National Assets and Liabilities Management Department (NALM)
The National Treasury has a mandate and opportunity to fundamentally change this Country in how Government Assets are acquired and managed to advance development & service delivery to the public in general. This includes proper record keeping and reporting that enhances openness and accountability of Public Assets
Prudent Management of Assets and Liabilities in the Public Sector to provide optimum economic, environmental and social benefits to the Public.
To bring uniformity and standardization in the Management of Assets and Liabilities across the Public Sector in a manner that is consistent with Government policies, priorities and objectives aligned to Internationally Recognized/Accepted Standards.
The aims of Management of Assets and Liabilities are:
- Promoting accountability on Assets and Liabilities Management;
- Effective management and safeguard of public assets;
- The standardization in all Public Sector Entities of:
- Planning, identification, acquisition, maintenance, disposal of, valuation/revaluation, recording and disclosure of Assets in the Public Sector;
- Planning, identification, incurrence, monitoring, discharge or settlement, recording of liabilities and disclosure of liabilities in the Public Sector; and
- Assets and Liabilities data management and reporting.
- Proper authorization of acquisition and disposal of assets; and Accurate and timely information and reporting to facilitate decision making.
- Maintenance of an updated Government inventory of Assets and Liabilities for all Public Entities.
The specific objectives of Management of Assets and Liabilities are to:
- Strengthen the framework governing Assets and Liabilities Management in the Public Sector.
- Create a strong framework for standardized, effective and efficient Assets and Liabilities reporting.
- Create a framework for development of Public Entities Assets and Liability inventories.
- Establish a framework for alignment of Assets and Liability Management to relevant laws and regulations, and to ensure compliance with prudent public financial management.
- Enhance the regulatory framework for management of Assets and Liabilities to ensure consistency with International best practice, through periodic reviews of existing laws, regulations, international accounting standards and proposal for the development of new legislation (if necessary).
- Provide the basis for identification of legal gaps with a view to making proposals for amendments to legislation to enhance sound Assets and Liabilities Management for economic development.
- Provide a supporting framework for the adoption of accrual basis of accounting by all Public Sector Entities.
For more information on the National Asset and Liabilities Management please read from……