The Accountant-General of the Federation (AGF), Mr Ahmed Idris, on
Wednesday, said that government would adopt the International Public
Sector Accounting Standards (IPSAS) accrual-based accounting standards
by January 2016.
Idris made this known when he paid a courtesy visit to the Secretary to the Government of the Federation, Mr Babachir Lawal, in Abuja to seek further collaboration in executing financial reforms.
He said the move was to curb corruption, revamp the accounting and reporting of governments’ financial transactions and deepen transparency in the management of public funds.
IPSAS is a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements.
The implementation of these standards, which are based on the International Financial Reporting Standards (IFRS), will place Nigeria on a global stage in presentation and preparation of accounts.
Idris said the first stage of IPSAS, which is the cash basis of accounting, was already being implemented with success.
He appealed to the SGF for support to make the IPSAS accrual-based accounting standards policy, a success.
"As the Chief Accounting Officer in charge of the overall management of receipt of the Federal Government, I have continued to improve on existing economic reforms such as GIFMIS, IPPIS and TSA.
"I have vigorously pursued the implementation of the TSA as part of Federal Government policy to have a firm grip on the financial position and efficient allocation and utilisation of resources.
"To satisfy public awareness, we have made it a point of duty to publish monthly allocation of funds to the three tiers of government from the federation accounts," the AGF said.
He said that his office was working on making public, annual national accounts of the country as a deliberate policy.
Idris noted that doing this would be in line with the current administration’s philosophy of accountability and transparency.
On the efficiency of the Treasury Single Account, he said a technical support team had been inaugurated to carry out diagnostic review of its implementation and performance.
The Secretary to the Government of the Federation, Mr Babachir Lawal, said the Integrated Personnel and Payroll Information System (IPPIS) was central to the success of the current administration.
"Not only the IPPIS, but the Government Integrated Financial Management Information System (GIFIMS) as well.
"We believe that these are the best ways to block leakages in the public sector and ensure that funds are adequately accounted for so that government can have enough to meet its obligations.
"The government is also concerned about the people in charge of all this because a system is only as good as its operators. That is why we are watching the accountants in all the Ministries, Departments and Agencies (MDAs) closely," Lawal said.
He urged the AGF to improve on the technology used in the day-to-day activities of the AGF’s office to enable officers be more efficient.
The SGF pledged his support to the office of the AGF to drive the financial reforms needed to move the country forward
Idris made this known when he paid a courtesy visit to the Secretary to the Government of the Federation, Mr Babachir Lawal, in Abuja to seek further collaboration in executing financial reforms.
He said the move was to curb corruption, revamp the accounting and reporting of governments’ financial transactions and deepen transparency in the management of public funds.
IPSAS is a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements.
The implementation of these standards, which are based on the International Financial Reporting Standards (IFRS), will place Nigeria on a global stage in presentation and preparation of accounts.
Idris said the first stage of IPSAS, which is the cash basis of accounting, was already being implemented with success.
He appealed to the SGF for support to make the IPSAS accrual-based accounting standards policy, a success.
"As the Chief Accounting Officer in charge of the overall management of receipt of the Federal Government, I have continued to improve on existing economic reforms such as GIFMIS, IPPIS and TSA.
"I have vigorously pursued the implementation of the TSA as part of Federal Government policy to have a firm grip on the financial position and efficient allocation and utilisation of resources.
"To satisfy public awareness, we have made it a point of duty to publish monthly allocation of funds to the three tiers of government from the federation accounts," the AGF said.
He said that his office was working on making public, annual national accounts of the country as a deliberate policy.
Idris noted that doing this would be in line with the current administration’s philosophy of accountability and transparency.
On the efficiency of the Treasury Single Account, he said a technical support team had been inaugurated to carry out diagnostic review of its implementation and performance.
The Secretary to the Government of the Federation, Mr Babachir Lawal, said the Integrated Personnel and Payroll Information System (IPPIS) was central to the success of the current administration.
"Not only the IPPIS, but the Government Integrated Financial Management Information System (GIFIMS) as well.
"We believe that these are the best ways to block leakages in the public sector and ensure that funds are adequately accounted for so that government can have enough to meet its obligations.
"The government is also concerned about the people in charge of all this because a system is only as good as its operators. That is why we are watching the accountants in all the Ministries, Departments and Agencies (MDAs) closely," Lawal said.
He urged the AGF to improve on the technology used in the day-to-day activities of the AGF’s office to enable officers be more efficient.
The SGF pledged his support to the office of the AGF to drive the financial reforms needed to move the country forward
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