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Settlement
An accounting process that compares two sets of records to check that figures are correct and in agreement. It aims at correcting the sums that are wrongly spent on a budget item and to direct it to the correct account or settle the amounts of the custodies and advances when they are activated or replaced.
Value Added Tax (VAT)
An indirect tax imposed on all goods and services that are bought and sold on a regular and continuous basis by persons subject to tax, with some exceptions. The value-added tax is imposed at every stage of production, starting from distribution until the stage of sale to the consumer. VAT is obligatory to every individual or company that practices an economic activity if the value of his annual taxable revenues exceeds 375,000 SAR.
Initial Request of Government Bodies’ Budget
Initial government bodies budget that is received from the electronic budget system and that is prepared in accordance with government financial statistics including items, expenses, workers, compensation, operating disbursements and capital expenditures in accordance with the limit amount for each government body.
Life Insurance Contract
Any contract of conventional insurance or Takaful or another form of Islamic insurance provided by a regulated provider in the KSA which results in the payment of a sum contingent on death or another significant event of human life, or a similar contract provided by a non-resident supplier.
Capitalization of Expenses
Expenses that lead to increasing the value of capital assets and extending their useful life, if applicable.
Issuance Program
A program under which a single prospectus under the Rules on the Offer of Securities and Continuing Obligations is produced pursuant to which a number of debt instruments or convertible debt instruments may be issued in the future, as stated in the prospectus.
Audit Program
A detailed set of procedures and instructions followed by auditors during the audit process, specifying steps to examine financial records.
Rebalancing Portfolio
Adjusting asset allocations in a portfolio to maintain desired risk levels.
Macroeconomic
A branch of economics that studies economic phenomena at the level of a country or the world like inflation, unemployment, economic growth and national income.
Consumption of Services
A term used to determine the place where a customer receives and makes actual use of a supply of services.
Development Economics
A branch of economics focused on improving economic growth and living standards in developing countries.
Long-Term Treasury Bills
Long-term government debt securities that mature in more than one year, offering higher returns to compensate investors for the risks associated with the longer duration.
Short-Term Treasury Bills
Short-term government debt securities that mature in one year or less, aimed at managing liquidity, with low risk and limited returns.
Financial Instrument
Any contract that creates a financial asset for one party and a financial liability or equity instrument for another party.
Deviation of Revenue from the Budget
This indicator measures the ratio of actual government revenue to the target to limit potential deviations in revenue for each entity in order to enhance the principle of financial responsibility and encourage government agencies to reach their financial targets.
Closed Framework Agreement
A formal agreement between one or more government entities and suppliers or contractors, containing the conditions and regulations of the contract, where no additional suppliers or contractors may join once the agreement has been concluded.
Open Framework Agreement
A formal agreement between one or more government organizations and suppliers or contractors, containing the conditions and regulations of the contract, which allows additional suppliers or contractors to join during the term of the agreement.
Shareholders Agreement
The document that the special purpose vehicle (SPV) equity providers enter into, setting out how they will work together to manage it.
Enterprise Risk Management (ERM)
A systematic approach to identifying, assessing, and managing risks across an entire organization to achieve business objectives and protect assets.
Bidding Name
The registered in the Etimad Platform by the owner (the government entity).
Stakeholders
Parties with a direct or indirect interest or involvement in the project or that may otherwise be affected by it. These may include public and private sector organizations, as well as private individuals, community representatives or non-profit bodies.
Exemption from Import Duties
Clearance of goods for home use free of import duties and taxes, irrespective of their normal tariff classification or normal liability, provided that they are imported in specified circumstances and for specified purposes.
Bankruptcy
A legal process in which an individual or business declares inability to repay debts, leading to asset liquidation or restructuring.
Disbursed Payment Order
The disbursed payment order in the financial system by which transfer or ministerial check is issued.
Oil Revenues
Income generated by a country from the sale of oil and oil-related products, which can be a significant source of revenue for oil-producing nations.
Short Selling
The practice of selling borrowed stocks with the expectation of buying them back at a lower price.
Tokenization
The process of converting rights to an asset into digital tokens on a blockchain.
Development
The process of growth, advancement, or progress, often in the context of economic, social, or infrastructure improvements or expansion.
Project Evaluation
A process or measuring a project, program, investment, or performance to determine its effectiveness, efficiency, and achievement of objectives.
Deferred Cost
The remaining of the costs minus the total appropriations for the current year.
Asset Allocation
An investment strategy that distributes assets across different categories (stocks, bonds, etc.) to balance risk and return.
Treasury Single Account (TSA)
An aggregate account based on centralizing collection of government revenue and centralizing payment to government entities.
Debt Service Schedule (DSS)
A comprehensive plan that details the timing and amount of principal and interest payments required to service a debt over its life.
Baseline Cash Flow Forecast
An initial projection of expected cash flows for the fiscal year, aligned with the approved budget.
Cash Balance
The current financial amount of money available in specific accounts.
Item Number
The revenue, expenditure, program or project number found in the budget report, based on the Government Finance Statistics Manual classification.
Audit Log
A chronological record of all activities, transactions, and changes related to a financial operation or set of data, essential for transparency and accountability.
Customized Budget Scenario
A financial plan in which the credits required for the next year in the forms may be higher or lower than the initial ceiling, as determined by the entity.
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