Federation Accounts Allocation Committee (FAAC) Sub-Committee organises workshop to member to boost accounting standards
The Federal Government on Wednesday charged accountants working for the government to embrace the International Public Sector Accounting Standards (IPSAS) and the International Financial Reporting Standards (IFRS) to boost their technical and other operational skills at work.
The Minister of State for Finance, Yerima Ngama, said this in Abuja at a workshop for key officers in the accounting departments of both Federal and States MDAs (ministries, departments, and agencies), and Commissioners of Finance and Economic Development in the North-Central geo-political zones.
According to the Minister, a standardised uniform chart of accounts, budget and general purpose financial statements is required for Nigeria’s MDAs to meet international best practices as required by IPSAS.
He described the adoption of the IPSAS as one of the strongest platforms that would drive the ongoing transformation agenda for a better Nigeria, saying the participants should consider the workshop as an avenue for experience sharing.
“The Sub-Committee expects that at the end of the implementation process, it will deliver to the nation a Standardised Uniform Chart of Accounts, Budget and General Purpose Financial Statements that will meet international best practices as required by IPSAS,” Mr. Ngama said. “This will assist in peer review mechanism of Financial Reports among the three tiers of government. Indeed, the adoption of IPSAS by the country will no doubt serve as a foundation for a better Nigeria.”
The Accountant General of the Federation, Jonah Otunla, noted that the commitment of the accounting officers to the implementation process would go a long way to determine the success of government’s current transformation agenda. He added that all government accountants are required to build the needed technical skills to help them understand the operational principles of the IPSAS and IFRS.
Mr. Otunla urged the participants to ensure that they get the best out of its adoption in the country.
The Nassarawa State Commissioner of Finance, Muhammad Mainoma, described the workshop as desirable towards the implementation of the IPSAS, adding that if a pattern of reporting is generally understood and applied in preparation of financial reports by all stakeholders, it would help them understand the statements better.
On the importance of standardising the financial reporting standards for the country, Mr. Mainoma said that participants must endeavour to find out if people are reporting with standards that are similar and the same.