FG may publish accounts from 2016

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In its efforts to ensure its change policy in every facets of its activities, the federal government may start to publish its national accounts from 2016.
 
If this happens, it will be a departure from the past during which has no audited accounts.
 
Accountant-General of the Federation (AGF), Ahmed Idris said this is a policy that is in the works and in line with the current administration’s philosophy of accountability and transparency.
This will cap various policies being evolved including the Treasury Single Account (TSA) which a technical support team had been commissioned to review of its implementation and performance.
 
In view of this, and also to ensure transparency in the reporting of its financial transactions, the government would adopt International Public Sector Accounting Standards (IPSAS) accrual-based accounting standards by January 2016.
 The adoption will further  curb corruption, revamp the accounting system and deepen transparency in the management of public funds.
IPSAS are 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 International Financial Reporting Standards (IFRS), the new global accounting standards regime has compelled every sector to implement the standards prescribed for the individual sector within a stipulated timeframe
 The implementation of IPSAS by January 2016 will place Nigeria in a global stage as far as presentation and preparation of accounts is concerned and the government is already implementing the first stage of IPSAS, which is the cash basis of accounting
Idris, trying to curry the support of Babachir Lawal, the Secretary to the Federal a Government (SGF) said, “as the Chief Accounting Officer in charge of the overall management of receipts 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.
Babachir Lawal said the Integrated Personnel and Payroll Information System (IPPIS) andthe Government Integrated Financial Management Information System (GIFIMS) are central to the success of the current administration.
He asserted ,”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 SGF also said, ” 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 MDAs closely,’’ he said.

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