December 9, 2022

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Business is my step

5,000 community accountants to bear training in IPSAS

3 min read

Some 5,000 public accounting officers in the state are to be educated in International Community Sector Accounting Standards (IPSAS) accredited certification.

The e-mastering instruction programme, which begins nowadays android finishes in December this yr, aims at sharpening the expertise of the accounting officers to be certain effectiveness in the community sector economical management technique.

The acting Controller and Accountant-Basic, Mr Kwasi Kwaning-Bosompem, who released the programme in Accra yesterday, reported: “IPSAS is presently the focal position of international revolution in govt accounting in reaction to calls for bigger economic transparency and accountability.”

He explained to further be certain transparency, community accountability and quality economical reporting, the government experienced executed a variety of community fiscal management reforms (PFMs) grounded in the strategy designed to serve as a nationwide document to help the growth of Ghana’s PFM programmes.

The intention of the system, he claimed, was to establish effective, clear and accountable resource mobilisation, allocation, administration and utilisation of methods to meet the country’s progress agenda.

IPSAS

The Worldwide Federation of Accountants (IFAC), which is the worldwide body of the accountancy job, recognized the IPSAS Board, which focuses on the advancement of financial reporting requirements for use by public sector entities all-around the globe to set up and promote adherence to high-high quality professional standards in the public sector.

Countries these as the United Kingdom, the United States of The us, New Zealand, Austria, Estonia, Lithuania, South Africa and Tanzania have adopted accrual bases of the IPSAS, which are at various degree of implementation. Software of criteria

Mr Kwaning-Bosompem said though business entities throughout the earth utilized the international economic reporting benchmarks in their money reporting, governments and general public sector entities fundamentally adopted the IPSAS for the same intent.

“Until 2012, the public accounts of Ghana had been geared up in compliance with commonly acknowledged accounting principles and in line with the fiscal rules of the region.”

“However, realising the shortcomings of funds-foundation accounting, the modified accrual technique of monetary reporting was adopted, but did not absolutely satisfy international requirements,” he mentioned.

He stated that the method invariably influenced general public expenditure and financial accountability rankings.

“It is, hence, a reduction that the Ministry of Finance permitted the adoption and implementation of the IPSAS, which ensures that general public accounts are prepared on accrual basis to conform to intercontinental expectations,” he added.

In accordance to him, the adoption of IPSAS would enhance the high quality and comprehensiveness of fiscal data described by public sector entities to supply credibility, as very well as acceptance.

Members, Mr Kwaning-Bosompem mentioned, would, as a result, be geared up to put together and existing monetary statements on accrual foundation, as expected by Regulation 208 of the Community Economic Management Polices, 2019, LI 2378. Mastering session.

The President of the Institute of Chartered Accountants, Ghana (ICAG), Professor William A. Atuilik, claimed the instruction would be a vigorous session of discovering, and that all the nine products that protected important problems of the IPSAS would be rolled out in 11 months — nine weeks for mastering, just one for revision and another for examination.

The Main Executive Officer of the ICAG, Mr Paul Kwasi Agyemang, stated as the regulator of the accountancy occupation in the region, the organisation experienced been aspect of the journey in direction of the IPSAS adoption and implementation.

The IPSAS Undertaking Coordinator, Dr Mohammed Sani Abdulai, claimed the coaching, which is totally free, was getting funded by the Swiss Govt (SECO) and supported by the Globe Financial institution.

In an address examine on his behalf, the Deputy Head of Mission of the Embassy of Switzerland in Ghana, Mr Heinz Kaufmann, explained its concentration was to assistance the government in the implementation of the IPSAS.

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