The Gombe State Government is to begin the implementation of the International Public Sector Accounting Standards in all its financial transactions.
The state’s Commissioner for Finance, Alhaji Hassan Mohammed, made this known in Gombe, the state capital, while inaugurating the state’s implementation committee for the programme.
Mohmmmed said all Ministries, Departments and Agencies of government have been intimated on how to apply the new system in their transactions.
Mohammed said the move by the state government follows the approval of the Federal Executive Council that all states of the federal implement IPSAS by 2014.
He said: “The Federal Executive Council approved the implementation of IPSAS on 28th July 2010 for Nigeria.
“A committee was later set up by the office of the Accountant General to ensure that Nigeria gets it right.
“At the end of the day, they came up with the decision that all states are to implement IPSAS cash accounting basis by the year 2014, which is next year.”
The commissioner said the aim was to harmonize the accounting system of the states and local governments with that of the Federal Government.
Mohammed said: “The accounting system that Nigeria currently operates is not harmonized in the sense that states operate their own systems and the Federal Government also operates her own system and there is hardly a basis for comparison between the accounting reports of different states because of the way and manner they implement their own chart of accounts, which to a very large extent is formulated by individual states.”
The Finance Commissioner, who called on members of the committee to brace up for the challenge ahead, assured them that the 2014 budget for the state would be IPSAS compliant.
He said all officers involved in public financial management would be trained on how to use the new system.
The International Public Sector Accounting Standards are a set of accounting standards issued by the IPSAS Board for use by public sector organizations around the world in the preparation of their financial statements.
These standards seek to improve the quality of financial transactions and the way they re reported by public sector entities, leading to better informed assessments of the resource allocation decisions made by governments, thereby increasing transparency and accountability.
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