The Icelandic Financial Management Authority handles accounting, financial management and settlement for the Treasury, ministries and government institutions. Its services include invoices, deposits, collection, revenue accounting, payment services and the preparation of the state accounts.

The Authority is responsible for central accounting and financial management services for central government. These include: 

• accounting and financial reporting 

• payment and collection services 

• reconciliations 

• advice on accounting and financial management. 

The Authority also prepares the central government financial statements and annual financial statements for government entities in the A1 sector. It provides other government entities with financial reporting services under service agreements.