A financial expert and Principal
Consultant of Double T Consult, Mr. Abidemi Olusola Ajao, has raised the alarm
over
Nigeria’s non-compliance with the International Public Sector Accounting
Standards (IPSAS), saying the horrible development poses serious threats to the
nation’s anti-corruption war.
Speaking yesterday at the opening
of a three-day training programme in Abuja organised by Double T Consultants,
in collaboration with the Standards Organisation of Nigeria (SON), Ajao said
most nations, including some developing ones, have already keyed into the IPSAS
window in their accounting and financial reporting systems.
He warned that the risks
associated with non-compliance could jeopardise the country’s public financial
and accounting systems, particularly in terms of transparency in public
transactions.
He emphasised the need for
uniformity in the preparation of financial statements to reflect global
standards.
Ajao urged government at all
levels to ensure adequate training for personnel in their various finance and
accounts departments, stressing that the gains of IPSAS were countless.
Recall that the Federal Executive
Council (FEC), at its meeting on July 28, 2010, had approved Nigeria’s adoption
of the provisions of International Financial Reporting Standards (IFRS) and
International Public Sector Accounting Standard (IPSAS) for private and sectors
public respectively.
Consequently, the Federation
Account Allocation Committee (FAAC) at its meeting held on June 13, 2011, had
set up a sub-committee to provide a roadmap for the implementation of IPSAS in
the three tiers of government in Nigeria.
Following its adoption by the
Federal Government in 2016, it became mandatory for MDAs to adopt IPSAS as the
only approved form of financial reporting at the three tires of government.
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