The Institute is one of the partners of the inter-institutional agreement signed between the General Secretariat of the Council of the European Union, the Court of Justice of the European Union and the European Court of Auditors.
Within this agreement the Partners pursue a strategic programme with the goal to further optimize their financial business processes by developing, maintaining and operating the related technical capabilities, aimed at implementing as far as possible a shared vision.
The Institute adopted an accrual-based accounting method in 2014 and this significant change in the accounting system (from a cash-based system to an accrual-based one) saw its last stage of the transition in 2016 with the implementation of the Assets Management Module.
This relevant change in the accounting system (from a cash-based system to an accrual one) consolidates the level of transparency, accountability and liability of financial information, ensures significant synergies and economies of scale and contributes to an optimal use of financial resources. From 2016 onwards the accounting system is fully operational in its recognition of all the Institute’s assets and liabilities.
Further actions need to be taken in order to reach full compliance with the European Accounting Rules, and additionally, with the International Public Sector Accounting Standards. In order to achieve this latter goal, it will be advisable and prudent to follow a systematic and progressive path.
According to the Institute’s administrative organization laid down by President’s Decision 36/2015, the Accounting Unit is responsible for ensuring the investments of the capital of the Pension Reserve Fund, which have to be done in accordance to the Guidelines adopted by the High Council for the management of the Fund. It is also responsible for the preparation of the meetings of the Supervisory Board of the Pension Reserve Fund.
The remaining current activities of the Accounting Unit - in particular the treasury management, which includes the execution of payments and collection of revenues - are developed within the established objectives and in compliance with the normal standard procedures.