The Financial Management Authority

About The Financial Management Authority

The Financial Management Authority (FJS) is independent agency under the Ministry of Finance and Economic Affairs. Background The State Accounting Office took over the Government Payroll Office in 1998. An amendment to the Financial Reporting Act was passed to accommodate these changes. In 2002 Treasury was merged into the State Accounting Office. The merger resulted from a review of the State Treasurer's Office assignments. It was concluded that the two agencies should be merged in order to simplify documentation procedures, flow of paperwork, and reconciliation of accounts and statements. At the same time the name was changed from „State accounting office“ to „Financial Management Authority ”, as it was considered that the name „State accounting office“ did not describe the new role sufficiently. Since then FJS has developed, broadened and extended services provided, in response to its customers growing demands Overview of responsibility Service and development responsibility for the government financial-, account- and payroll systems (Oracle and other IT systems) which are centralized at FJS. There are around 215 government organizations in Iceland. All of the Ministries use the Oracle program as well as over 90% of other government organizations. Payroll responsibility and processing for all government organizations is performed by the Financial Management Authority payroll office. Around 200 organizations benefit from services provided by the Accounting unit. Additionally, the Financial Management Authority provides guidance to other government organizations, both in the field of accounting procedures and payroll functions. Further, training is provided to employees of the organizations served both in regards to regualtions, procedures and processes. Finally, the Financial Management Autority reconciles and performs year end closing for customers served.

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