By Funmi Olasupo
The Federal Government has said Nigeria will begin the implementation of Accrual Basis under the International Public Sector Accounting Standards, IPSAS, in January 2016.
The Accountant-General of the Federation, Ahmed Idris dropped the hint in Abuja at a book launch:
‘Government Accounting in Nigeria: An IPSAS Approach,’ authored by a former Accountant-General of the Federation, Kayode Naiyeju and Professor Eddy Omolehinwa, a lecturer at the University of Lagos.
Idris said Nigeria had just started the implementation of the cash basis in 2014 and the country was now transiting into accrual basis.
According to him: “There is an implementation committee at the national and state levels and they are working based on a time frame. So there is no delay; we are on course. The accrual basis is scheduled to start in January. We want to be a global player and that is why we keyed in.”
Idris explained that with the implementation of IPSAS, Nigeria would operate on the same platform with advanced economies, saying, “we will operate on the same platform with advanced economies in terms of financial accounting reporting, information rendition, services of our financial accounts and so on. We stand to benefit because we will be rated like any other advanced economy, like any other advanced player in the global economy. It will make information open and transparent.”
Earlier, the author, Kayode Naiyeju, said the book was very rich in information about public financial management and would be of great benefit to Nigeria now that the country was moving from cash to accrual basis.
According to him: “Nigeria cannot just jump from cash basis to accrual basis without taking certain steps. Change has come and we must follow the change.
“You know people could afford to do things because money was coming in, but you can see now that some states and local governments have not been able to pay their staff and there is a problem and because of the problem, they will now take public financial management seriously. IPSAS is just an international public sector financial accounting standard, which is imbibed globally and Nigeria will not, but join the train.”
The Federal Government has said Nigeria will begin the implementation of Accrual Basis under the International Public Sector Accounting Standards, IPSAS, in January 2016.
The Accountant-General of the Federation, Ahmed Idris dropped the hint in Abuja at a book launch:
‘Government Accounting in Nigeria: An IPSAS Approach,’ authored by a former Accountant-General of the Federation, Kayode Naiyeju and Professor Eddy Omolehinwa, a lecturer at the University of Lagos.
Idris said Nigeria had just started the implementation of the cash basis in 2014 and the country was now transiting into accrual basis.
According to him: “There is an implementation committee at the national and state levels and they are working based on a time frame. So there is no delay; we are on course. The accrual basis is scheduled to start in January. We want to be a global player and that is why we keyed in.”
Idris explained that with the implementation of IPSAS, Nigeria would operate on the same platform with advanced economies, saying, “we will operate on the same platform with advanced economies in terms of financial accounting reporting, information rendition, services of our financial accounts and so on. We stand to benefit because we will be rated like any other advanced economy, like any other advanced player in the global economy. It will make information open and transparent.”
Earlier, the author, Kayode Naiyeju, said the book was very rich in information about public financial management and would be of great benefit to Nigeria now that the country was moving from cash to accrual basis.
According to him: “Nigeria cannot just jump from cash basis to accrual basis without taking certain steps. Change has come and we must follow the change.
“You know people could afford to do things because money was coming in, but you can see now that some states and local governments have not been able to pay their staff and there is a problem and because of the problem, they will now take public financial management seriously. IPSAS is just an international public sector financial accounting standard, which is imbibed globally and Nigeria will not, but join the train.”
source: http://www.vanguardngr.com/2015/08/nigeriall-implement-accrual-basis-accounting-standard-fg/#sthash.CKnKOYmt.dpuf
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