By; MOHAMMED KAWU, Bauchi
Financial Managers in Bauchi State commenced a three-day nationwide capacity building training programme for the full implementation of effective migration from Cash Basis Accounting to International Public Sector Accounting Standards (IPSAS) Accrual Basis of Accounting.
The 100 financial managers under the service of both the state and twenty (20) local government areas have their training linked to certain drawbacks, as not all entities of government at all levels in the country have been able to implement the migration to the system.
The training which is being facilitated by the Office of the Accountant-General of the Federation in collaboration with the Bauchi State Government, has identified inadequate manpower and capacity at various levels of government as one major draw-back to drive IPSAS implementation.
Declaring the training opened in Bauchi Tuesday, the Director overseeing the Office of the Accountant-General of the Federation /Chairman, FAAC Sub-Committee on IPSAS implementation in Nigeria, Mr. Sylva Okolie Aboh said that the training is very essential for a successful migration.
He said that relevant reference materials including Accounting Policies to be adopted, guidelines on the recognition of legacy assets on what is needed to know on IPSAS, Accrual Accounting Manual and other Financial Reporting publications and templates have been developed to enhance the proficiency of key finance operators.
Mr. Sylva Aboh recalled that since the implementation of IPSAS Accrual Basis of Accounting on 1st January 2016, “We have constantly engaged key stakeholders like we are doing today and we have equally provided support in form of capacity building across the Federal, State and Local Governments for seamless implementation.”
The FAAC Sub-committee chairman expressed delight that the 2022 capacity building exercise has been carefully packaged to address key and contemporary issues on both effective migration strategies for entities on IPSAS Cash Basis of Accounting and practical approach to the preparation of GPS for entities already on IPSAS Accrual Basis of Accounting.
“As a way of taking you through the memory lane, the Federal Executive Council (FEC) on the 28th of July 2010 took the decision to adopt and implement the provisions of (IPSAS) by public sector entities (PSE) in Nigeria and the subsequent setting up of the Sub-committee by FAAC to provide a Roadmap to guide the implementation at Federal, State and Local Governments/Area Councils level,” he narrated.
He added, “This decision was taken to further deepen transparency and accountability in Public Finance Management (PFM). So, twelve years down the Jane the Sub-committee continues to enjoy the support of FAAC to put Nigeria on the global map of comity of nations in the adoption and implementation of a robust and transparent financial reporting framework for PSE”.
Represented by the Deputy Accountant General (Operations) of Bauchi State, Sirajo Jaja, Chairman said, “By this implementation, it is believed that we as a nation would be able to demonstrate higher accountability and stewardship in the management of public resources”.
“I have no doubt that after this 3-day exercise, we would all leave here better equipped public financial management operators who would be able to challenge and change the status quo in our respective PSE to adopt only practices that are in conformity with the set standards”, Aboh said.
Participants were advised to pay close attention to the presentations that will be made in order to equip themselves with the challenges ahead of the full implementation of IPSAS at all levels of governance in the country.
