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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.
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