IMPLEMENTATION OF GFS IN PUBLIC SECTOR OF KOSOVO

In this paper will explain the functioning of the system of GFS (Government Finance Statistics) in the public sector in Kosovo. GFS is part of a series of international guidelines on statistical methodologies that have been issued by the International Monetary Fund. GFS was produced by the IMF’s Statistics Department in fulfillment of its mission to provide strong leadership for the development and application of sound statistical practices, and is published in service of the worldwide trend toward greater accountability and fiscal transparency. GFS will help the Ministry of Finance to prepare the annual data according to GFS and annual government finance statistics. It will also explain the classification of public expenditure in the public sector at central and local level and classification of public enterprises in Kosovo with specific budget. GFS refers generally to the central government, the public sector, including public enterprises, which in post-war Kosovo are not included in the Kosovo budget, except Radio Television of Kosovo, which is an extra budget unit. GFS also aims at co-operating or intermingling the public sector with the private sector. The public sector under the GFS structure consists of all resident institutional units directly or indirectly controlled by resident government units, which means all units of the general government sector and resident corporate corporations. The GFS Guide is a very important guide that facilitates the use and application of data and fiscal analysis for reporting purposes to anyone who wants to implement the GFS structure. Kosovo's benefit and benefit is of great importance as the IMF wants to help Kosovo in the field of fiscal data and the way it is reported. In addition to Kosovo, the IMF is helping other Balkan countries. However, according to GFS the costs or concretely the public accounting should be recorded according to accrual accounting principle. Thus, the government sector should move from accounting principle to cash basis, in accrual accounting principle.