN Rabindra Kumar Rijal, former president Madhav Raj Timilsina, Chaudhary Group General Manager Pradeep Pudasaini, AGM Lal Babu Prasad and Medicity Nepal GM Bijay Rimal handed over the prizes to the winners. — HNS

The post Outreach win title appeared first on The Himalayan Times.

Written by Nikki Hamal This news first appeared on https://thehimalayantimes.com/sports/outreach-win-title/ under the title “Outreach win title”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

Saud claims gold

0

TANAHUN: Navaraj Saud of Tribhuvan Army Club won the title of the Ultra Marathon organised by Byas Municipality here on Saturday.

Saud finished the 44km distance in three hours, 13 minutes and 53 seconds to bag gold medal. Another TAC athlete Rajan Khatri came second in three hours and 17 minutes, while Durga Budhamagar of Rukum finished third in 3:19:31. Top three athletes received Rs 75,075, Rs 55,075 and Rs 35,075 respectively. A total of 160 athletes took part in the event.

Members of Parliament of Province4 Dobate BK and Sarita Gurung and Byas Municipality Mayor Baikuntha Neupane handed over the prizes to the winners of the event organised to promote tourism in the region. — HNS

The post Saud claims gold appeared first on The Himalayan Times.

Written by Nikki Hamal This news first appeared on https://thehimalayantimes.com/sports/saud-claims-gold/ under the title “Saud claims gold”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

Acharya wins World Golf Cup Qualifier

0

Madhav Acharya (centre) receiving the trophy from Turkish Airlines GM Abdullah Tuncer Kececi (right) after Turkish Airlines World Golf Cup Qualifier in Kathmandu on Saturday, May 12, 2018. Photo: THT

Kathmandu, May 12

Madhav Acharya accumulated 42 points to win the title of the Turkish Airlines World Golf Cup Kathmandu Qualifier here at the Gokarna Golf Club today.

Played under stableford full handicap format with maximum allowance of 18, the 72-year-old amateur golfer Acharya defeated Madhav Simkhada by one point to win the trophy along with tickets to Turkey to participate in the Turkish Airlines World Golf Cup slated for November in Antalya. More than 100 golfers from 64 nations will compete in the tournament.

Kishan Agrawal was second runner-up on count back after he was tied on 41 points with Ajay Shah and TG Shrestha. Agrawal scored 22 points on the back nine, while Shrestha and Shah earned 21 and 20 respectively.

Tashi Tsering won the gross section trophy with 40 points after he played a round of four-under 68. Mahendra Mainali and Sunny Lee won the closest-to-the-pin awards in men’s and women’s sections respectively. A total of 100 golfers took part in the tournament sponsored by Turkish Airlines. Meanwhile, Wangchen Dhondup won the business-class tickets from Turkish Airlines in lucky draw.

Turkish Airlines Kathmandu General Manager Abdullah Tuncer Kececi, Sales Manager Benazir Shrestha, Airport Manager Reshu Singh and Captain of Gokarna Golf Club Joseph Nathan handed over the prizes to the winners of the event.

Kececi said the Turkish Airlines organised the event with the aim of developing Nepal as golfing destination. “We are happy to bring in this tournament to Kathmandu as it is important from tourism perspective. We want to make Nepal a golfing destination and we believe it will help in the cause,” he added.

The post Acharya wins World Golf Cup Qualifier appeared first on The Himalayan Times.

Written by Nikki Hamal This news first appeared on https://thehimalayantimes.com/sports/acharya-wins-world-golf-cup-qualifier/ under the title “Acharya wins World Golf Cup Qualifier”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

Cody Bellinger on 9th-inning bunt with 3-0 count: ‘Thought it was a good play’ at the time

0

LA first baseman Cody Bellinger tried to do way too much Saturday night, and he wound up looking foolish. “At that moment, I thought it was a good play,” he said.

Written by This news first appeared on http://www.sportingnews.com/mlb/news/cody-bellinger-bunts-on-3-0-dodgers-vs-reds-dave-roberts/a970a82balj61dk7hszhv33sm under the title “
Cody Bellinger on 9th-inning bunt with 3-0 count: ‘Thought it was a good play’ at the time
“. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

UFC 224 results: Amanda Nunes stops Raquel Pennington to retain title

0

UFC women’s bantamweight champion Amanda Nunes walks out of her home country with the belt after a stoppage victory over Raquel Pennington. SN had full coverage of UFC 224.

Written by This news first appeared on http://www.sportingnews.com/mma/news/ufc-224-results-amanda-nunes-raquel-pennington-vitor-belfort-lyoto-machida-undercard-live-updates/me56kd5qd6dk1ci85zsru64xs under the title “UFC 224 results: Amanda Nunes stops Raquel Pennington to retain title”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

NHL playoffs 2018: Bracket, conference finals schedules, dates, TV times

0

Full schedule and results up to the conference finals in the 2018 Stanley Cup playoffs.

Written by This news first appeared on http://www.sportingnews.com/nhl/news/nhl-playoffs-2018-schedule-bracket-when-start-time-tv-channel-results-stanley-cup-final/zfxtpym2tihb1pubxmzf2ljsk under the title “NHL playoffs 2018: Bracket, conference finals schedules, dates, TV times”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.

Vasyl Lomachenko makes history with TKO win over Jorge Linares

0

Vasyl Lomachenko became the fastest boxer to win titles in three different divisions after a knockout of Jorge Linares.

Written by This news first appeared on http://www.sportingnews.com/boxing/news/vasyl-lomachenko-jorge-linares-tko-wba-lightweight/5ymprcywgp0z18jfudzfxyww6 under the title “Vasyl Lomachenko makes history with TKO win over Jorge Linares”. Bolchha Nepal is not responsible or affiliated towards the opinion expressed in this news article.